I’m based in Ontario, Canada, and looking to transition out of customer service after 8 years of working with personal, small business, and corporate/government clients. I’m considering a career in insurance and wondering if it might be a good fit for me.
I don’t have post-secondary education, but from what I’ve seen, it seems necessary for roles in underwriting and claims. If I take the IBAO exam and start working as a broker for a few years, do you think insurance carriers would consider me for underwriting or claims roles down the road?
Also, what’s the job market like right now? Are places still hiring during this recession-like period?
I can’t speak for the Canadian market specifically, but the insurance industry in general is aging, and new talent is in demand. There’s decent pay and opportunities for training, even with market fluctuations.
While not having a degree could put you at a slight disadvantage, some companies are more focused on experience and certifications. If you pursue something like the CPCU (Chartered Property Casualty Underwriter), it can help level the playing field. After getting some experience, you could certainly find opportunities in underwriting or claims.
In the US (if that’s of any help), a college degree is usually expected for commercial underwriter positions. It’s not impossible to get into an underwriting role if you start in support positions like operations or rating. We’ve promoted internal candidates without degrees based on their experience and skills. However, external candidates generally need a degree to even be considered.