How Insuretech Jobs Will Enhance Your Insurance Career - Only if You Embrace Them!
Believe it or not, in 2019, there are still some insurance companies manually rating insurance policies! I wonder if these companies also still have word processors; which evidently, you can still buy. You don’t have to read to many insurance industry publications to realize two movements are happening in the insurance industry today and both will benefit your career. The aging workforce and insuretech are capturing headlines and both emphasize the changing of the guard in this major industry which employs almost three million people.
“The aging workforce and insuretech are capturing headlines and both emphasize the changing of the guard in this major industry which employs almost three million people.”
So, what does all this mean for your insurance career? The aging insurance workforce answer is easy. It is predicted that 400,000 insurance workers are retiring in the next four years, and as we speak, 150,000 insurance professionals are 65-years-old or older. Your opportunity for upward mobility is outstanding. Just make sure you are doing the internal things needed to get noticed, like performing at a high level and continuously working on designations, MBA’s, and additional training. I speak about all this in our Insurance Industry Employment Report.
Insuretech offers what are considered the “cool jobs” according to our emerging workforce of gen Zs and millennials. For those not familiar with insuretech, it is merely all the disruptive technology that will change job descriptions for almost every occupation in the insurance industry. It covers areas like customer service, underwriting, claims management, back office, driverless cars, telematics, risk modeling, and many other areas. It also includes artificial intelligence (AI) and machine learning. When it hits its stride, it should lower premiums, reduce human error, improve numerous processes, and reduce labor costs.
For jobseekers wanting to understand how they can get insuretech jobs, it’s probably good to know where these jobs even exist and what kind of experience you need. First of all, many of these technology companies that are trying to disrupt the insurance industry are third party startups with a ton of venture capital money. Many insurance companies are investing in their disruption products (or buying the startups) because these outsiders pose a threat to their core business. For job seekers, this is excellent news if you know where to look and possess the required skill set these companies desire.
To do this, let’s break down a few companies and the insuretech jobs that are open today. There are hundreds of companies entering this space and all of them have technology positions. It is essential to note that many of the jobs at these companies are NOT technology-based jobs; many are work-from-home openings with excellent salaries where you can use your existing insurance knowledge. Here are a few insuretech companies with current job openings.
Insuretech companies selling, automatically underwriting and binding business insurance:
- Coverhound.com- Product manager, data analyst, quality control analyst, client service specialist.
- Talageins.com- Web Application Developer.
- Coverwallet.com- Payroll specialist, product designer UIUX, commercial insurance manager, commercial insurance agent.
- Insureon.com- Account managers, call center operations, data analyst, commercial insurance producer.
- Attuneinsurance.com- Sr. BI analyst, sales, software engineer, data scientist, account manager.
Insuretech companies managing the claims process:
- Edjuster.com- Content claims specialist.
- Claimable.com- Rails Developer, sales and account managers.
- Claimcentralusa.com- Technology positions, claims support officers, training specialists.
- Snapsheetclaims.com- Sales, creative director, content marketing manager, talent acquisition manager, customer success manager.
Insuretech companies that are making real changes in the insurance model:
- Beam.dental- (Use a smart toothbrush and save 15% on dental insurance.) Manager, client success team, engineer manager, mobile software engineer, financial analyst, billing specialist, content marketing specialist, product manager, operations specialist.
- Slice.is- (on demand insurance)- IT administrator, developer, user experience designer.
- Trov.com- (on demand insurance)- Engineers, customer service.
- Lemonade.com- Claims experience advocate, property claims advocate, corporate governance specialist, customer experience manager, finance manager, general property adjuster, AI data specialist, underwiring lead.
- Octotelmatics.com- (telematics)- Sr. account director, executive admin, customer service specialist, developers.
- Intellimec.com- (telematics)- Data scientist, java developer, systems administrator.
I love the toothbrush company! The jobs in the insurance industry are changing and the old school insurance companies that are well known today, will no longer be the only source for jobs when searching. If you research insuretech companies like the ones in this article, you will find some outstanding companies already changing the face of the insurance industry, and that is exciting in any career!