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The insurance industry has no shortage of important roles to be played by professionals in the financial and accounting fields. The high level of complexity and nuance in the insurance industry demands individuals with a high level of organizational skills, attention to detail, and adaptability.
Graduates who hold a bachelor’s degree in the financial field with CPA certification can be eligible for trainee positions as both supervisors and/or analysts. Depending on the needs of the company, finance professionals might also be valuable for being able to fill out and deliver financial reports needed by certain state regulators.
Exceptions for Low Experience
Though the complexity of the insurance industry can be slightly intimidating to newcomers, the industry is one of the more forgiving when it comes to the possible lack of prior experience that newcomers may have upon graduating.
In order to account for the potential handicap of not having prior experience, many aspiring finance professionals or accountants can choose to apply for positions where they will be directly supervised by another senior accountant who does have the experience that they hope to gain.
Even without a bachelor’s degree, those with a high school diploma who demonstrate a significant amount of skill and aptitude can find work in the insurance industry as finance professionals who provide services in compensation, tax planning, analysis, general accounting, travel and expense, and other niche areas.
Insurance Industry Outlook
Wall Street Journal, the 2017 outlook for the insurance industry indicates that agility will be a top priority for insurance companies’ survival. WSJ reports that the insurance marketplace is changing very rapidly, and only companies that are capable of adapting to these changes appropriately will be in the right position to thrive.
Due to the fact that new personnel in the White House have been having discussions about several kinds of regulatory reform, trade policies are sure to be affected, which will mean that insurance companies will have to account for these changes before they become impossible to ignore.
In response to the necessity for future adaptions to be made quickly and intelligently, WSJ reports that a number of property and casualty insurers have prioritized focusing on reducing their expenses and boosting their efficiency. Expense reduction has emerged as a tactic to counterbalance the possible consequences of falling insurance rates and higher measures for profitability.
In addition to regulatory reforms due to new decisions made in the White House, technology trends have shown that consumer lifestyles are also set to change dramatically. Everything from cyber attacks to self-driving vehicles are expected to have a significant impact on the manner in which people conduct their lives and take on risks, which will undoubtedly have a significant impact on the insurance products that people are prone to invest or not invest in.
Related Resource: How Do You Become a Financial Advisor?
Currently, the highest amount of pressure put on insurer income has stemmed from lower interest rates. Due to the fact that lower interest rates are expected to persist throughout the near to intermediate future, those entering the market will have to take notes of this and plan accordingly. The number of insurable workers on the workforce may be set to drop due to a higher amount of automated work solutions made possible through cognitive computing, which could both negatively impacts insurer earnings and potentially improve efficiency through lower labor expenses.
