Are you a skydiver? Have you ever wanted to drive an exotic car like a Lamborghini or a Ferrari? Is your hobby skiing down mountains after being dropped from a helicopter? Have you considered a job in the insurance industry?
One segment of the insurance industry, known by the unusual moniker of "surplus lines," might be the perfect career choice if you like to walk on the wild side, according to the National Association of Professional Surplus Lines Offices (NAPSLO), a national trade organization.
"Surplus lines" insurance covers unusual or unique risks that aren't typically covered by other insurance carriers. For example, a biotech firm working on a promising, but unproven new drug therapy may want insurance to cover product liability issues for drug testing.
A group of physicians traveling to a volatile area to provide medical care needs insurance. A well-known sports star wants to insure his or her hands or legs.
Surplus lines, a $30 billion dollar segment of the property and casualty industry, is often called the "safety valve" of the insurance industry because it insures risks that traditional insurance companies won't touch. Underwriters, brokers, and other company employees work together to build insurance policies to meet unique customers needs. Thus, it requires people who can be creative, innovative, and entrepreneurial.
Insurance background not necessary
Positions in surplus lines are available with wholesale brokers and specialty insurance companies. Both businesses tend to be entrepreneurially focused, offering a flexible work environment in terms of hours and time off#&151;and even work attire. Insiders say there's no such thing as 9 to 5 on this job, but they add that the focus is on what you accomplish, not on how many hours you sit at your desk.
Most importantly, a background in insurance is not necessary for a great career. New graduates with a wide range of educational backgrounds can be successful in the surplus lines business. For example, a medical background will be particularly valuable to an insurance carrier specializing in coverage for physicians and hospitals. Other majors that have applicable knowledge for careers in surplus lines include business administration, finance, economics, technology, and especially liberal arts.
Types of positions available include:
- Wholesale Broker
- Account Manager
- Underwriter
- Finance and Accounting
- Strategic Business Planning
- Information Technologies
- Sales and Marketing
- Actuarial Services
- Human Resources
Putting your passion to work - career paths available
Best of all, careers in specialty insurance also allow you to put your passion to work. You can incorporate personal interests, hobbies, and causes into your work. People in the industry who have a passion for motorcycle racing, golfing, skydiving, or fishing, work with businesses associated with these activities to help them find better insurance coverages. Many in the industry also assist social causes or faith based groups in finding ideal coverages.
If you are interested in exploring the surplus lines insurance career path:
- Visit www.insurancecareersnow.org - a site developed by NAPSLO for college students and young adults.
- Use the job locator function to identify companies with job openings.
- Research "specialty insurance" or "surplus lines" companies on the Internet.
- Read the leading industry publications such as Insurance Journal, Best's Review or Business Insurance.
- Ask your career center, or business or insurance professors for industry information.