Four Myths About Working in Insurance
EDITOR’S NOTE: If you were looking at insurance sales as a possible part-time gig, you’ll find this article useful.
(ARA) - When you were a kid, you probably imagined doing something exciting with your life, like becoming a fighter pilot. Or thought about helping people by becoming a doctor. But you almost never hear children say they want to work in insurance, even though a lot of them will end up in this trillion-dollar industry.
“Once people learn about the field, they realize that insurance truly does help people, that we’re providing an essential service, and it can be very exciting,” says Sonja Parish, who recruits Wisconsin employees for General Casualty Insurance Companies. “A lot of people fall into this field — only to decide never to leave!”
At Parish’s company, 55 percent of new employees are referred by existing employees, showing that people really like working in insurance. Turnover in the industry is also relatively low. Insurance employees stay in their jobs an average of nine years, according to the Saratoga Institute.
Yet Parish and Sharon Mitchel, a recruiter for Unigard Insurance Group in Bellevue, Wash., note that several misconceptions surround the insurance industry, which could make it seem unappealing to recent graduates or those considering a career change.
Myth 1: Insurance means selling.
While community agents certainly sell insurance, most of the 2.5 million Americans who work in the industry aren’t selling a thing. Career options span from customer-focused positions like claims adjusters and marketing reps to analytical and technical positions like actuaries, accountants and IT employees.
Some jobs are desk-based, while others involve a lot of time outside the office. For example, loss control specialists inspect workplaces to help improve employee safety and reduce losses. Catastrophe team members head to disaster sites to help victims get back on their feet, often writing checks on the spot to help people start rebuilding their lives.
Myth 2: Insurance is boring.
“A lot of people think insurance is boring, but that’s just because they don’t know what goes into it,” says Bree Sharrah, who helps settle injury claims for Unigard. “I work on different types of claims all the time, things I’ve never seen before. Plus, I travel and meet all sorts of people.”
“There’s a lot more to it than I ever imagined, plus it’s different every day, and it definitely keeps me challenged,” says Matt Amenda, who determines which businesses General Casualty will insure and calculates the coverages and pricing.
New employees are also often surprised to learn that insurance companies use cutting-edge technology to store, sort and learn from the vast data their business generates.
Myth 3: You need a special degree.
“Before I started here, the only thing I knew about insurance was where to send my premium check,” says Amenda, now a commercial lines territory underwriter. He graduated with a political science degree and started with General Casualty as a human resources temp in 2001. Amenda quickly advanced by taking company-sponsored classes, earning insurance designations and doing on-the-job training.
Sharrah, now a claims adjuster, was working on her finance degree when she took an insurance class and was surprised to find how interesting it was. She interned at Unigard and was offered a job upon graduating.
While a lot of employees start with little or no insurance background, more universities now offer degrees in risk management and insurance, which are highly sought after in the business.
Myth 4: Insurance is all about ripping people off.
Several insurance professionals noted the misconception that insurance is “paying for nothing.” In fact, insurance is the business of assuming risks that individuals can’t take on alone, like the cost of rebuilding your home after a fire or paying medical bills after a car accident. Without it, most of us couldn’t drive, own homes or even think about starting a business.
“In claims we talk about making people whole after a loss, and that’s very rewarding,” Sharrah says. “When people say that insurance is about ripping people off, I tell them that’s ridiculous. We’re in the business of paying claims. That’s what I do every day!”
Mitchel, the Unigard recruiter, adds that people are drawn to insurance careers for many reasons, including good pay and benefits, stability, continuing education and opportunities for advancement.
Courtesy of ARAcontent
