February is Insurance Careers Month. The insurance industry offers many opportunities for people just starting their career or those looking to make a career change. “Insurance is the backbone of the global economy, providing security, recovery, and sustainability. Insurance Careers Month is a great reminder for people to look at risk management and insurance — you’ll find what you’re looking for,” says Insurance Information Institute CEO, Sean Kevelighan.
Insurance professionals tend to stay with their employers for long periods of time. Business Insurance found that according to the Bureau of Labor, “the median tenure in the insurance sector was 5.5 years. The industry’s average tenure is among the highest in both the private and public sector occupations.” The article also mentions that this strong retention rate may be due to higher job satisfaction, better benefits, and a better work/life balance.
Maryland Auto’s Executive Director, Al Redmer, Jr., states, “My career in the insurance industry has taken me from agent to agency owner to two-time Maryland Insurance Commissioner, and now Executive Director of Maryland Auto. The Industry has provided me with an enormous amount of opportunity and career stability – and it can do the same for anyone starting their career or looking for a new career path. No matter your area of interest or skill set, there are unlimited opportunities in the world of insurance. You can work in legal, claims, information technology, human resources, data analytics, sales, marketing, communications, or operations, just to name a few.”
Here are examples of some of the opportunities within the insurance industry:
Actuary: Analyzes company and industry data to accurately match price to risk. Ideal for math, statistics, and financial theory enthusiasts.
Business Analyst: Streamlines processes within the company through focused research and monitors key performance indicators on a regular basis.
Customer Service Representative: Helps customers purchase policies, answers questions, and provides support across various aspects of insurance.
Damage Appraiser: Assesses the severity and repair costs of damaged property, which plays a crucial role in determining claim settlements.
Finance/Accounting: Oversees the financial health of insurance companies, ensuring accurate financial reporting, analyzing risks and investments, and supporting claims processing.
Human Resources: Manages hiring, training, payroll, and more, shaping the company culture.
Insurance Claims: Evaluates the validity and extent of policyholder claims, determining payouts and ensuring fair resolutions while guiding customers through the process.
Information Technology/Cybersecurity: Keeps the workplace running smoothly and data secure through various technical tasks.
Legal: Safeguards the company’s interests by navigating complex regulations, managing claims disputes, and ensuring compliance with insurance law.
Marketing and Communications: Crafts compelling messages and manages marketing strategies to connect with customers, agents, and other partners.
Risk Management: Identifies and assesses potential risks that could negatively impact an insurance carrier’s financial performance or ability to meet its obligation to policyholders.
Sales: Engages consumers to connect with the appropriate insurance carrier and policy.
Underwriting: Determines eligibility and pricing of policies based on company guidelines.
Those interested in a career in the insurance industry can find more information on Insurance Information Institute website, which has links to the career pages of many major insurance carriers as well.
Maryland Auto has also developed an Insurance Education Opportunities webpage with information about the many programs available in Maryland for those who interested in degree and certificate programs that can lead to a career in the insurance field.
Maryland Auto Insurance has job postings and internship opportunities throughout the year in many of our departments, including Accounting, Actuary, Claims, Human Resources, IT, and Underwriting. Visit our Careers page to learn more.
