Have you been wondering if you’ll make a great deal of a career if you opt for Property-Casualty as a reasonable career path? If that is the case, then you’ve come to the right place to get your curiosity satisfied. This article is equipped with the necessary knowledge and relevant guidelines to put anyone interested in the career through in the best possible manner.
Table of Contents
- What Is Property-Casualty Insurance?
- Types of Property-Casualty Insurance
- Is Property-Casualty Insurance a Good Career Path?
- Educational Requirements for Property-Casualty Insurance Agents
- Available Jobs for Property-Casualty Insurance Personnel
- Benefits of Choosing Property-Casualty Insurance as a Career Path
What Is Property-Casualty Insurance?
Before we get to know if Property-Casualty Insurance is a lucrative and worthy career path, it is ideal that we have a firm knowledge of what the subject matter, property-casualty insurance entails. While insurance in a broad text may be segmented into different sections, Property-Casualty Insurance is focused on possessions, and material properties such as a person’s car, vehicle, and more personal belongings.
The essence of Property-casualty Insurance is to cover individuals financially when material loss hits them. In a situation whereby a person loses their home to a fire outbreak or car accident, Property-Casualty Insurance companies will swing into action by covering the highest percentage of the payment to restore the lost properties once the victim partners with an insurance company.
Types of Property-Casualty Insurance
A good understanding of the different types of Property-casualty Insurance will shed more light on the career as a whole. Hence, it enlightens prospective students willing to pursue the trade know and carefully understand the best option to focus on.
1. Car Insurance
I bet you saw this coming. Car insurance, otherwise referred to as Automobile Insurance, tends to offer protection to car owners in case of unforeseen circumstances such as car theft or auto crash. When something unpleasant happens, the insurance company will reduce the expenses that could have been fully paid by the car owner, probably to fix the vehicle or in the process of getting another one.
2. Landlord Insurance
This is very essential to home property owners. Landlord insurance covers any physical damage to home properties by helping the victim gain their ground again in the aftermath of the incident. Incidents such as storms, building collapse, burglary, and fire outbreaks are sure to be financially covered by insurance companies when such happens.
3. Power Sport Insurance
With more and more people getting involved in sport-oriented activities such as ski-diving, bicycling, motorcycling, and others it is ideal to sign up for Power Sports Insurance. In a situation whereby injury is sustained, medical bills and further treatments are covered by the insurance department.
Is Property-Casualty Insurance a Good Career Path?
Yes, Property-Casualty Insurance is a very good career path to pursue. The reason is that insurance companies are getting more signals directed at this section of insurance as a whole. Every day, people are losing their properties and getting physically injured and insurance companies are called upon to play their role. In a bid to be efficient and serve people better, Insurance companies need more professionals in the industry.
Additionally, if you are a person that enjoys helping others, this is a great career you will enjoy doing which is highly profitable as well. By 2029, “insurance jobs are expected to increase by 5% which is great news for job seekers in the category”, says BLS (Bureau of Labor Statistics).
Educational Requirements for Property-Casualty Insurance Agents
Just like any other professional career, Property-Casualty Insurance as a career path also has educational requirements which are set to scrutinize and assess the intellectual level of students interested in picking it as their career choice. While the exam requirements may not be of excessive demand, it is advisable to pay close attention to them.
1. High School Degree Is Mandatory
A High school degree is needed if you want to pursue a career to become a Property-Casualty Insurer. This automatically means that without the degree, you cannot further this career. While this is applicable to applicants in the United States, other countries where this course is offered can equally get a secondary school certificate (African countries) to be partly qualified.
2. College Degree Requirement
For 100% certification, all Property-Casualty Insurance applicants are expected to have a College degree certificate. This is a vital requirement that is typically required by Insurance companies to ensure that their applicants are well-educated. This allows the easy transfer of new knowledge and formulation of fresh ideas that can sprout up in individuals to help the industry move forward.
3. Take an Exam Prep Course
This is not mandatory in all states, however, it is recommended in some. Some states take it as a priority that their applicants take on an Insurance certification course to better groom them for the upcoming tasks.
