The insurance industry is an indispensable part of the modern world as businesses and individuals seek to minimise and offset risk to protect themselves against the financial implications of unexpected events or litigation. As an industry it lacks glamour but it is one of the largest employers in Britain and around the world and is a regular recruiter of new talent. It is also a major contributor to national economies.
Careers in insurance are varied and range from sales, risk analysis, claims inspection to loss adjustment and fund management and are potentially very lucrative. This makes them popular with graduates. In recent years, however, the industry has suffered in the wake of the economic downturn as businesses have sought to reduce overheads. Now, however, the economic outlook is looking brighter, so the insurance industry looks set to experience growth in the coming months that should lead to an increase in the number of jobs and better recruitment prospects.
Businesses, however, will remain cautious and will want to protect themselves against the risks that still remain in the financial world, which is where the insurance industry comes in. Insurance companies will reap the benefits as business look for ways to mitigate the risk of embarking on ventures or projects that they need to survive in the face competition. And, more clients for insurance companies means more jobs in the sector.
As businesses grow, so employment and salaries will rise. This will translate into greater capital flow and more free money. Some of this will find its way into insurance companies as businesses and individuals can better afford insurance protection. The growth of the Internet has also introduced new risks in the business environment. Cyber theft, privacy issues and fraud are all new types of risk that businesses have to protect themselves against and, once more, they will turn to insurance companies to offset the risk.
The insurance industry is also benefitting from new developments in technology. Insurance companies are investing substantially in their IT departments and systems so that they can take advantage of cloud computing and social media computing, which have already played a significant part in boosting their performance.
Of course, the business interests of major insurance companies are not limited to Britain alone. Insurers are looking to new and vast emerging markets around the world. The Peoples Republic of China, India and Brazil, for example, have vast untapped markets that present highly attractive opportunities for investment and growth. These new markets are sometimes volatile but have great potential for the insurance industry.
There has always been a requirement for insurance, even through the darkest days of the recent economic downturn, but recruitment into the industry has slowed. As the prospects for the economy are beginning to improve, so the insurance industry will see a requirement for more personnel to handle the increased business. Competition for the new job openings will be strong but with the number of vacancies on the rise there should be renewed optimism for those hoping to enter the insurance industry.