After the great recession and subprime mortgage collapse of 2008, the financial world was plunged into a state of disrepair. Most importantly, lenders and banking institutions began to be viewed with genuine mistrust, while consumer spending ground to a halt and the global economy weakened.
The impact of this was considerable, as a number of financial sectors and markets were unfairly tarred with the same brush as culpable lenders. Take the insurance sector, for example, which was forced to re-evaluate the way in which it viewed risk and individual client applications against a backdrop of unrelenting cynicism.
Capitalising on a Changing Landscape: How to earn a career in Insurance
The landscape is beginning to change considerably, however, as the global economy heads along the perilous path towards recovery. This is clearly underlined by the performance of international insurers Catlin Insurance, who have recently announced an increase in profits and a bottom line return of $488 million in 2014. The success of this company mirrors the growth of the sector as a whole, as it offers a deceptive breadth of insurance products and has diversified its services to suit changing client demand. With this in mind, now may be the ideal time to launch a career in insurance, so let's consider the best ways in which to achieve this:-
Appreciate a Diverse and Changeable Market
A good example of this is the growing popularity of reinsurance products, which has added a brand new dimension to the insurance sector and created brand new job opportunities to interested parties. This is just one of many new insurance products, each of which drives an impressive and ongoing evolution within the sector. It is crucial to develop an appreciation of such a changeable market place, as this will provide a foundation of knowledge from which you can refine your skills and target specific jobs. To develop this, consider visiting the Discover Risk website, as is aimed at 15-23 years olds provides a genuine insight into the nature of the contemporary market and identifies potential career paths.
Meet your Entry Level Academic Requirements
Before you attempt to launch a career in insurance, you will need to take care of all basic, entry level academic requirements. The starting point for this should a high-school or secondary education mathematics qualification, which should be presented along English as a core skill. From here, you can pursue a form of higher education, whether you target a financial college degree or a more specific insurance qualification such as the popular and industry-renowned ACII course in the UK. This is widely acknowledged as the best insurance qualification in the world, and it will help you to target niche and advanced roles within the sector. When combined with some formative workplace and voluntary experience, this can help to present a compelling case to potential employers.
Develop and Refine your Transferable Skills
These accreditations and so-called ‘hard' skills aside, what else do you need to succeed in the insurance sector? Well ‘soft' or transferable skills are also important, as they provide a foundation of knowledge and ability that enable individual employees to complete a multitude of tasks. While there are a number of transferable skills, the most relevant to this sector are the ability to problem solve and sophisticated negotiation skills. These attributes allow you to communicate openly with clients and develop trust, which is crucial in any sector of the financial services marketplace. Beyond this, the changeable and increasingly competitive nature of modern insurance means that you must adopt a tenacious approach to personal development, as this equips you with the relevant skills to succeed and build a lucrative career over time.
