9 Reasons Why A Career In Insurance Is A Secure Career Choice
Are you still confused on what career path you should choose? Are you looking for a rewarding and better career? Today, we are going to discuss the key reasons as to why you should choose insurance.
Normally people pursue a very common degree when they don’t know what they must do in their life. Most people end up with full-time study for three years, beans on toast, pinching penny, and have no real prospects finally, except paying off loans and studying more. If you really want to make money while studying, you should definitely choose insurance industry where you can get valuable experience in an industry where you can find plenty of opportunities.
For doing this, you first need to look for the reputed and reliable insurance provider, like FWD Life Philippines. It is the first life insurance company which is licensed as per the new Insurance Code by the Insurance Commission of the Philippines. Being the part of FWD Group, it is the insurance arm of Pacific Century Group, an investment group. FWD Life Philippines has great presence in countries like Macau, Thailand, Hong Kong, Indonesia, Singapore, Japan, Vietnam and the Philippines, and serving over 2.6 million customers with the asset value of over US $22.6 billion.
Why Start Your Career in Insurance?
Earn without breaking your studies
The typical third level study model no longer makes sense in this era. Gone are the days when you used to spend three years and end up with cramming and sleepless nights and leave college with lots of debt, financial hardships and only a handful of prospects. Even worse, your Master’s degree can eat up your most of the job opportunities and decisions. Later or sooner, you will realize that you are well educated and qualified but you have no experience to survive in this competitive job market.
With the Insurance Practitioner Apprenticeship programme from the Insurance Institute, you may now work on your own as part of your study. It means you can hit the ground in the industry. You can also make plans and have a career when you are mates are just studying.
A cost-effective substitute to traditional full-time degree
Traditional, full-time education involves supplies, fees, expenses and rent to bear. Hence, it is proved more expensive for most parents who save for the college education of their children from the days when they are still in kindergarten.
In most countries, most students are university dropouts just because of their debt which forces them to do anything for the money and leave their career goals. It overwhelms all the benefits they could have achieved from their studies. You can make money while you study if you join an insurance company. It works on simple principle — cash in to cover your cash out.
Let go of points race
We all understand how maddening it is to be in the points race. You need specific points to join a reputed college or university. It is the stress that eventually overwhelms you and never lets you to think creatively about your career goals.
Insurance is one of the most common industries which have lack of skills. This is the reason why you should join this industry and make money while you study. It is the best way to future-proof your career. There are many job positions in this industry that attract a lot of fresh talents. There is no lack of career opportunities in this sector.
There is no end of demand for insurance
Insurance is everywhere. It is the part of everyone’s life and people always need it. We always have a risk of everything we have, i.e. our life, our health, our property etc. Hence, insurance is the way to reduce that risk. So, for those who work for insurance industry, there is no lack of opportunities to work and grow. There is no surprise why global insurance leaders are so popular and successful. There will always be high demand for insurance.
Superior benefits and earning opportunities
Insurance is a very lucrative field which also involves handsome salary for employees. You can also have job security in this industry. It can also provide amazing benefits to its employees. Pension and insurance benefits are the major considerations in any job. But there is no other employer who provides better insurance than insurance companies. You will be pleased to be in insurance company if you even have to raise a family.
A dynamic field
Insurance seems to be a bureaucratic and stuffy industry at first, but it is not true. Instead, it is a very dynamic field where you can always find new ideas and innovation. Now, innovation and technology are at the forefront of insurance companies and fresh talents can find plenty of opportunities if they have positive attitude to bring change.
Enough room to grow and thrive
When it comes to growth in insurance industry, sky is the limit! There is no lack of opportunity to shoot up your career and have great advancement of your career.
Sell peace of mind
This is what you can find in insurance industry. We live in a world full of risks and it is a complex society. With the help of insurance, both businesses and individuals can stay assured and focus on important things in life.
Is it your first time to interview in insurance company? Don’t worry!
Now that you know why insurance industry is the best to start up your career and boost your resume and work profile. Now, it’s time to help you interview for your desired position in insurance company.
