Insurance is an industry that is in demand and it looks to be in demand for quite some time. Insurance is in demand because everyone has to have some form of insurance. A teenager who wants to drive a car for the first time must have car insurance. A small business owner must have workers’ compensation insurance to cover injuries to their employees and a young parent must have health or life insurance to protect their children in the event they are suddenly sick or die. These are just a few examples of why the demand for insurance is only going to grow over the next several decades. Because of this growth, the insurance industry will always be able to provide good paying jobs to college grads.
With technological advances, the way people buy insurance is changing. People today are much more comfortable doing business online and without interacting with another person. Twenty years ago nearly all insurance purchases were done in person. Now many of those transactions are done online or even via a mobile device. The average age of an employee in the insurance industry is 45. Many of these professionals are not exactly technologically advanced. This opens up opportunities for people to excel in this industry who come from a variety of educational backgrounds. Here are five majors that can contribute immensely to the insurance industry now and in to the foreseeable future.
Management Information Systems.
The insurance industry has not exactly been ahead of the curve when it comes to technology. As time goes on more companies are facing the cold hard fact that they need to have some type of a presence on the internet. These same businesses need help maintaining their internal intranets’ and servers’ so they can operate on a day to day basis. If a young person has a background in MIS, they can position themselves to be a valuable asset to many insurance agencies.
Insurance businesses always need more potential clients. Clients leave for a variety of reasons and to stay relevant, insurance agencies constantly need more leads. As the industry moves to a more online and mobile friendly way of doing business, businesses in the industry will need people who can successfully market their business online. Social media is becoming more of a factor in the industry. People who have the skills to not only promote a business on social media, but also get those followers in to the sales funnel, can be a value part of any businesses marketing department.
The study of Communication prepares students to listen, read, interpret and communicate a message effectively. With advancements in technology and the insurance industry moving in that direction, effectively communicate a message that is easily understandable is more important than ever. People who can effectively communicate a message in a way that gets potential customers in to the sales funnel are an asset to both agencies and carriers in the insurance industry.
Statistical analysis is the cornerstone of the insurance industry. In its most simple form, an insurance company is successful if they take in more in premium than they pay out in claims. Like most industries it is not exactly that simple, but this is part of how insurance carriers and agencies make money. Analyzing risk successfully is what separates the bad from the good and the good from the great insurance companies. Insurance carriers, need advanced statistical analysis in order to determine who to offer coverage to and how much to charge in premium. For small businesses they need to be able to determine which workers’ compensation class code your business is in and pair that with the claims history you have had in the past and the amount of payroll your business has.
Now that we have established there is a need in the insurance industry for new people to be hired, there has to be someone to hire everyone. Insurance agencies are going to need human resource professionals to help them see through the cracks, seek out the best candidates and keep the best talent around for the long term. Training and on boarding new employees is very expensive to companies. If a new graduate can help a company find and keep the best talent they will be a valuable employee to any organization, they work for.
Mitchell Sharp is a Marketing Associate for WorkersCompensationShop.com. Mitchell has extensive knowledge of workers’ compensation and cyber liability. His passion is in using his knowledge of commercial insurance, social media and content marketing to benefit the small business community.