The fact of the matter is that there are great jobs in insurance, especially for those with finance and accounting backgrounds. In fact, insurance careers may be the best kept employment secret in the world of finance. The insurance industry relies heavily on the work of financial professionals.
On its website, the Insurance Information Institute (III)(www.iii.org) writes, "Insurance companies act as financial intermediaries in that they invest the premiums they collect for providing this service."The U.S. Bureau of Labor Statistics (BLS) notes that insurance carriers and other financial institutions, such as banks and securities firms, are able to sell one another's products. As a result, more insurance carriers now sell financial products such as securities, mutual funds and retirement plans.
What does this mean for finance professionals? The insurance industry needs them.
Need
"We really are challenged to attract financial talent," says Jim Kwapick, regional vice president for Robert Half International and Accountemps. "It's very challenging."
Kwapick attributes the increased need to a strong employment market and an increased demand for finance professionals.
As insurance companies evolve, they are adding financial services to their offerings, resulting in more jobs, says Carolyn Gorman, vice president of the III.
"There's also been a wave of retirements and more to come," adds Gorman. "Insurance companies are looking to replace those who are retiring."
In fact, within the insurance industry, the BLS forecasts a 14 percent increase in accountants and auditors by 2014. Financial analyst positions are expected to rise by 12.6 percent.
For recent graduates, the insurance industry can be an excellent place to start.
"This field provides the basis for understanding business," says Kwapick. "A lot of people start as an accountant or in finance and move to CFO, and then COO or CEO."
Opportunities
There are all sorts of careers in the insurance industry, from agents to investigators to accountants. "Almost anyone with a good education will find a good place in the insurance industry," says Gorman.
While working behind the scenes might seem the norm at an insurer, those with finance backgrounds might be interested in bringing their talents to agent work.
Agents' careers are being somewhat threatened by the prevalence of computer technology, which allows customers to buy directly from a company and forgo a visit to an agent. But agents are not dispensable; they are especially necessary to help with intricate policies.
"Some policies are extremely complex," says Gorman. "There's no way you can provide the amount of knowledge for a complicated policy online."
So why is the insurance industry such a dark horse when it comes to the perception of employment opportunities?
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