So, you are up to apply for the entry level position in the company. I hope you have read all of the above reasons and you are motivated enough to apply for your desired job. If you are just going to finish your degree, it is sure that you want to boost your chances of getting the best job offer. Here’s what you need to do –
1. Know what insurance industry is and why it is vital for economy
Insurance is one of the most lucrative, but unfortunately, deeply overlooked industry. If you have basic level of understanding, at least, you can impress your interviewer. Insurance companies enable individuals and businesses to cover unwanted risks of losses by paying a fixed amount of premium every time. In general, insurance providers sell a promise.
Insurance plays a vital role in country’s economy as it helps people to focus on activities like buying a home, driving vehicle, and operate their business in which they are at risk of huge loss. If they don’t have protection and bear all the risk, no one can engage in such things. Actually, insurance is grease which smoothly turns the gear of economy.
2. Your competitors usually don’t know about insurance
RMI majors meet just 15% of needs of the industry. It means 85% of all new comers in the industry know virtually nothing about it. For entry level positions, hiring managers usually come across those candidates who know nothing about insurance.
There are even some majors who don’t know anything about insurance business. You can become as familiar as possible with the company and industry as possible and use your knowledge and research to your advantage. Keep in mind that most candidates don’t do this and you can stay ahead of competition by doing this.
3. Background Check Interviewers on LinkedIn
Be sure to background check your potential interviewers and be familiar with them, if you are lucky enough. You may also find out exactly who will interview you in LinkedIn. Do they have any special posts or education you might research and use in interview? Do they seem to have studied from same college as you? The more you research about interviewers before time, the more likely you can connect with them in a personal level.
4. Know key differences between Health Insurance and Property, Life, Casualty insurance, and between Commercial and Personal insurance
When you look it as an outsider, all insurance policies seem to be same. But you need to go further to reveal the truth. There are three unique insurance types to choose from — casualty/property insurance which covers home, cars, and businesses, and also protect from the risk of getting sued.
On the other side, life insurance covers your life and pays out after death, in order to support your family and replace your income. Health insurance covers your hospital and medical bills and protects all your health. If you are looking for job in health or life insurance, you may want to find specific advice. Basically there are two types of insurance policies — Personal insurance carriers which provide insurance for autos, homes, and risk of getting sued. On the other side, commercial insurance carriers cover businesses and risk that their company can be sued.
5. If possible, prepare for the interview by taking any course and mention it on your resume
If you are willing to devote a few months and have some more time to show up your preparedness, you can give a huge leg up to yourself and take a course or at least study about the industry. This way, you can have a great basic knowhow of overall industry and you can even impress your recruiter.
There are many people who leave their entry level positions in their insurance company. They actually don’t just leave the job, they quit the industry. In fact, there are many job seekers who interview with no any idea about insurance and how it works before taking the interview. This way, you can show your dedication by studying in advance before your interview or first day at work. It shows that you are deeply enthusiastic about the industry and you will work hard to grow after being hired. It is the best way to stand out of crowd.
Do some homework and find out the local insurance community around you. Network with them once you find them and tell them you are pursuing insurance sector and you want to join them. They will usually call you for free or for some price, but there will be a great opportunity to connect with them and find the most committed professionals near you who will be surprised that you are joining them so early. Be sure to connect at the meeting with anyone who works in your desired company.
7. Be ready to explain why you think that they should hire you and you will be the good fit for the company or industry.
If you know the job role you want to apply for, be sure to research it well as deeply as possible and talk to some people who may work and have worked it in the past. Look at your internship history and college back and explain with some good examples as why you would be best suited for the job.
8. Dress well
Insurance is a very professional space. So, you should dress as professionally as you can. A full suit is always best to wear for both males and females at the interview. If you attend any networking event before joining, also wear full suit. Some companies even allow business casuals in workplace. But to make good first impression, you should look as professional as you can.
9. Hand them your handwritten thank you note to follow up
Thank you notes are an art which is eventually fading away. But they are still very impressive and can leave lasting impression on the hirer. It is one of the most effective ways to leave a positive image in hiring manager’s mind about you when you leave the session. When thank you notes were widely used, keep in mind that insurance professional is grew up. So, they will be impressed a lot when a young professional like you sends a note to them.
