Insurance has to be one of the most dynamic and creative industries, providing new and innovative risk solutions for people and businesses across the world. However, for one reason or another, it’s been tagged with an unjust reputation for being an uncreative industry. If I told you the insurance industry funded a private navy to protect ships against piracy in the Gulf of Aden, and cover major golf tournaments against the risk of a competitor driving the ball 300 yards and sinking it in one, would you still believe it’s not creative? Probably not.
So for all those looking for a something a bit different, here are five great reasons to join the insurance industry:
1. Get paid a six figure salary by the time you hit your 30th birthday
Yes, this is actually possible. If you are in the right area of insurance, the salaries can be huge. Market underwriters in Lloyds of London, or VPs in reinsurance companies will be on some serious cash. Even if you are a ‘back office’ pricing actuary, the potential to earn six figures by the time you’re 30 is definitely possible.
2. Get out of the office at 5…ish
One of the best things about the insurance industry is they realise people have lives outside of the office.
Although sitting there until 10 o’clock every night, churning out spreadsheets might get you some way to that six figure salary, your work mates will either mock you for being less than able at your job, making the late nights necessary or for not telling your boss you have too much work on your plate.
Either way, getting into insurance will mean you can finish work, go to the gym, cook dinner and still have time to practice your cross stitch.
3. Head to the pub with your mates and call it work
Insurance has to be one of the most social industries there is. Broker driven business is based on relationships and insurance companies will push you out the door and show you where the pub is, so you can build strong and meaningful relationships within the market.
Your business contacts will fast become your mates, and heading to the pub on Friday afternoons will stop being a chore…like it ever was in the first place.
4. Be involved with a global industry
The reach of the insurance industry is vast. Companies and countries alike need insurance to protect themselves against a multitude of risks to ensure they can develop and prosper. For that reason, insurance reaches to the far corners of the world and with that the possibilities for travel are extensive. I myself have worked in London, New York, Zurich and Bermuda with insurance (and a couple of other grittier places).
5. Current affairs as part of your day job
Let’s look at the recent Costa Concordia disaster, when it ran aground off the coast of the Tuscan island of Giglio; it will be the insurance providers that provide the logistical support for the clear up and foot the potential $1 billion bill.
When the New Zealand earthquake hit, the property insurers and reinsurers were there providing the support needed to the thousands of people who were affected. They are still there providing the necessities to rebuild lives, homes and businesses.
Insurance is intertwined with everything, and you can bet that there will be an insurance company behind a company scandal, a major natural disaster or a sporting marvel.
Here are my five reasons. If you have any more, put fingers to keyboard, write a comment and tell us about them.