Insurance is the perfect industry for recent graduates to look for their first job out of college and for an industry that has the potential for growth. Just like death and taxes, everyone has to buy some form of insurance. Because of this fact, the insurance industry will be relatively stable for the foreseeable future. Insurance is a good industry regardless of whether a recent grad is looking for a place to develop transferrable skills to move in to another industry and they are looking for an industry to grow their career over 10-20 years or more. Here are four reasons why insurance is a great industry to look for a job and four transferrable skills recent graduates can gain by working in the insurance industry.
Why is Insurance a Great Industry for Recent Graduates
The Workforce is Aging
According to the Insurance Journal, “The average age of an insurance industry professional is 54, and 60 percent of insurance industry professionals are older than 45.” Because of the age of these workers, there are going to be a considerable amount of job openings in insurance industry over the next decade. This opens an enormous amount of opportunity to grow within the industry. People entering the insurance industry today also have the ability to gain the wisdom and leadership of these older employees who can guide recent graduates towards a successful career.
People Will Always Have to Buy Some Form of Insurance
Regardless of whether it is health insurance to go to the doctor, auto insurance to drive a car, or general liability insurance to run a business; all people will need to buy some form of insurance now and for the foreseeable future. Because of these requirements to carry some form of insurance coverage, the insurance industry will be stable for many decades to come.
You can Make a Difference
More recent graduates than ever before say that they want to work for a company that gives them the opportunity to contribute to making their communities a better place to live. The insurance industry provides recent graduates with the opportunity to help a person or business make it through the worst moments of their life and become whole again. This can be true when you are selling life insurance to a single mother in Richmond, VA or a small business owner looking for Utah Workers Compensation.
A Recent Graduate Can Develop Transferrable Skills
Transferrable Skills are one of the most important things any person can develop in their first few years outside of college. Interpersonal communication, critical thinking, risk management, and teambuilding are some of the most important skills anyone can develop no matter if they plan to work their entire career in insurance or if they have plans to switch to another industry down the road. Insurance offers recent graduates the ability to develop these and many other transferrable skills.
What Skills Can Recent Graduates Develop in Insurance
Interpersonal communication skills are important no matter what role you have, what industry you operate in, or what stage of your career a worker finds themselves. In the insurance industry to have to interact with other people constantly. You must work within a team of employees as well as interact with other departments within the company you represent. You will also be forced to interact with people through many forms of communication that include in person, over the phone, and via email. In some cases, you may even be responding to a negative review on Yelp or a private message via the company Facebook Page. The skills that you develop working in insurance will carry with a recent graduate no matter where they eventually work.
Critical Thinking Skills
Critical-thinking Skills are crucial to all people and they are one skill that far too many recent graduates have not developed by the time they finish college. Being able to quickly interact with a customer or coworkers and be able to make sound decisions is extremely important. Being able to prioritize tasks is more important than ever in the digital age. Being able to decide which tasks need to get done and which are most important, is crucial to long-term success in any industry.
Risk Management Skills
Risk management skills are equally important to long-term success in the insurance industry. Insurance is, at its essence, risk management. An insurance company makes money when they take in more in premium than they pay out in claims. This means every product sold by a company has an element of managing risk. Now these companies do have ways to spreading out their risk, but every level of the insurance industry is involved in some element of risk management.
The Ability to Work as a Part of a Team
Working as a part of a team is a necessary skill in nearly every industry throughout our economy. In the digital economy, this is becoming even more important. People need to be able to work with different forms of teams both in an office, remotely, and virtually. The way in which business is done has not changed as much as it has recently since the industrial revolution. Being able to work within a team and stand out is key to success for recent college graduates.
Walt Capell is the President and Owner of Workers Compensation Shop. Walt started Workers Compensation Shop in 2005. Workers Compensation Shop is a rapidly growing national insurance agency, with a strong reputation for forward thinking out-of-the-box products and solution for business owners. Walt would like to use his experience in insurance and as a small business owner to benefit the small business community.