10 Reasons Why Insurance and Risk Management Is a Great Career

Do you remember the first time you heard the phrase “risk management and insurance?” Do you remember what your initial reaction was? How you felt and what you thought?

A good portion of people in this thriving industry are likely to tell you they had no idea what risk management was and had never dreamed they would “end up” in insurance. But after entering the insurance world, they love it. And for good reason.

There are countless lines of insurance, covering a vast number of industries and areas, from private automotive collections to vintage wines, from amusement park rides to deep-sea diving research. “With insurance and risk management, you can take what you’re passionate about and turn it into a career,” said Heather Malone, talent acquisition manager, EPIC Insurance Brokers and Consultants.

“Insurance has everything you could be looking for in a career, and there is always a job opening wherever you look,” added Zach Brown, partner, Orion Risk Management. “If you can make it past the first couple of years learning the basics and grinding through the foundational stage, you will ask yourself, ‘Why didn’t I do this earlier?’ ”

Brown himself had an interesting start to his insurance career: Out of college, he spent time working as a commercial lawnmower salesman in Indiana. One day, he decided to risk it all. At 23, he rented a truck and drove to California to pursue a career in insurance. He didn’t have a job lined up when he left, but he knew he wanted to be a part of this lucrative and growing profession.

“What I liked about insurance was that it was required, and it had to be bought every year,” he said. That stability is just one reason why so many young professionals are beginning to pursue risk management and insurance as early as their undergraduate years. More and more universities are offering risk management tracks through their schools of business, with several working to create lasting relationships with insurance companies, partnering to create internships, scholarships and more. But just because they have these opportunities does not mean every student is well versed in risk management before they get to school.

Here are 10 reasons why young professionals are likely to find boundless success in insurance and risk management.

1) Opportunity Abounds

Anyone fresh out of college or considering a new career is excited about the opportunities a job can bring. In risk management and insurance, those opportunities can be endless, especially for those looking to climb the ladder of success. “There’s a need for leadership in our industry,” said Malone. That’s because the retirement rate of senior leadership is the highest she’s seen in any industry.

For Ningen, “A growth mindset leads to a focus on learning and a willingness to learn from mistakes. The insurance industry attracts curious minds, people who want to learn and evolve. The concept of an insurance policy is centuries old, yet the world is changing around us and how we do business is changing. This creates a fantastically stimulating and engaging industry to work in.”

“You are challenged every day, but everything is solvable,” added Brown. “The resources of knowledge [you gain] are abundant and everything can be customized. Insurance feeds people’s creative needs.” Every client is different, and every challenge requires its own tailored solution.

6) Flexible Work Schedules

The gig economy is growing. In fact, one survey found 43% of the U.S. workforce is expected to go freelance as early as next year. Many insurance professionals set their own schedules, frequently working in the field or working at home as their personal needs and professional demands dictate.

Malone, who has worked across a number of industries herself, ranging from information technology to  entertainment, said insurance is the best place for growing professionals to find job flexibility. “There’s flexibility in going from client to client,” she said. “And there’s an added ability to develop your own book and self professionally — those opportunities exist here in insurance.”

7) Relationships

Insurance leaders are famous for saying that nobody is in this business alone. The key to success in managing risk or providing risk transfer capital is friendly collaboration.

“For me, I love the people and the company that I work with — that is really the most important thing,” said Relation Insurance’s Page. “In some jobs, it’s all about data or routine procedures. In risk management, it’s about your reputation and relationships. Honesty and integrity are paramount. Trust is essential,” added Hampton. “It’s a rewarding career field for conscientious individuals who seek a positive career experience working with others.”

8) Flexible Locations

The very cool thing about insurance and risk management is that every company needs it. From the local bookshop all the way to the top dogs on Wall Street, these businesses need people who understand their insurance needs and can make the magic happen. “No matter where you go, insurance is an option for a career path,” said Brown.

Insurance touches every aspect of the economy and society. If you are in the insurance business, you can call almost anywhere home, from Los Angeles to Biloxi, Miss. “Things happen in life and can take you to some unexpected places,” said Brown. “It is good to know that your skills are transferable anywhere in the world.”

9) Challenge After Challenge

Analyzing risk and negotiating the terms of an insurance coverage deal are not passive exercises. They require determination, superior people skills and stamina to arrive at solutions that work for all parties.

If you like to confront different challenges throughout your career, insurance/risk management is the place, said Hampton. “If you’re looking for the same duties day-after-day, this is not the best place for you,” he added.

myMatrixx’s Cirillo likened each challenge to a new opportunity for personal growth and professional development: “Look at opioids, as an example. Our young pharmacists know that if we don’t manage this crisis appropriately, people could die. These pharmacists take that to heart, and they make sure that they face it head on and get their patients the care they need.” “Every day there is a challenge with something you are not well versed in, or you have never seen before,” said Brown.

“Stretching your limits helps you grow and think about things differently. Even seeing something for a second or third time, there is typically a different angle, with different parties involved, different perceptions, new ideas and different details of the situation,” he continued. “So even repetitive events are thought provoking and educational.”

10) Technology Focused

There’s little denying it: It’s a tech world these days, from innovations in Insurtech and blockchain to advancements in data analytics and analysis, and the world is embracing the digital age with open arms.

“Technology is still not nearly as pervasive in the industry as it should or will be and there are tons of places to innovate,” Page said. But technology and insurance were made for each other. “With much of the current workforce aging out, there is a tremendous opportunity for someone early in their career who is hungry to innovate, grow and build success,” Page continued.

“I envy someone in their 20s or 30s entering the industry with drive, energy, a technology focus and creative ambition. They can have an absolute field day.” As more tech-savvy generations mature and enter the workforce, they are bound to strengthen the tech knowledge considered so vital to underwriting and claims management.

“Technology used to be a skillset where you would have to take a class to learn,” said Cirillo. “Now, tech skills are inherent.” A “simple” data portal — what once took months to build — can be done in hours today. Things like blockchain, Insurtech, even the cyber market itself, did not exist 30 years ago when Cirillo first entered the industry. Over time, these innovative and essential pieces of the insurance puzzle had to be invented.

“Tech-savvy people saw a need. These new businesses were happening in the insurance world, and they had a need for technology advancements,” he said. “That’s an opportunity for the new generation. They can create and build [technology platforms], because the tech skills are there.” &

Source: Risk & Insurance