High Growth Sector – The capital value of the global banking industry was identified as 7.3 Trillion Euros as of 2020 and has been experiencing a steady growth rate for the past two decades. According to a Swiss RE report, the global insurance premium market, in 2019, reached USD 6.3 trillion. While life products are predicted to grow at 8.5%, in non-life, double-digit growth is expected in 2021 and 2022.
Job Security – Insurance and banking have been around for centuries and will stay as long as people continue to encourage savings, expect attractive interest rates, acquire credits, need medical care, drive cars, own homes, and run businesses. Particularly during a recession, insurance is more stable than other fields, that’s because no matter the economy, people and businesses always need protection from risks.
Salary Trends – In Banking, the median salary is around $55,000 whereas the upper range is between $1,50,000 to $2,00,000. In Insurance, the median salary is around $ 51,000 whereas the upper range is between $ 1,50,000 to $ 2,00,000. There is a scope of going much higher than this on getting closer to being admitted to C -suite roles.
Transferrable Skills & Global Mobility – In the technologically driven world of banking and insurance the experience in one geography can be easily leveraged in another geography, hence professionals in this sector find fitment for jobs in other geographies and countries.
Hence, there is potential for you to be working in the financial center of another continent – from New York to Singapore, Hong Kong to Tokyo.
Insurance Offers a flexible Work Schedule – Whether you are building a website, writing a blog, or formulating a digital marketing strategy, creativity is necessary. There’s plenty of room for day-to-day creativity in a general sense. You’ll always be having to think of new ways to market products, solve problems, and engage audiences. It’s a chance to think outside the box and find your voice, which will in turn help you grow in your professional career.
The Next Big Multi-Bagger Opportunity – When we talk about insurance, from a push product it has now become a need-based product. Currently, the penetration of insurance is primarily more in the urban areas as compared to semi-urban and rural areas. Most Tier 3 cities and some urban areas look at Insurance as a savings product and not a protection or hedge-based product. However, with the increasing awareness of its importance, it can be reasonably predicted that it can grow between 15 to 20% for next foreseeable future, as per an Economic Times report.