How the P&C Insurance Industry is Closing the Gap on Fintech in the Job Market

GreatInsuranceJobs.com turns 22 years old this year. If you think about the technology we had in 2001 (no smartphones, limited internet, no Google, etc.) to what it is today, we have made a giant leap. It wasn’t until January 2007 that the iPhone was invented, and it may be one of the most important things ever to happen. You most likely are reading this article on yours.

The crazy thing is the traditional insurance industry hasn’t made many changes. The manual rater is almost a thing of the past. Still, for the most part, underwriters, account managers, claims adjusters, actuaries, and salespeople are doing the same thing they were 20 years ago.   These positions certainly have been aided by technological advances (drones, supercomputers, risk forecasting, etc.) to make these jobs easier. However, it has been slow to adapt, and as the insurance industry ages and is retiring, the younger demographic is looking elsewhere when considering employment.  Fintech is leading the way in hiring these talent.

So what are some of the jobs in the insurance industry that are changing the landscape of the sector?

Here are just a few examples:

1.   Data Scientist.

Insurance companies are collecting and analyzing vast amounts of data to better understand their customers and to develop more personalized and effective products. The demand for data scientists is staggering, and those who can master this career path will be well taken care of financially.

2.   Risk Management Consultant.

As businesses become more complex and global, they increasingly turn to risk management consultants to help them identify and mitigate potential risks. Think about the “loss control representative” many Insurance companies have on staff to be the underwriter’s eye. Many insurance professionals’ backgrounds in P&C insurance are using their expertise to help businesses develop strategies to protect against potential losses.

3.   Actuarial Analyst.

Actuaries use statistical analysis and financial theory to determine the probability and cost of various events, such as accidents or natural disasters. This information is used to set insurance premiums and design financially sustainable policies for the insurance company. Like the data scientist, these positions are in high demand and require the ability to use multiple technology resources to help price risk.

4. Insurtech Product Manager.

As an insurtech product manager, you would be responsible for developing and managing the rollout of new insurance products that are designed to meet the needs of tech-savvy consumers. If you are a product manager in traditional insurance, over 3,000 well-funded Insurtechs are looking for product managers. These positions pay well with equity and stock options. The downside is that many insurtech companies will never make it to market.

5. Insurtech Sales/Marketing Managers.

Insurtech companies need to be able to market and sell their products to succeed effectively. This may be the best-paying insurtech job next to the founder. The opportunity to take a new product that tries to disrupt the traditional insurance marketplace and make it profitable is a herculean task.

It is happening, however, and for those who are averse to risk, entrepreneurial, and looking to make a difference, this is a fantastic job. The banking industry is heads above the insurance industry with its Fintech products like Venmo and PayPal. The insurance industry will catch up, and you can be part of it.

These are just a few examples of the many exciting career paths that are available to insurance professionals in the P&C industry. The biggest takeaway is you must be prepared to continue to learn and train numerous new technologies that will make your job even easier.