Looking for a Career in Insurance? We've Got You Covered

Digital Transformation - February 19 2020

The insurance industry often gets a bad rap for being boring, bureaucratic, and stodgy. However, that is not – and has never been – the case. Industry insiders will tell you that a career in insurance can be rewarding, challenging, and stable, offering opportunities to solve complex challenges, use cutting-edge technology, and help people. The insurance industry is currently undergoing a digital transformation as industry giants look to revolutionize how they do business and new entrants enter the market to address the demands of the “gig economy.” In fact, it’s never been a better time to start a career in insurance.

Tech-driven disruption in the insurance industry started about five years ago and continues at a brisk pace today – with more than 1,200 InsurTech start-ups disrupting fundamental business processes such as policy creation, claims management and distribution.

To maintain a competitive advantage in a highly competitive insurance market, and to become truly customer-centric, insurance companies are deploying technology solutions such as Artificial Intelligence, Natural Language Processing, Machine Learning, Robotic Process Automation, and Chatbots to reduce costly E&O exposure, optimize operational efficiencies, increase revenue, prevent claims fraud, bring new mobile-centric products to market faster, monetize their data, prevent cyber attacks, and deliver a better customer experience.

With solutions like AI for insurance, brokers, carriers, reinsurers and agents are embracing automation across the insurance value chain, enabling staff to eliminate manual processes from their daily work to focus on strategic initiatives and more customer engagement. For employees, this means less busywork and dull repetitive tasks and more enriching and rewarding work and interactions.

According to IDC, customers increasingly expect to be served through all channels. Digital interaction within financial services is predicted to grow 46 percent per year through 2020.

Industry giants like Zurich are embracing technology to diversify their insurance products, bring new products to market faster and deliver a better customer experience. For many insurance brokers, carriers, reinsurers, managed general agents and agents, customer-centricity is a priority for 2020.

The InsurTech Movement

It’s an exciting time to start or transition to a career in the insurance industry. Whether you want to join the workforce of a well-known industry giant like Zurich, Allstate or Progressive, a new incumbent like Cake, Lemonade or Pie Insurance, or an AI provider serving the global insurance industry like Chisel AI (oh, by the way, we’re hiring), the possibilities are limitless. You have a lot of choices: Do you crave the energy of a start-up or the stability of a large organization? Do you aspire to work for an insurance company or a technology company revolutionizing the insurance industry?

The emergence of technology in insurance started about four or five years ago, exposing new employment and economic opportunities. New roles and titles emerged like Director of Innovation. At the same time, InsurTech start-ups that lacked deep insurance industry knowledge began eagerly recruiting experienced insurance professionals. This has opened up many new and promising career opportunities for insurance professionals keen to showcase their business prowess and upgrade their skills by taking on the risk and rewards of working at a start-up.

Joining a technology start-up that serves the insurance industry can be exhilarating for individuals who are self-starters and want to be at the heart of disruption. If you have inventor instincts and a desire to make an impact, getting in on the ground floor of a technology company can be very rewarding and a terrific launch point for a fulfilling career. 

Taking the plunge to transition from an existing career at an established insurance company to a technology vendor can also be very stimulating and gratifying. Being able to leverage transferable skills and your insurance industry knowledge while expanding your skillset and learning new things through a different lens can be exhilarating.

According to the first Worldwide Technology Employment Impact Guide from International Data Corp information and communications technology full-time employment will reach 55.3 million worldwide in 2020, an increase of 4 percent over 2019. The study also forecasts steady growth in ITC job roles through 2023, led by data and machine learning positions. By 2023, jobs in the field will reach more than 62 million, expanding at a five-year compound annual growth rate (CAGR) of 3.8 percent.

Three Reasons to Pursue a Career in Insurance

As kids, we often aspire to be firefighters, police officers, teachers, doctors or nurses when we grow up. Nobody aspires to work in insurance. You never hear anyone say that they want to be an insurance broker or agent when they grow up. However, a career in insurance can be very rewarding and limitless. Insurance is the backbone of our society and is a complex industry with countless opportunities for career growth and challenging work. With multiple categories and segments, lines of business, and a diverse workforce made up of many different roles from customer-facing, loss adjustors, claims specialists, underwriting, actuaries, management and internships, there is something for everyone.

“Without insurance, roads don’t get built, people’s lives don't get put back together, businesses don’t get established – it’s so important. When I think about the millennial and post-millennial generations and their values, the insurance industry really represents an attractive career where you can really make a difference in this world. So, I'm very excited about insurtech and what it’s done in attracting talent into our industry.” – Bill Pieroni, CEO and President, ACORD 

1. Insurance will always be needed

Insurance is a means of protection from financial loss. As risks mutate and evolve, there will always be risks that businesses and individuals need to insure. Insurance is woven into the fabric of our society which means that will always be opportunities for a career in insurance. So, if security, and stability are key career motivators, then the insurance industry can deliver this in spades.

“Insurance actually does a lot to enable all of these technologies to thrive. If you think about it, what does a new technology company need in order to get started and to change an industry? It needs financing. It certainly needs, you know, good energy, but it needs insurance. Nothing’s going to move forward, unless it’s insured.” – Kirstin Marr, President, Insurity Valen Analytics

2. A Vibrant Evolving Industry

As the InsurTech movement continues to transform insurance, words like stuffy and bureaucratic that were once used to describe the industry are being replaced by new words such as innovative and dynamic. Acceleration of the technology revolution engulfing the insurance industry is generating new career opportunities for existing insurance professionals and young professionals who want to make a difference.

According to the U.S. Bureau of Labor Statistics, employment of actuaries is projected to grow 20 percent over the next 10 years.

3. Career Progression and Growth

Employment in the insurance industry offers the opportunity for continuous learning, progression and career advancement along with a good salary and benefits. Individuals can start in underwriting, move into management or completely change departments. For young professionals seeking a career in insurance there is no better time as the industry is ripe with opportunity. As an aging workforce retires, insurance companies will be seeking to hire new younger workers. According to the Center for Disease Control and the Bureau of Labor Statistics 44% of the U.S. workforce is 45 or older.

The U.S. Bureau of Labor Statistics estimates that employment of insurance sales agents will increase 10% faster than most occupations by 2026, resulting in almost 50,000 new jobs.

Insurance Career Opportunities

As mentioned above, we’re hiring. Kick start your insurance career at Chisel AI or, if you are already working in the insurance industry but are looking for a new challenge, come work with us.

FINAL Chisel Employee Testimonial Peter

Working for a technology start-up can be lucrative and fulfilling. If your inner inventor is looking for an opportunity to put your programming skills to work and help shape a technology solution purpose-built for insurance, apply today. Come join our team of passionate, smart professionals helping insurance companies evolve to address changing business and customer demands. 

Insurance Career Resources

Swipe right on insurance. Join an industry that can provide you with endless opportunities for professional and personal development. As Bill Pieroni puts it, “for those that aren’t familiar with insurance, it’s truly a wonderful career with wonderful people, great values of integrity and doing the right thing for people.” 

For more resources and insights into the insurance industry, check out:

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