If you’re new to the workforce, or even changing careers, choosing the right path can be difficult. We all want a rewarding career – one that lets us do interesting things, see fascinating sights and makes a difference. Finding a job, let alone a career that ticks those boxes is easier said than done. But a rewarding career is much like a lost $20 note – you’ll find it in the least expected place. Insurance is that note and contains pretty much everything you could want in a career and more. Here are just a few things the insurance industry is doing around the world that are making a difference.
Sport, travel and entertainment
While insurance and entertainment may seem like an oxymoron, Iron Man or Taylor Swift wouldn’t be the phenomena they are without insurance. Think of it this way, almost every gig you attend, every movie you see and every sporting event you watch is backed by insurance. In fact, many of them wouldn’t exist without the safety net that insurance provides.
There are even some areas that take it to the extreme - in certain parts of the US you can take out insurance for your fantasy football league, which covers you if a player in your fantasy team is injured.
Climate change and disaster relief
Turn on the TV on any given night and there’ll be a news bulletin about a disaster somewhere in the world. From homes being swallowed up by earthquakes, to floods washing away business, to the impact of droughts on farmers, we see devastation every single day. Picking up the pieces after losing everything is difficult, and trying to rebuild without financial support is almost impossible. The global insurance industry covered $38bn dollars in natural disasters in 2015 alone, which went towards helping individuals and families rebuild their lives after losing everything.
The industry is even helping to prevent future natural disasters related to climate change by backing renewable energy projects such as DESERTEC, which aims to build 16,000 square kilometres of solar thermal and wind power plants in North Africa and the Middle East.
Helping with community, low income and health
Trying to imagine a world without poverty is impossible; it has been a global issue affecting people for as long as money has existed. But over the past few decades, the world has seen incredible improvements in living standards across the world, and the insurance industry has played, and continues to play, a pivotal role.
As those living in developing countries are usually the most vulnerable, insurance companies provide innovative products such as micro-insurance to low-income earners, ensuring they have some form of basic cover and are protected when the need arises.
Terrorism, piracy & crime
This may sound a little weird, but insurance is kind of like a financial super hero, helping to combat global terrorism while also protecting us from the consequences of crime-related loss and debt. When there is a crisis, the insurance industry provides a cushion against the devastating impact of terrorist and other criminal acts.
For example, in the wake of the IRA bombing in the UK, the insurance industry and the government banded together to set up Pool Re. The scheme guarantees insurers can provide cover for losses resulting from acts of terrorism. Pool Re has paid out $1.3 bn since its inception.
Business and innovation
We may not have hover boards and flying cars just yet, but we are closer than ever. In Europe, CityMobile2 is testing self-driving buses in an attempt to automate public transport. Insuring a bus without a driver is challenging, so CityMobile2 has brought in Zurich Insurance Group to create customised insurance options to ensure this project succeeds.
As two of the largest industries in the world, insurance and technology go hand in hand. Insurers are constantly backing technology to not only save lives but money as well. One example is vehicle telematics. A little black box that records a person’s driving habits, telematics is being used by insurers around the world to help consumers save hundreds of dollars in premiums, simply by proving they’re safe drivers.
Now that you know how varied and fascinating the insurance industry is, maybe finding that rewarding career won’t be so difficult after all.