5 Common Myths About A Career In Canada’s Insurance Industry

 Many aspiring people do not target the Insurance sector as their career domain. The reason is the deep-rooted misconceptions that prevail in proximity regarding a career in Insurance. However, the stark reality is diametrically opposite. A career in Insurance offers variety, rewards, challenges, excellent growth prospects, and stability.

Read 5 Common Myths About A Career In Canada’s Insurance Industry

1. 
   

   Insurance only revolves around sales

Agreed, every insurance company has a team for sales tasks, but it has a gamut of other work areas too. Underwriting, appraising, investigations, and risk management are some other areas where one can develop a future career under the insurance sector. Additionally, conventional functions like communications, finance, Human resources, and accounting are also an inevitable part of the insurance industry.

2. 
   

   Lack of scope for youngsters in the Insurance industry

Youth constitutes a significant portion of all the recruits in the insurance industry over the past five years. According to the Insurance Institute of Canada, Gen-Y’s proportion (age below 32 years) in the sector’s total workforce grew from 12% in the year 2007 to 27% now. Also, the proportion of the Boomer generation (46-65 years of age) declined from 49% in the year 2007 to 37% today. The influx of more and more youngsters in the industry has resulted in the formation of various associations (like LARAQ) supporting the young generation of insurance professionals.

3. 
   

   Boring work culture

Every job has some tasks that don’t appeal much to people, and an Insurance career is not an exception. Insurance employees primarily deal with people, like client management, working in teams to assess risk, fraud investigation, etc. However, with an incredible 89% of employees’ satisfaction rate, one can conclude that insurance still provides a challenging and rewarding career.

4. 
   

   An Insurance employer fails in being“ an employer of choice.

Insurance professionals work in several units like brokerage agencies, risk management entities, health care centers, financial institutions, etc. Most of the insurance organizations provide competitive compensation, career advancement opportunities, training & development, incentives, job security, and work-life balance, among other things. Insurance sector employers account for 1/10th of Top 50 Employers across Canada.

5. 
   

   A business degree is compulsory for a career in Insurance.

A business-oriented degree is not compulsory to work in this field. The actuary is your catch if you are a maths grad.  The health care field befits those with a psychology or kinesiology degree. An underwriter is a gateway to people with a penchant over history, English, life sciences, etc. An engineer can assimilate into risk management. You can be a claim investigator if you have studied criminology or Police Foundations.

Thus, the insurance sector has something or the other for everyone.

To conclude

Now that some misconceptions about the Insurance sector are weeded out do consider building a career in this field.

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Diksha Garg

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