Insurance Designation Importance as Market Changes
In the near future, if not now, insurance designation importance will likely increase due to changing insurance market conditions.
Within the last two months, I published an article on how the insurance job prospects were sunny after analyzing the open insurance jobs on LinkedIn. Insurance carriers then began to pull out of certain states such as California. The venerable Allstate quit underwriting homeowners’ policies there in June (actually earlier).
Real Life Example
The market looks to be changing quickly with the recent insurance carrier layoffs that would not have seemed possible last year. Earlier this week, I covered what happens when one huge carrier decides to eliminate 11% of its workforce. I emailed three people that I knew who worked there. The two that had designations are still there.
The person who had no designations, but had many years of experience is now no longer working for that carrier due to the recent layoff. They expressed to me the insurance designation importance as it may have trumped years of experience.
No, I am not saying that having designations makes a person smarter. I am saying that when it comes down to the C-level insurance executives deciding who stays and who goes – insurance designations may end up putting you ahead of your competitors. Even if you suffer a layoff, the insurance designation importance will be tantamount to finding new work.
How do I know about these decisions? I used to make them or served on a committee on who to hire when building a TPA claims department.
Many articles have appeared on this website centered on acquiring insurance designations. Use the search box with the word designation and you will see a list of articles.
As a side note, updating your LinkedIn profile is another suggestion. I need to do that myself as my profile needs updating.
Insurance Designation Importance – Check Your HR Manual
Many companies will reimburse you completely or partially for passing insurance designation coursework.
Bonus – Many states count insurance designation classes as heavy CEUs on your insurance license.