What skills do you need to be successful in the insurance industry?

“… I actually worked with a Rocket Scientist at CGU…who said you don’t need to be a rocket scientist to work in Insurance! …” Cameron Watson, Manager of Insurance & Wealth Management

The insurance industry offers a wealth of rewarding, challenging and dynamic job roles, from entry-level positions through to senior management roles. With huge potential for career growth and development, it’s a valuable industry to enter and progress in.

You may not need to be a rocket scientist to work in the insurance industry… But, if you’re considering a career in insurance, or want to advance your career in the industry, there are certain skills and attributes that are highly desired by employers and will ensure your success in the industry.

No matter what level of experience you have, you must have the following skills or personal attributes to be successful in the industry:

• Written and verbal communication
• Analytical skills
• Stakeholder management – the ability to build and maintain relationships with internal and external parties
• Time management
• Willingness to learn and develop new skills
• Motivation and drive to perform well

What does it take to get into insurance?

Graduate qualifications and skills for insurance

There are a huge variety of entry-level and graduate roles in insurance. Outside of the traditional sales, broking, underwriting and claims roles within the industry, there are a variety of roles that suit and may require specialist qualifications such as an engineering degree marketing degree or an IT degree.

Think about it like this, every business needs its usual departments; marketing, HR, accounts and, in some cases, IT support depending on how large the business is. Insurance is no exception. Insurance business will still need people working in these departments within their businesses.

But let’s take it back to insurance specific roles.

You may have noticed, or not noticed, that there are almost no courses in university or school that teach you anything about insurance. Therefore, hiring managers, employers and recruiters in insurance do not look for an insurance specific degree. They will focus on the skills and attributes which we mentioned above.

Organisations take on graduates based on what they believe they can bring and what they can contribute to the company long term. Many graduates who have come through insurance companies’ graduate schemes have gone on to run large parts of insurance businesses in both Australian and Asian markets.

What if you didn’t study a general business degree?

We discovered many of our clients were struggling to recruit graduates into their businesses, simply due to there being no clear pathways into insurance. That’s why we created our Future Insure Graduate Program that allows graduates to break into insurance no matter what they studied at university.

This is possible because insurance relates to almost every other industry. Think health insurance, life insurance, house insurance, business insurance, the list goes on! You can even google ‘celebrities insuring their body parts’! You need someone who can determine what a suitable policy is for insuring, let’s say, Mariah Carey’s vocal cords, which would mean they’d need to have an in-depth understanding of human anatomy. Anyone study a degree in biological and physical science?

If you’ve recently completed university and are looking for a graduate role, check out our Future Insure Graduate Program and take your first step into the industry!

Qualifications and skills for non-graduate candidates looking to get into insurance

Especially desirable skills include a good approach to business and the willingness to learn. Given that many people go into insurance without knowing much about the industry to begin with, they need to be willing to learn or fall behind.

Insurance has a candidate short market, so employees generally have many opportunities to progress with less peers to compete against compared to other industries. To be successful in the industry and progress your career further, the skills we mentioned previously are still very applicable for non-graduate insurance candidates.

If you’re applying for an insurance role where your previous experience is in another industry, show that your experience aligns to the responsibilities of the role you are applying for. Do this in interviews, your resume, and through any other communications you have with the hiring manager.

Qualifications and skills for experienced insurance candidates

Again, the skills mentioned above are very relevant. Although, as an experienced candidate, you may be required to demonstrate or show how you have used those skills in the past. Have some examples with favourable outcomes in the back of your mind and ready for when the interviewer asks you.

Obtaining your Tier 1 and Tier 2 qualifications, and any other relevant insurance certificates, are a great way to demonstrate your knowledge and interest in the industry and position yourself as a strong candidate for career advancement. Many companies in insurance will require these qualifications as a non-negotiable. If you’re currently working in the industry and have not yet obtained these qualifications, ask your manager if there is support for you to obtain them.

What skills do you need to succeed once you’ve landed the role?

Initiative to keep up to date with current affairs in the industry

Technology and legislation are always changing, and the insurance industry is heavily impacted when changes happen. For example, new technology for crops has given way for farmers to insure their crops against frost. If you were an insurer for farmers, being aware of technology like this will ensure you can provide informed advice to your clients.

Another example is the constant introduction of new products. If you were a broker, you’d want to know what products would be the most suitable fit for your clients and ensure you get them a deal that works for them.

Be open to change and take initiative in keeping on top of the latest news in the industry.

Practice your attention to detail

Where your product is built on policies, acquiring signatures and other important details, having attention to detail will save you and your client from any trouble down the track. If you miss a small detail, your client could be at a loss because of a mistake you have made. This can cost millions depending on the circumstances. Yes, there is AFCA and there may be protections in place but if your company must be investigated due to a mistake you have made, it can be detrimental to your company’s reputation.

Attitude is essential

As many candidates will possess the same qualifications and experience, separating them often comes down to individual attitude. It’s imperative that you demonstrate an ability to take on comments about your own development needs, have a can-do attitude towards your role, and a drive to stay up to date in such a fast-moving industry.

As is networking

Building a professional network can help accelerate your success within the insurance industry. Given that there is hardly any formal training on insurance, you might benefit from learning more from others in the industry, learning about their career paths and being aware of other roles that exist in the industry.

Recruiters stay very close to the market, continually spotting and establishing a huge network of potential talent.

Develop your network both online and offline by attending industry events, joining relevant industry groups and building a solid LinkedIn profile. By getting your name out there, and associating yourself with your insurance expertise, you are more likely to be noticed by recruiters and potential employers in a candidate short market.

Create a development plan

Establish clear career goals and a development plan to get you there with a manager or mentor. Talk to them openly and welcome their feedback. Believe in yourself, learn from your mistakes and always look forward to your goals.

Finally, have patience. With the right skills, abilities and personality, you will succeed in your career but, it may take time to get there. Focus on the destination, and make sure you enjoy the journey.

If you’ve decided to look for a new role in insurance, browse our open opportunities!