Career in Insurance: How to Get Started and Which Jobs Are Most in Demand

For young people, also known as Generation Z, working in a corporate environment is becoming increasingly unattractive. On the other hand, financial institutions often provide a great springboard for many successful careers. In this article, we’ll explore why the insurance sector is often underestimated, yet in reality, it offers stable prospects for professional growth.

Why is Insurance a Good Career Choice?

The insurance industry offers a wide range of opportunities for development and career growth. Beyond specialized insurance departments such as underwriting or claims handling, you can work across various fields, including:

• Accounting and finance
• IT
• Sales and business development
• Actuarial work, reporting, and statistics
• Human resources
• Marketing, and more

Many insurance companies are open to collaboration with young people and regularly launch internship programs. One of the leading insurance companies in Bulgaria, Euroins, is announcing its paid summer internship program for the third consecutive year, in partnership with prestigious universities across the country.

Students have the opportunity to gain practical insight into how a financial institution like an insurance company operates. They can apply their academic knowledge in a real-world setting under the mentorship of experienced professionals in the industry.

Insurance is one of the well-established sectors in Bulgaria, with a stable presence on the labor market and promising growth. According to the annual report of the Financial Supervision Commission (FSC), the gross written premium income of the Bulgarian insurance sector exceeded BGN 3.5 billion in 2023, marking a 9% increase compared to the previous year. The number of employees in the sector remains steady — over 11,000 people working in insurance companies and brokerage firms as of year-end.

What Career Opportunities Does the Insurance Sector Offer?

If you’re considering a career in the insurance industry, you have several options:

• Working at an insurance company
• Working for an insurance broker
• Working as an insurance agent

Working at an insurance company offer the widest range of career paths. Two of the main expert areas are underwriting and claims adjustment.

Underwriters are specialists who assess and evaluate risks associated with various insurance products and prepare offers based on specific client profiles. They define policy terms, prices, and limits in line with the company's corporate policies and/or legal regulations. They also play a role in revising or developing new insurance products.

Claims adjusters, on the other hand, are experts who handle insurance claims. They conduct inspections, gather evidence to confirm the occurrence of an insured event, and determine the amount of compensation to be paid.

A key role in any insurance company is that of the actuary. Actuaries use statistical, financial, and economic analysis to manage and minimize risks within the company’s insurance portfolio.

To work as an actuary, a degree in actuarial or financial sciences is typically required. Interestingly, recent statistics show that actuarial science is among the highest-paid professions—without being associated with high stress levels.

Another branch of the insurance sector is brokerage. An insurance broker is an independent intermediary between the client and insurance companies. Brokers work on behalf of the client, helping them find the best insurance offers across multiple providers.

Brokers earn commissions paid by insurance companies, which are not included in the final price of the insurance policy.

If you're a communicative person who enjoys working with people and finding the best solutions for clients, a career as an insurance broker might be perfect for you.

Unlike brokers, insurance agents work directly for a specific insurance company. Brokers are subject to licensing and supervision by the Financial Supervision Commission and can offer a variety of insurance products from all companies with which they have agreements.

Agents, however, are usually individuals employed by a specific insurer and can only offer that company’s products. Like brokers, they earn commissions, though typically lower.

Working as an insurance agent is a great option as a side job that can provide a good additional income stream.

Advantages and Challenges of Working in Insurance

A career in insurance offers the opportunity to unlock your potential within a stable and structured environment. Whether you're just starting out with no experience or already have a professional background, this industry gives you the chance to learn from some of the best in the field and build a successful career. The insurance sector touches on many different areas where you can thrive and be recognized for your contributions.

Of course, like in any profession, it’s important to acknowledge that the job can sometimes involve stress and the need to make quick, well-informed decisions. You must be ready to work as part of a team, understand clients’ needs, and meet their expectations as consumers of insurance products and services.

Why Choose a Career at Euroins?

Euroins is constantly expanding its team with enthusiastic and motivated individuals who are eager to grow their careers. The company continues to broaden its presence both in Bulgaria and internationally, offering excellent opportunities for professional development.

As part of its long-term corporate strategy, Euroins consistently invests in its employees by providing regular training programs to enhance their qualifications.

In recent years, Euroins has also been actively working with young people in Bulgaria through its summer internship program, which offers the potential for permanent employment.

Euroins employees enjoy a range of additional benefits, including:

• supplementary health insurance;
• meal vouchers;
• preferential rates for seaside and mountain vacations;
• discounts on sports cards, and more.

If you're looking for opportunity and professional growth, check out Euroins' job postings on their corporate website: www.euroins.bg.