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How to successfully change verticals within the Insurance Industry

If you are an experienced insurance professional looking to make a career change, you may consider moving to a new vertical. While this can be an exciting prospect, it can also be daunting, especially if you are unsure where to start.

In this blog post, I will outline some tips on how to successfully change verticals within the insurance industry.

Setting your expectations

Moving verticals within the insurance industry can sometimes mean it's more of a sidestep than a promotion. You need to be prepared to take less of a salary as employers determine salary based on levels of experience within a particular role. Now, I am not saying this happens all the time, but there is always a 50% chance it will.

This is the perfect opportunity to sit down and think about what you are willing to sacrifice to get into that new role so that when the time comes, you are prepared to work your way up again. A great way to set your expectations is to do your research. Research the role, research the salary benchmark for that role, and talk to others in your network to get impartial advice. If salary is not an issue for you, then by all means – accept that job offer!

The Benefits of Changing Verticals

Now don't think what I have said above is a negative thing. There are many benefits of moving vertically within your career:

  • Great exposure to different aspects of Insurance

  • Opens more opportunities

  • Gain experience & expertise in a specified niche environment

  • Increase your skills & adaptability to transition smoothly in your career

  • Can assist you in finding your passion if you don't know what that is yet

  • Increases your network

Focus on your transferable skills

Transferable skills are 'portable' skills that you can transfer from one job to another. These include skills such as:

  • Communication

  • Adaptability

  • Collaboration

You can't beat soft skills. The way you deal with clients and the relationships you build are valuable in any insurance role. Focus on your market knowledge and what you can draw from these relationships in your new vertical.

Suppose there is some experience you have had in this vertical – whether dealing with someone directly in it or having had small portions of work that have introduced you to this space. In that case, that's a good experience to reflect on what you have learnt and how you can further develop that with the knowledge you already have.

Your mindset is one of the most important aspects of pursuing a new direction. If you are looking to change paths, keep your eyes wide open and be willing to learn from any feedback given and be eager to try new things.

Recruiters are here to help

We are here to help. Whether that's being a soundboard, aiding in setting expectations or representing you in the space, we can sell your skills and experience to potential employers.

Working in the Recruitment Industry, I often chat with candidates who are thinking of changing verticals, and I always say the same thing - Make sure that the direction you want to move into is with a company that has a supportive structure to make the transition as smooth and engaging as possible and one that will give you a good understanding of the market that you are interested in.

If you are an insurance professional looking to make a career change, we hope this blog has been helpful. We want to remind our readers that the process of making a career change can be daunting, but it is also exciting. We encourage jobseekers to explore all their options and not be afraid to ask for help in finding the right opportunity.

Do you want to make your next move happen?

Whether you're looking for a new opportunity in Insurance or just want some advice on how to best showcase yourself, we are happy to assist you in your next career move.