The job market out there may look pretty grim, with the world economy in upheaval and too many grads looking at too few vacancies. This same chaos, however, particularly the ripples spreading from it as companies consolidate and liquidate, is actually a sign of corporate renewal, and the insurance industry is the best vantage point from which to observe the brave new world.
As a student or new grad, breaking into that industry (or any industry, for that matter) is a daunting prospect. Though brokers seem ubiquitous and self-assured, a simple Googling of insurance buzzwords won’t shed any light on the secrets of their success. Instead, aspiring insurers will be rewarded with a seemingly contradictory picture of the business; schools from coast to coast offer certificate programs, diplomas, and even degrees relating to the study of insurance and risk management, but the only real requirements for licensing are determination and a passing grade on the respective exam.
Cyndi Hornby, the co-ordinator of Fanshawe College’s business-insurance programs, and BCIT’s associate dean of financial management, Tim Edwards, offer some insight into this. “[There are] a couple of things... they need to be a people person, they need to be motivated,” says Hornby, and Edwards agrees, adding that “[they] need to be focused on what they want.” Both describe the diverse backgrounds of their students, and the predominance of ‘second career’ training (students that have already achieved expertise in a different field), which is representative of insurance programs across Canada. As various fields suffer cutbacks and layoffs, professionals look to insurance as one of the few industries that remains strong and, perhaps more importantly, rewards individual effort and enthusiasm above all else. Both Edwards and Hornby explain that the “typical or traditional student, right out of high school” is rarely seen in an insurance class, the majority being mature students, some of which have professional experience in blue-collar jobs rather than office work.
From this perspective, the academic paths in insurance and risk management aren’t exactly training programs so much as an incubator for individuals who possess the necessary entrepreneurial spirit. “[It’s] a matter of [having] an open mind, and [being willing] to learn what’s actually going on in our industry,” describes Hornby. Both Fanshawe and BCIT emphasize their program’s connections to regional insurance organizations and a comprehensive yet intensive approach to preparing grads to leap directly into employment. Whether interested grads possess a B.A. in English or a G.E.D. and a few years of customer service, the important thing is whether they’re willing to study up and start making connections.
As mentioned earlier, none of the academic programs on offer are strictly necessary to break into a career in insurance, though many fulfill the prerequisites of licensing. Armed with a few study guides, ambitious individuals able to pay the respective fees can become qualified within a few short weeks, assuming they prove sufficiently competent. Organizations such as the Insurance Institute of Canada, the national association of insurance professionals that provides oversight of the industry, offer a wealth of information independent of any single educational institution.
However, the real value of enrolling in one of the accredited programs lies in the focused nature of their information delivery and the fast-track they provide for licensing. Edwards highlights the fact that while those who self-study are able to write exams at their own pace, this could easily take years, while a dedicated course ensures a more rapid entry into the workforce. Networking and generalized skills are highly prized, and college programs typically offer a co-op or internship with companies in the region. Through these connections and the emphasis on self-starting, says Edwards, “[We’re] trying to make a bigger pitch [for] entrepreneurism, to have people think entrepreneurially.”
The bottom line is that the insurance industry represents what so many are looking for in the wake of the recession: the opportunity to jump into a brand new career and still thrive. Hornby succinctly summarizes the field’s appeal to ambitious workers: “Insurance is a very lucrative career, because it’s secure. People always need insurance.”
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