Common Interview Questions in Insurance Jobs and How to Answer Them
If you are applying for the job in insurance industry, you may want to prepare answers to the common questions asked during the interview by the hiring managers along the process.
Your Strengths, Background and Experience
This way, your potential employer may want to ask about your experience and background a lot. Remember, they may even dare to ask if you have been fired ever. Even if you were actually been fired, be honest, or they will find it out. Instead dwelling on your past, be ready to share your side. Explain how you have learned from the past and how you have grown up as a better employee.
An interviewer would like to find out what to expect from you as an employee by asking about your past. For example, they may ask you about how would you bring more sales and meet your target? When hired, how would you stay in sales? How do you schedule, organize, and prioritize your work being a salesman?
They will also want to know why you are best for their environment in a personal level and how much time you can dedicate yourself in a workplace. They may also ask you to rate yourself as how trainable you are and what you are worth according to you. Also discuss how much you have contributed to profits to justify your expected pay.
Your knowledge about the industry
To become a better employee, you should know your industry first, rather than being clueless about the field. With that in mind, your interviewer might want to ask questions like what kind of insurance will have more influence and presence in the market by the next 20 years.
The hiring manager might also want to ask you about how much you know about the company. For instance, what do you know about common job responsibilities of an insurance agent?
Keep in mind that you need to study hard about the company and explain why you would want to work there. They might also want you to analyze their company. Critique the company as creatively as possible without going overboard. You may want to mention areas where company still needs improvement and how you fit best to do so.
Interpersonal and communication skills
You should have great communication skills if you want to work in insurance industry. They may want you to differentiate your listening skills with communication skills. They will also want to ask how you can connect with clients and deal with rejection. You might also want to share experience when you had to deal with a tough customer and how did you handle them.
If you have good communication skills, you may also enjoy cold calling and you can discuss it. You may also like to share the best way you used to offer insurance to your potential employer. If they ask you to sell anything within 60 seconds, don’t get shocked.
How to Crack Insurance Sales Interview?
Insurance selling is one of the most lucrative job opportunities these days. But you first want to sell yourself to the interviewer and land the desired job position successfully.
You can make a huge income by selling insurance. You can build significant wealth with renewal commissions from your huge customer base. But how can you boost your chances of landing the successful job position in insurance industry? You need to prepare for the interview carefully.
Nowadays, behavioral interviews are very common for insurance sales positions as well as for independent insurance agents in most insurance companies. There are certain behaviors and competency levels which are vital for success.
If you want to sell your insurance, you may want to convey its need and benefits. Rather than just talking about insurance, simply start about protecting your family in worst scenarios to build your rapport. Along with this basic trick, here’s what you can do to crack the interview for insurance sales –
Look at the industry drivers
Simply visit the websites of competitors of your desired company and see what trends they are following in the industry. Find out the key drivers to influence the market over the next decades. Your knowledge can show up your enthusiasm and dedication.
Be sure to sell yourself fast
Interviewers take just 60 seconds to decide whether to hire you or not. Be sure to pick the five best points about you and simply link them in few sentences.
Explain your selling skills
Usually, the main focus of insurance sales interview is to bring in sales. Candidates come from other areas instead of direct sales. So, you need to show how you can make sales. You should talk why you are best for sales and why you would thrive in it.
Be prepared to face challenging questions
Sales people should be confident enough about their work experience. You might have checkered career. So, you may want to prepare your answers beforehand. If you practice for common questions like the ones discussed above, you can improve the chances of getting selected in an interview.
Know what you will have to do all day
You should find out the amount of time you will be in office. Will you be filling out the documents? Attending calls of clients? Working late at night? It’s your time to figure out. Ask for the typical day in your life as a sales executive in an insurance agency.
Show you will be trainable
Insurance products vary from company to company and they are very unpredictable and complex. Along with showing your basic knowhow of the business of your potential employer, also convince them that you will be ready to be trained on what they will get on their way.
We hope you’ve liked our post on careers in insurance industry and how to apply for the desired post in this sector. If you have any queries or doubts or want to give us your valuable feedback, feel free to leave your comments or concerns in the comments section below.