The general insurance industry contributes an estimated $40bn to the Australian economy every year. The sector employs more than 100,000 people from all walks of life and academic backgrounds. Insurance touches on almost every facet of life and business, and without it many of the everyday elements of life – including transport, home ownership, travel and sporting events – simply wouldn’t be able to take place.
Yet despite all this, comparatively few people actively seek out a career in insurance. Why? Perhaps because, to most people, it’s something that we have to pay for without ever really seeing its value. But those who work in insurance – including us all at the National Insurance Brokers Association (NIBA) – know it’s an incredibly diverse and rewarding career choice, with huge scope for personal satisfaction, network building, professional development and financial reward.
Here we outline some of the key benefits of a career in insurance.
Make a difference
While you’re more likely to read about the bad news stories of grandmas losing their houses through not being properly insured after a natural disaster, the fact of the matter is that insurance is a great force of good in the community.
More than 97% of insurance claims are accepted and paid out by Australian insurers – and that amounts to a figure of around $25 billion each year.
While insurance is a grudge purchase for many people, when it comes to claims time having the right insurance in place can save livelihoods, protect businesses from closure, rebuild infrastructure, and keep the economy strong.
Being part of a process that changes lives can be incredibly rewarding. See our career testimonials section for more information. Or you can view a great video testimonial outlining how the insurance process helped a homeowner bounce back after their home was destroyed in the 2013 Blue Mountains bushfires.
Build a community
Insurance professionals work hard, but also know how to have a good time and one thing you will hear consistently from those who work in insurance is how much they appreciate the opportunity to come together and network with the broader insurance community.
NIBA is a major player in the insurance community, providing on-going social and educational opportunities for our Young Professionals network. From day one of your insurance career, NIBA provides opportunities for insurance professionals to establish industry-wide connections that will last throughout your entire career.
Working in insurance does not mean you’ll be sitting in a plush office all day. Far from it. Travel is part and parcel of many insurance professionals’ duties – and that travel can come in a variety of forms.
You might be required to do site inspections with clients to get to really understand the risks they face; you might be seconded to other divisions inter-state or overseas; conventions and business expos could take you all over the country. You certainly won’t be sat in a corner gathering dust from 9-5, anyway…
As well as the variety of roles available in insurance, it’s a constantly changing and evolving sector that offers engaged professionals the opportunity to professionally develop throughout their careers.
On-going education and training ensures individuals can keep up with the latest developments and trends affecting the sector and their businesses, while NIBA’s free mentoring program allows new entrants to the career to access the experience and know-how of some if the industry’s most experienced and well-regarded leaders.
That’s another great thing about the insurance industry – you’re never far away from being able to access its leadership figures and key decision-makers. This is in stark contrast to other sectors of the financial services industry, which are much more layered and can leave new entrants feeling distant from the established chain of command.
Earn good money
We all know that money doesn’t buy you happiness, and a good wage doesn’t necessarily equate to job satisfaction. But if you’re doing something you love and the financial rewards are there, that doesn’t hurt at all.
This is very much the case in insurance. With entry level roles starting at around the $50-$55k mark, insurance offers excellent remuneration as well as fast career progress to capable graduates. With ample opportunities to develop and diversify your skills-set throughout your career, insurance can be a very generous benefactor to those who apply themselves to their roles and commit to the career long term.