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Maximizing Leadership

Why Stepping Into Insurance Leadership is the Right Move

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Adam  Carmichael, CPCU

President, The Institutes Knowledge Group

Being a leader within your organization is a challenging yet rewarding responsibility that can transform your career. Leaders have more influence to shape the culture of their organization and guide decisions that impact clients and society. However, many employees today—both in and outside of the risk management and insurance field—are hesitant to make the move into a leadership role.  

You may have even found yourself questioning if the benefits of leadership outweigh the potential increased pressure and workload. 

Becoming a leader is an important step in your career that you should feel empowered and excited to make when the time is right. Read on to explore the top benefits of being in a leadership role, what part continuous learning and development plays in your career journey, and why taking the leap into risk management and insurance leadership is ultimately worthwhile.  

The Opportunity to Shape the Future of Risk Management and Insurance is Here 

RMI professionals are some of the most dedicated employees you can find—they understand the importance of their jobs and the impact their decisions have on their clients and society as a whole. It’s no surprise that many are hesitant about jumping into a leadership role without the right consideration and preparation. The increased workload and added responsibilities might seem overwhelming, and they may even be worried about a shift in work-life balance. 

But here's the thing: these challenges also bring incredible opportunities to grow as a professional and make a real impact along the way. Plus, the need for new leaders in the RMI field has never been higher.  

According to the U.S. Bureau of Labor, half of the current insurance workforce will retire in the next 15 years, leaving over 400,000 positions to fill. This creates a unique chance to step into a leadership role while being guided by experienced mentors and supported with educational opportunities.  An infographic about stepping into a risk management and insurance leadership role and the benefits gained.

The Benefits of Stepping into an Insurance Leadership Role   

While being an insurance leader comes with unique challenges, it offers even more rewarding benefits.  

Personal and Professional Growth 

Leadership comes with more opportunities to develop key skills like strategic decision making, critical thinking, and cross-organizational collaboration. These people-centric capabilities are some of the most valuable insurance skills in 2024 and will not only open many doors to those who master them, but also lead to growth as an individual outside of the workplace.  

An Increased Level of Influence  

An organization’s leaders drive the major decisions and policies that directly affect the rest of the workforce. Internally, good leaders can help influence a positive work culture for all employees. Externally, they can participate in regulatory discussions, join professional associations like The Institutes CPCU Society, and begin to impact the risk management and insurance field at large.  

Career and Salary Advancement  

Leadership positions typically come with a clear path for career advancement and salary increases. The more an emerging leader invests in their professional education and development, the more opportunities they’ll have for continued growth later in their career.  

Job Satisfaction and Fulfillment 

The average worker spends at least 40 hours a week at their job, so why not spend that time doing something fulfilling? The ability to make impactful decisions, guide a team toward success, see the real results of your efforts, and eventually mentor someone to follow in your footsteps can be incredibly rewarding. 

A Broader Professional Network 

Becoming a leader unlocks a whole new network of other key stakeholders and insurance experts. Cultivating these connections can lead to new friendships, more opportunities to share ideas, and early insights into the state of the risk management and insurance field.  

The Role of Continuous Learning and Development 

Those who adopt a growth mindset realize the path to leadership is a journey, not a destination. To be truly successful in their roles, RMI professionals need to stay up to date on emerging trends and commit to the growth of their technical and leadership skills.  

One of the most impactful ways to advance your RMI knowledge and skills is by earning The Institutes Designations' CPCU®, the leadership standard in risk management and insurance. CPCU is more than just a designation—it's a commitment to excellence and a signal to your colleagues, clients, and employer that you’re prepared to lead the future.  

In addition, the importance of on-the-job mentorship and apprenticeship opportunities can’t be overstated. Having real-world exposure to the nuances of underwriting, claims processing, risk assessment, customer service, and compliance will be invaluable when leading those teams and innovating new solutions.  

It’s Your Time to Thrive in an Insurance Leadership Role   

While the idea of moving into a leadership position may seem daunting to some, the personal and professional benefits are well worth it. Insurance is a stable, supportive career to become established in, and the community is full of thought leaders who are ready to welcome more into the fold! 

To start your risk management and insurance leadership education journey today, learn how you can lead the future with The Institutes Designations' CPCU®. 

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