What do insurance companies do?
Insurance companies employ professionals who help customers make informed choices about all aspects of insurance coverage. For example, they may advise customers on what type of insurance to buy and how much to purchase, or they may answer questions about the potential benefits of particular insurance coverage. Insurance companies can be small organizations with less than ten employees or significant businesses with thousands of employees.
Benefits of working in an insurance company
Here are the benefits of working in an insurance company:
A wide range of functions
Insurance companies offer the wide range of jobs in various fields. You can work in the following departments when working for an insurance company:
- customer service
- Data analysis
- Human resources
- Legal services
A diverse culture
Insurance companies work to promote a diverse culture as they hire individuals of all academic and cultural backgrounds. In addition, many companies have inclusion programs that ensure that people of all races and ethnicities have an equal chance to succeed in their organization.
Entry level positions
Many insurance companies offer entry-level jobs that do not require candidates to have the college degree or experience in insurance. Entry-level jobs are an excellent way for individuals to gain experience in a new field they may be unfamiliar with.
Learning on the job
In most cases, you don’t need prior experience working with insurance to get hired at an insurance company. Instead, insurance companies offer the training to new employees that teach them everything they need to know about their role. Often, there is the training course that new employees go through to familiarize them with company procedures and state laws and regulations related to insurance.
Major insurance companies usually offer 24-hour call center service, which allows employees to have a flexible schedule. In addition, employees can request to work a shift that works best for them.
Teamwork is key
Insurance companies value the teamwork and encourage their employees to build relationships within their departments. While some of the positions may require you to work independently, such as customer service representatives or sales representatives, you can still collaborate with your peers if you ever need advice, help, or just a friendly chat you need.
Work from home
Some insurance companies allow employees to work from home, depending on the position. For example, client-oriented roles are more likely to work from home because they only need a phone and a computer to complete their work. Some benefits of the working from home include spending less money on gas, more control over your work schedule, and a better work-life balance.
The Insurance companies rarely require their employees to have the college degree, which makes it easier for the individuals to find a job without going to college. However, if you have a bachelor’s degree, the insurance company may hire you for a managerial position, depending on your level of education and experience.
Health care benefits
Many insurance companies offer health care benefits to their full-time employees, which can help employees stay healthy and productive. In addition, health care benefits can boost employee morale and make employees feel satisfied with their workplace.
Starting salaries for entry-level insurance company employees are usually higher than other entry-level positions. Here are the starting salaries for most insurance company positions:
- The Entry-level insurance agent: $51,735 per year
- The Entry-level customer service representative: $45,137 per year
- The Entry-level claims representation: $44,023 per year
There are many opportunities for career advancement in insurance companies. Most insurance companies fill positions internally, which means that if they are looking to hire someone as the supervisor, they are likely to hire someone within the company. The insurance companies also often encourage their employees to pursue the college degree part-time while working, so they may increase their chances of advancement within the company. Some of the employers may even offer to pay full or the partial tuition for their employees.
Having a job at an insurance company means you can help make a difference in people’s lives. Insurance includes offering protection against accidents and natural disasters, and you help customers decide which insurance plan can keep them safe. Offering the best insurance plans to keep your customers safe can feel rewarding, knowing that you assist customers in living a safe and healthy life.
It is common for the insurance companies to be involved in many charitable activities. Insurance companies’ primary goal is to impact their community positively, so they often donate money to the local organizations and charities. Working for the insurance company that gives back to the community may lead to a more profound sense of respect and appreciation for your workplace.
Learn useful skills
Working in an insurance company allows you to gain valuable and transferable skills to help you advance your career. Here are some skills you can learn while working at an insurance company:
- Customer Service: You can gain strong customer service skills working for an insurance company because most of your job involves consulting with customers about their insurance needs.
- Active listening: You can become an excellent active listener while working in an insurance company because you listen to the customer’s requests. They can ask questions, request policy changes, or seek advice about their insurance plans.
- Problem Solving: You can learn problem-solving skills working for an insurance company as an agent’s service and regularly maintain customer policies and resolve any issues that arise during the policy period.
- Communication: Since insurance concepts can be complicated, you can learn how to explain them clearly so that your customers understand them better.
Good work view
According to the Bureau of the Labor Statistics, insurance company jobs have a positive outlook, with the number of insurance company jobs expected to grow 5% through 2029. This is because the need for insurance agents is increasing as customers often need advice. Help them choose from different plans and insurance options.