Debunked! 5 Popular Myths About Working in Insurance

asian insurance agent briefing clients

If there’s one thing we learned in the wake of the COVID-19 crisis, it would be the importance of having insurance to protect us at all times. Deemed as an essential financial service, insurance is crucial in protecting customers when tragedy strikes, but more often than not, a career in the industry is rarely seen as noble, or exciting.

Our team at Prospects dug deep and found this to be far from the truth! Over the years, we have worked with various employers and young professionals from the insurance field and we discovered that most of the leading insurers today offer rewarding and enriching careers that go beyond just selling insurance. If insurance is not already on your radar as a viable career pathway, we’re here to tell you that it should be.

Here are the 5 popular myths about working in insurance debunked!

Myth #1: You need a business or finance degree to work in insurance

business and finance textbook

Think again. The reality is, you do not need to have a business or finance-related background to work in an insurance company. In fact, most employers today actively recruit professionals and graduates from various backgrounds and disciplines in order to diversify their workforce and create a more creative and innovative working culture.

Regardless of your background, everyone has a place in insurance. Are you a math wizard? You could consider a career in Finance or Strategic Planning. Pursued an engineering degree, but enjoy data analytics? Business Intelligence might be up your alley. Majored in psychology, but interested in communications? Marketing could be the role for you! In short, the insurance industry is transforming their talent attraction and development strategies to enable job seekers to have a more personalised career journey based on their capabilities and interests.

 

Myth #2: Insurance companies are not employers of choice

business handshake meeting

Within financial institutions, banking is often seen as the more glamorous choice to start a career in. However, leading insurance companies in Malaysia are consistently being featured in the top 100 list of preferred employers over the years. This goes to show that insurance companies are gradually becoming more forward-thinking and transforming their recruitment and retention efforts to attract quality talents. On top of that, work-life balance, positive work culture, and career development are all taken seriously by insurance employers.

We dare say that it is possible for you to build a rewarding, enriching, and holistic career in the insurance industry, which explains why companies like Great Eastern Malaysia have record low turnover rates and high employee satisfaction over the years!

 

Myth #3: Young people do not work in the insurance industry

great eastern intern group photo

Millennial and Gen-Z talents are gradually forming the majority of workers in the job market. With worker demographics shifting towards the youth, insurance companies such as Great Eastern Malaysia have invested significantly into developing Management Associate (MA) programmes that are designed to help graduates fast-track their career by accelerating their learning curve through job rotations, structured training, and more.

Besides the MA programme, Great Eastern also has several other initiatives to empower youths in the local community, such as their Internship and Scholarship Programmes that aim to identify and nurture young talents before they even enter the job market. The leading life insurer hires an average of 100 fresh graduates per year and focuses on grooming talents to ensure a holistic upskilling of the workforce.

 

Myth #4: Insurance is all about sales

accounting bank statement

Like any business, the insurance industry does have a sales force. That being said, there are actually two career routes that you can pursue in insurance: entrepreneurship or corporate. The entrepreneurship pathway mainly involves people who are interested in a career as a life planning advisor, where people skills are required to acquire new customers for the business. You get to meet people from all walks of life to advise them on financial planning, and like all entrepreneurs, you have the freedom to control how, when, and where you work. In short, you are your own boss.

On the other hand, the corporate route entails the management side of the company. This is where you can explore a career in various areas such as Risk Management, Digital Transformation, Product Development, IT, Customer Service and more. For those who prefer a more traditional corporate role, there are also business functions such as Human Capital, Operations, Finance,and Internal Audit. Ultimately, a career within the insurance sector can offer stability, challenges, rewards, personal and professional development, and the opportunity for you to make an impact that matters.

 

Myth #5: Insurance is a boring industry

boring professional working laptop

This may have been true historically, but with new risks emerging in the digital age, insurers are also ever evolving. From providing new products such as cybersecurity and e-hailing car insurance to digitalising customer interaction and touchpoints, rapid advancements in technology is a game-changer for insurance companies. As a result, new functions such as digital transformation and digital affinity have also emerged, and insurers are at the forefront of innovation in ways of personalising the customer experience, reducing prices, and offering new services that fit customers’ changing demands and needs.

However, at its core, insurance remains a ‘people-first industry’, with the noble mission to provide peace of mind to their customers at every stage of their life, and even more so during uncertainties.

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