How the insurance industry will catapult your tech career

For those of us with technology backgrounds that landed in the insurance industry, we have a responsibility to spread the word. The insurance world is where young tech talent can spread their wings, develop new skills and deliver results.

People are increasingly choosing tech as a career path due to the vast opportunity, challenge and stability the industry provides. The U.S. Bureau of Labor Statistics reports that the number of computer and IT occupations will grow 12% between 2018 and 2028 — creating around 546,200 new jobs.

Tech professionals today have a unique opportunity at their hands; what specific industry should they commit to for a career that will promise growth and opportunity? For me, I got my first taste of the insurance industry through my work in software consulting. One of the systems I worked on was a claims processing solution. Soon after that, I joined the team at Insureon, and eight years later, I am still here, and I wouldn’t change a thing.

The challenge

Like many individuals with a background in technology, I was attracted to the complexity and challenges provided by the insurance industry. Insurance overall is a profession that is very much rooted in traditional processes. As technology continues to advance, there is immense opportunity to find new, never-before-seen solutions. At the same time, it is an industry that will never go away. Meaning, there are limitless opportunities for growth. While the industry will continue to advance, and new ecosystems will come to play, insurance directly impacts all aspects of the world. From the economy and investments to unpredictable environmental factors, insurance is innate in everything we do.

For up-and-comers that really seek a complex career path, InsurTech will be the path for you. These fast-paced, often startup mentality companies force you to always think on your toes, be nimble and innovate at a high speed.

The opportunity

With an unemployment rate of 2.6%, as reported by the U.S. Bureau of Labor Statistics, the insurance industry is ripe for talent. It is a competitive field where carriers, brokers and InsurTechs are all looking for the best of the best to help scale its organization to the next level.

Another opportunity that tech professionals can capitalize on in the insurance industry is, as a whole, companies are investing heavily in all different types of technologies. Whether your interests are SaaS and artificial intelligence or blockchain and cryptocurrency, working in the insurance industry gives you the opportunity to develop new technology systems that can potentially disrupt the traditional ways business is done.

The experience

For me, personally, having spent the last eight years at an InsurTech has changed the way my mind works. In the InsurTech world, you always have to be five steps ahead of your client and your client’s clients. It is our job to anticipate and react to client needs before they even know they have them. You must be comfortable and confident to try new things, knowing that many of them won’t work. One thing I often speak with young professionals about is the power of being able to make a mistake, learn from it and move on. Mistakes are unavoidable, but the sooner you make a mistake, the sooner you can fix it.

Working at an InsurTech has also taught me that being educated about technology and how to build it isn’t enough. What makes someone stand out is their ability to understand technology, but also recommend updates and changes to their tech based on their customer’s business strategy and end goals.

As Insurance Careers Month comes to a close, think outside of the box when it comes to where you want to go with your career. Because once you’re in the insurance industry, you can take your skills in so many different directions.

Yuri Ter-Saakyants is chief technology officer at Insureon, where he oversees technology, engineering, development, and quality assurance. He has more than 20 years of technology leadership experience, including previously serving as senior VP of development with MediaBank (now MediaOcean). He joined the Insureon team in February 2012. Opinions expressed here are the author’s own. 

For more articles on insurance careers, including recruiting and fostering the next generation of talent, visit our Instant Insights page “Insurance Careers Month: Bridging the Talent Gap.”

Related: 

• InsurTechNY aims to attract insurance startup talent, investors
• Why work in insurance? It’s never boring!

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