4. Ensure You Pass The Licensing Exam
The major educational requirement needed to excel in pursuing this career is to pass your state’s licensing exam with flying colours. This exam is highly recommended and is used as the highest factor in selecting the best and most qualified individuals interested in becoming Property-Casualty Insurers. Kindly note that the examination varies from state to state, but once you attain a reputable mark in your chosen state, then you’re good to go.
5. Submit Your Documents To The State Insurance Board
Lastly, it is advisable to pile up all relevant and requested documents and submit them to your state insurance board. Note that, this is the same state in which you wrote your licensing examination. With these at hand, it is assured that you have taken the right steps to becoming a Property-Casualty Insurer.
Available Jobs for Property-Casualty Insurance Personnel
After you must have done exams and passed through some process to become a property-casualty insurer officially, some high-paying jobs are always available depending on which you’re posted for or choose at will. A number of them are highlighted below.
1. Property-Casualty Agent ($49,616 Per Annum)
You will become a property-casualty agent automatically after your course of study. This comes in handy with several tasks such as selling insurance to private property, households, cars, and more. This often requires oral conviction to attract potential clients who are in such situations. While you may do most of your work behind a computer desk, you need to work on your customer service skills.
2. Insurance Entrepreneur ($69,046 Per Annum)
With the vast knowledge and skills, you must have acquired in the course of becoming a certified Property-Casualty insurer, you can now boldly begin your own insurance company at the lowest level and grow it over time. You don’t need to work under the auspice of gigantic insurance companies before you stand out. Kindly note that this is only recommended if you have the resources, both intellectually and financially.
3. Car Insurance Agent ($46,521 Per Annum)
You can be the one to be called upon when an individual crashes their vehicle. As a car insurance agent, you can make a great deal of income as high as $46,521 yearly. Almost every individual in the United States has their cars insured because they know the benefits attached when the unexpected happens. As a car insurance agent, you’re expected to help your clients select the best car insurance option that will favour them and benefit your company as well. This is where training and intellectual prerequisites, of entrepreneurship, come in.
4. Life Insurance Agent (84,300 Per Annum)
A life insurance agent must take into priority the mental and physical health of their clients. The reason is that this is the relevance of agents in the lives of their clients. Being the most sensitive section of insurance itself, insurance companies raise the bar for fresh insurance agents applying for the position. Here is why it is advisable to become the best insurance agent in this field since they are more lucrative than others.
5. Homeowners Insurance Agent ($68,458 Per Annum)
Homeowners’ Insurance agents are another insurance sector that is growing rapidly in 2022. The insurance agents in this field are risk managers to property owners who own a home covered by an insurance company. In this situation, insurance agents’ major function is to help their clients get the best deal on the insurance plan that best suits their budget and property.
To provide the best plans for clients, homeowners insurance agents should possess salesmanship skills to better attract potential clients to either the insurance company or their personal business.
Benefits of Choosing Property-Casualty Insurance as a Career Path
1. High Income
One of the best advantages of working as a Property-Casualty Insurer is the high level of income that is attached to it. The agents get high pay from the company they represent (ranging from $40,000 – $80,000 yearly) while they also get additional income from their clients which would add up to their gross income.
2. Benefits The Society
The career helps the world to become a better place for almost every property owner who gave it thought of partnering with insurance companies. When the car, house, and most other properties are insured, there is no need to panic if things go south. This is because an automatic and instant insurance backup is ready to kick in as soon as possible.
3. Entrepreneurship Opportunities
After establishing their credibility, agents frequently branch out on their own to either operate a modest business as a subsidiary of a more renowned insurance firm or to become independent insurance agents. This career path in this dimension serves as a training ground for insurance agents who have the desire to start up their businesses in the nearest future.
4. For Knowledge Sake
As a property-casualty insurance agent, you’ll learn a lot about many sectors. Having this expertise at your disposal may help you advance in the insurance sector or open up new career opportunities for you.
Without sugarcoating, the Property-Casualty Insurance career is highly profitable and advisable for anyone with intellectual competence to delve into it as a career path once they are willing to put in their best. Society needs more professionals in this field and diverse insurance companies are also willing to employ freshers once they have what it takes. However, if you’re still contemplating on whether or not to venture into this career, you might want to book an appointment with a counsellor for a 1 on 1 interview before concluding on a career path.