In the minds of many students a career in insurance means a career in sales. But there’s much more to the industry than just selling, says Tammye Daniels, career connections officer for the Insurance Institute, an organization that promotes education about Property and Casualty (P&C) insurance.

The Insurance Institute conducted a nationwide survey in 2007 and found that, in addition to certain common misconceptions, public knowledge of the industry was extremely limited. The study found university students to be equally ill-informed about the insurance industry, and especially ignorant of the variety of careers available.

Couple a general ignorance of careers available with a dearth of new recruits and you’ve got a booming employment market in the making. “There aren’t enough people in the industry to pick from. So we need to get people actually choosing insurance as a career,” Daniels says.

The property and casualty insurance industry has myriad of different jobs. Here are just a few.

Actuary

Don’t even think of becoming an actuary unless you live on a diet of numbers and sleep with statistics. Using risk theory and statistical methods, an actuary will gauge the amount of an insurance company’s claims reserves, as well as analyze insurance rates for cars and homes. Actuaries also partake in corporate planning, and make certain that rates are both sufficient enough to pay for future claims and fair to consumers.

• Education required: college/university; undergraduate degree in actuary sciences, statistics, or mathematics.
• License/certification: no license required, but you need to take Validation by Educational Experience (VEE) exams. Check out BeAnActuary.org.
• Bacon brought home (annual): junior/intermediate level: $60,000 – 100,000;  intermediate /senior: $100, 000 - $200, 000.

Agent

More than a sales gig, an insurance agent works closely with the customer to help determine their specific level of insurance needs, and also counsel clients on how to keep those pesky premiums down. You’ll know your customers for years. You can either be an independent agent, or work directly for a company.

• Education required: college/university; any subject, although a degree in mathematics, business or finance wouldn’t hurt.
• License/certification: licenses required and specific to each province.
• Bacon brought home: entry/junior level: $24,000 – 30, 000; junior/intermediate level: $40,000 – 60,000; intermediate/senior level: over $100,000.

Appraiser

Have a background in mechanics? Coming off a stint of building homes? Then this might be the position for you. Appraisers inspect the property for which a claim has been filed, estimate the financial damage or loss, and then work with replacement and repair suppliers to find the most economic path to restoring the client’s property.

• Education required: a high school diploma with courses in technical areas such as mechanics or woodworking; college/university isn't necessary, but it helps. Transportation, construction, or a mechanical degree would give you a leg up.
• License/certification: a CIP designation would be good to have.
• Bacon brought home: entry/junior level: $30, 000 – 40, 000; junior/intermediate level: $40, 000 – 50,000; intermediate/senior level: $50, 000 – 75,000.

Claims investigator

The Gil Grissom of the insurance industry, this position entails close examination of facts to ascertain whether a claim is legitimate. There are two categories: forensics and investigations. Claims Investigators work closely with suppliers and help claims get settled quickly and efficiently. Flashy camera angles and classic rock soundtrack not provided.

• Education required: college/university level law enforcement or criminal justice is enough. For more specialized roles, a university degree in engineering or accounting is required, along with the Chartered Professional Accountant designation.
• License/certification: a certificate in fraud examination is key.
• Bacon brought home: entry/junior Level: $30, 000 – 40, 000; junior/intermediate Level: $40, 000 – 50,000; intermediate/senior Level: $50, 000 – 75,000.

Underwriter

When a broker submits an application on behalf of their client, it is the underwriter who decides whether to accept or reject the application. Math and analytical skills are put to good use as the underwriter decides the premium rates and the amount of coverage available for each particular case.

• Education required: some post-secondary, and completion of a business insurance program, such as Seneca’s Property and Casualty 14 week program, which also offers a paid co-op placement and loads of experience. A degree in actuary sciences is also helpful.
• License/certification: you may need a broker, life or agent license, depending on your employer.
• Bacon brought home: entry level/junior: $30,000 – 45,000; intermediate level: $50,000 - $70,000; intermediate/senior level: $70,000 – 200, 000

These are just a sampling (seriously, there's way more) of some of the positions available in the insurance industry, and most require constant attention to professional development, which means you’ll need various licenses and qualifications. A good place to start is the Career Connections site. For even more information online, you can explore the Insurance Bureau of Canada, or the Canadian Life and Health Insurance Association Inc.

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