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Why Take A Career In Insurance | 17 Reasons & Benefits of Working At An Insurance Company In Australia

17 Benefits of working in an insurance company

What is the Australian Insurance Industry Market Size?

What is the growth rate of the General Insurance industry in Australia in 2023? According to IBISWorld, The Australian general insurance market size in 2023 is about $90 billion. The Australian general insurance industry experiences a leap growth of 12% from what it was in 2022. The primary factor that contributed to the growth of the insurance industry in Australia is the increasing number of households with the leading or biggest companies in the general insurance industry in Australia being:

  • QBE Insurance Group Limited
  • Insurance Australia Group Limited
  • Suncorp Group Limited Market
  • Allianz Australia Limited Market

This growth is therefore an indication of more need for insurance agents since clients often require a consultation to help them choose from various plans and insurance options.

Benefits of working in an Insurance company

In case you are still wondering what is the main work of an insurance company? According to understanding insurance, the major role of insurance is to help people financially protect themselves against life’s uncertainties, such as natural disasters, a car accident or an illness while on holiday. From the above statement, we can deduce that an insurance company is a company that carries out the above activities. To execute the tasks, an insurance company will require to employ professionals who will assist clients in making informed choices about all aspects of their insurance coverage.

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So why work in insurance or why take a career in the insurance industry? A career in the insurance industry will give you the opportunity to help humankind bounce back from some of the unforeseen circumstances that may come their way. Working for an insurance company can be a rewarding and yet exciting profession that will allow you to make a positive impact on people’s lives and society at large.

Basically, insurance company management will offer you several benefits for working for them. Benefits such as employee bonuses, team collaboration and a strong work diversity culture. Being aware or informed on some of the major benefits of insurance jobs will give you the opportunity to weigh your options for taking a career in insurance.

 

See 15 career opportunities in the insurance industry in Australia

 17 Benefits of Taking a Career In Insurance Benefits of working insurance company

Insurance enables us to live in a safe and secure world. Without insurance, we may not be able to get education, travel, produce or purchase anything. Therefore, let us look at the personal benefits for you if you work in an insurance company or take a career in insurance.

  1. Wide range of job options to choose from

Working in an insurance company will offer you a wide range of jobs in different fields. You will have options of working in either the following unit of an insurance company: Technology, Administration, Customer service, Finance, Claims, Data analytics, Human resources, Legal services, Sales and Marketing. 

  1. Flexible schedules

This is another top reason why you should work in an insurance company. Big insurance companies offer 24-hour call center service. This allows employees to have flexible work schedules. As an employee, you can request to work a shift that is preferable to you.

  1. Entry-level positions

Among other benefits of working in an insurance company is low entry qualification. You can start from an entry-level position with little or no experience. Working in insurance companies will offer you entry-level jobs that do not require candidates to have a college degree or experience in insurance. Entry-level jobs are a great way for individuals to get experience in a new field that they may be unfamiliar with.

  1. Dynamic and job newness every time

Technology evolution is not limited to Silicon Valley. In the very near future, the insurance industry will need to manage risks related to driverless cars, drones, 3D printers, wearables and the Internet of Things. Each day on the job is always new whether it’s a new client or business risk. In short, no boringness. This, among other fantastic benefits of working in an insurance company is a joy giver for those who hate routine.

 

  1. Wide range of job options to choose from

Working in an insurance company will offer you a wide range of jobs in different fields. You will have options of working in either the following unit of an insurance company: Technology, Administration, Customer service, Finance, Claims, Data analytics, Human resources, Legal services, Sales and Marketing.

  1. Earn as you are also learning useful skills on the job

Another fantastic reason why you should work in the insurance industry is that an insurance company can provide you the opportunity to gain useful and transferrable skills that can help you advance in your career. Some skills such as: Customer service, active listening, problem-solving, communication and so on can be developed on the job.

  1. Diverse culture and work environment

Another benefit of working in an insurance company is your chance of working in multicultural, multi-talent and multi-professional environments. Most insurance companies have inclusion programs that ensure people of all races and ethnicities have an equal chance of succeeding in their organization.

  1. Industry Sustainability and Security

From auto, life, and home, there are uncountable types of insurance, and people will always be in need of them. Thereby making the insurance industry incredibly sustainable and always needful. With some fields, you may worry that the economy or automation can impact your career. But insurance is always in high demand. Is this not another part of the benefits of working in an insurance company?

  1. Options of working from home

Another wonderful benefit or reason why you should work with an insurance company is the choice of working from home. Some insurance companies allow their staff works from home, depending on the insurance job role. Some benefits of working from home include spending less money on gas, having more control over your work schedule and an improved work-life balance

  1. Training on the job

To be hired by insurance companies, prior experience is not a rigid or core criterion. Most insurance companies offer training to new employees that teach them everything they need to know about their role, the company culture and tips to perform excellently on the job.

 

  1. Low educational requirement

You can begin your career in insurance with low educational qualifications. Insurance companies hardly require their staff to have a college degree. This therefore makes it easier for individuals to find a job without having to go to college.

 

  1. Flexible work schedules

This is another top reason why you should work in an insurance company. Big insurance companies offer 24-hour call center service. This allows employees to have flexible work schedules. As an employee, you can request to work a shift that is preferable to you. What a life-changing benefits of a career in an insurance company?

  1. Team working

A career in an insurance company will help you develop and nurture your collaborative ability. Because as an insurance professional, you be required to work with your peers if you ever need advice, help or just a friendly conversation.

  1. Healthcare benefits

Many insurance companies offer healthcare benefits to their full-time workers, which can help employees remain healthy and productive. Providing healthcare benefits can boost employee morale and make employees feel satisfied with their workplace.

  1. Attractive salary

Everyone wants nice pay, isn’t it? In insurance companies in Australia, the starting salary for entry-level insurance staff is usually higher than for other entry-level positions.

  1. Career development

Another major reason why you should consider a career in insurance is the enormous opportunities for your career development.  According to stories from different top-level staff of insurance companies, many insurance companies fill positions internally. That is, if an insurance company is looking to hire new staff, they are likely to hire someone within the company. Insurance companies also inspire their staff to pursue a college degree part-time while working, so they may increase their chances of advancing higher within the company.

  1. Social reward

A career in insurance will not offer you money, time and development alone but also an opportunity to touch people’s lives in their helpless or vulnerable states. Insurance involves offering protection from accidents and natural disasters, and you help clients decide which insurance plan can keep them the safest. Offering your clients the best insurance plans to keep them safe may feel rewarding, knowing that you are helping clients live safer and healthier lives.

  1. It can help you build valuable relationships

A career in insurance is relationship rewarding. You can point to almost any position in the insurance industry and see that everything begins and ends with relationships. Those who have a gift for connecting with people will excel in insurance regardless of which position they hold in the industry.

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