Insurance affects virtually everything we do in our life and in business. It provides peace of mind for the people and things we value. There are many forms of insurance and, as a consumer, you probably have at least one type of policy.
Even though insurance is all around you, you may not know very much about it or the people who work in the industry.
There are three main types of insurance:
Social insurance: Includes government programs such as unemployment insurance and workers’ compensation and safety.
Life and health insurance: Many people have some form of life insurance, which protects families by paying a lump sum benefit when an insured family member dies. Health and disability insurance(s) provide coverage and care in case of an accident.
Home, auto and business insurance: Protection against the risk of loss, damage, theft or liability associated with owning a home, driving a car or running a business, is referred to as ‘property and casualty’ (P&C) or sometimes general insurance. This type of insurance is all about managing risk. From a consumer’s point of view, it’s about trying to anticipate what could go wrong and ensuring you have the protection you need.
For many, a career in insurance is not even on their radar – but it should be. Within the property and casualty sector, you’ll find professionals involved in virtually every area of Canadian life, including business, government, entertainment and recreation. The property and casualty insurance industry is one of the largest contributors to our financial sector and an employer of more than 110,000 Canadians.
No matter what your interests or ambitions, the industry offers a career as individual as you are – complete with variety, stability and above average earning potential!
Consider these three common roles in insurance, along with a little advice from professionals working in the industry:
You’re part private investigator and part therapist
The loss adjuster is responsible for ensuring that those who have suffered a loss receive the compensation and assistance they are eligible to receive. Whether employed by the insurance company or working as an independent contractor, the loss adjuster investigates the accident, arranges medical treatment if necessary and negotiates the final settlement to restore policy holders to where they were, as closely as possible, before their loss.
“The best advice is to specialize in law or business-related courses.”
You’re a relationship developer and decision-maker
Underwriters accept or reject risk on behalf of insurance companies. They assess the kind of insurance required by organizations as diverse as a shopping mall, a professional sports team, a manufacturer, a city government or a construction company. Underwriters examine every facet of the organization’s operation and its request for insurance, then decide what the insurance company should cover and how much it should charge.
“For a greater advantage, and the highest placement value, I would recommend courses in law as well as successful completion of a business or insurance program.”
Broker / Agent
You’re a people person and a great communicator
Insurance brokers and agents help consumers find the right coverage to protect their cars, homes, businesses, boats and belongings against loss through accident, fire or theft. While brokers usually represent several insurance companies, agents are more likely to sell policies for just one. These are the entrepreneurs of the insurance industry with many of them working for themselves or for small independent firms.
“A college diploma or university degree in any subject is helpful for entry into the profession, although those who have studied finance, management, mathematics or business would have an advantage.”
The world of possibilities doesn’t end there. On our website, www.career-connections.info you can explore all 9 roles which often serve as an entry point to one of Canada’s most stable and vital sectors.
Check it out – you can even watch short clips profiling industry professionals and hear first hand what they have to say about their career in insurance. You may be surprised to find that insurance isn’t what you think. It’s a whole lot more.