Insuring a Strong Future: Why Veterans Thrive in the Insurance Industry
Everyone knows that some things just pair perfectly together. Peanut butter and jelly; fall leaf peeping and pumpkin spice lattes … the U.S. military and the insurance industry? While it may not be as obvious, the two vocations share some common threads that make insurance a natural career fit for transitioning veterans.
“Insurance is a protection industry, similar to the military,” says Roy Lopez, an Army and Air Force veteran and alumnus of ACP’s mentorship program who is now paying it forward in his second year as a mentor. Lopez, who currently serves as Nationwide’s Director of Talent Acquisition for University Recruiting, draws a surprising parallel between the two. Like the military, he notes, insurance is a silent protector that comes through powerfully in moments of crisis.
“For us as insurance providers, it’s a service-first mindset,” says Lopez, adding that this approach comes naturally to veterans who have volunteered to serve. ACP protege Patrick Freeworth, an active member of the Army National Guard, adds that veterans’ ability to problem-solve and troubleshoot independently are incredibly valuable for anyone operating in insurance.
The field offers career opportunities at every level, and lack of experience or a related degree are not barriers to entry. Freeworth started learning about insurance on YouTube during a recent deployment and is now working in insurance sales with an eye toward future advancement. “It’s a similar atmosphere to the Army,” he says, with a sense of camaraderie and teamwork towards a common goal—serving the policyholder.
Salespeople comprise the majority of the direct insurance workforce at about 40%. For those with keen attention to detail and a strong affinity for self-directed work—traits many veterans carry over from their time in service—claims adjuster or examiner roles are also excellent options.
These roles offer an average salary roughly equivalent to an E-6 with six to eight years of service, making them attractive options for veterans with limited civilian experience. What if you’re not a natural salesperson or don’t want to dive into the minutiae of individual policies? Lopez says you can still thrive in insurance—“every large company needs so many auxiliary services.” Whether your expertise is in human resources, marketing, or finance and accounting, there is a place for you in insurance.
Debra Bartee, a first-time ACP mentor and Assistant Vice President with Travelers, adds that many insurance companies are putting more resources into tech. “What’s changing is automation,” says Bartee. “People want things done faster now,” and the industry is evolving to meet the needs of customers who want a more streamlined experience with their insurance provider. This is an excellent opportunity for veterans interested in data analytics, software development, cybersecurity, and more.
If you are transitioning and interested in insurance, says Freeworth, take advantage of the resources available to you; don’t wait until your transition is almost complete to begin exploring your future career. One example
is the SkillBridge program. With over 4,000 partnering organizations and more added every month, it’s a good option for transitioning veterans looking for real-world experience.
Are you looking to break into a new field like insurance but unsure where to start? American Corporate Partners is the gold standard for providing post-9/11 veterans individualized career guidance in one-on-one, year-long mentorships. Apply today to speak with an ACP Operations Associate and work with one of our incredible mentors!
