Post authored by Kelsey Hoehn.
I recently asked my three best friends (because I knew they would give me honest answers) about what comes to their mind when I tell them that I want to work in insurance. They responded with,
“Well, honestly, I think of people sitting at desks and typing in a bunch of numbers…so maybe a little boring.”
“A very boring job, dealing with crazy people, and lots of percentages.”
“A desk job, number crunching, and possibly having to observe a loss site.”
I found these answers to be rather stereotypical, and as an underwriting intern I am quickly learning that the insurance industry can provide excellent opportunities for many people in many different fields. After shadowing a few different departments, I learned these are some of the important aspects and skills it takes to make the insurance industry operate:
Communication Skills. Everyone communicates. For example, underwriters constantly negotiate and talk with agents to provide the best coverage for the best price to assure security and coverage for the policyholder. Service Representatives answer phone calls from the insured and must be able to quickly make decisions and pull knowledge when answering questions.
Analytical Skills. Analytics play a major role in insurance. They’re used to determine if rates should increase or decrease to better fulfill the needs of the company, while still remaining competitive. They’re also used when discovering the best way to market a product to an agent.
Investigative Skills. Investigating is used daily by claims adjusters, underwriters, actuaries, and many others. Underwriters must investigate the hazards of their risks through careful inspection and gathering of detailed information, while claims adjusters must investigate claims through careful interviewing, reviewing police reports and other records, and assessing damage.
Information and Technology Knowledge. Many insurance companies implement and utilize their own computer systems and programs, which means IT ingenuity is a definite must. The growing demand for fast-paced, easy-to-use computer systems, mobile technology, and responsive web design provide an extensity of problem solving opportunities for IT specialists.
So you can see this is much more than a “number crunching” industry. Not only are there many different skills needed within the insurance industry, the industry is growing which means there is a great job outlook for a rewarding and satisfying career. If you are entering college, a recent college grad, or just looking for a career change, consider looking to the insurance industry!