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 know it’s an incredibly diverse and rewarding career choice, with huge scope for personal satisfaction, network building, professional development and financial reward.
So, what are the key benefits of a career in insurance. We'll tell ya...
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.
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.
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…
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.
Want more information on how you can secure a career in insurance? Then look out for a major new insurance careers campaign, set to be launched in early 2016. Sign up to be kept informed here.