The financial and insurance services take care of your money earned, ensuring it lasts a lifetime. Likewise, insurance helps you mitigate any losses you face, either due to ill health or other natural calamities.
Banks have become healthier in 2021. In the past 13 years, governments and shareholders injected about $2.8 trillion of capital which eroded to 3-4% points of ROE. From 2020 to 2025, the baseline of the finance industry will be shared by three interconnected and macro factors – liquidity, government support for the recovery, and interest rates with inflation.
Run-through: The sub-industries within Financial & Insurance Services
When we mention financial services, what we think of most are banks, accounting institutes, and professionals, and the stock and share market. Banks take care of our savings and help us with loans against some form of collateral. They also create a wide range of investment programs that earn a higher rate of interest.
From 2020 to 2025, global cashless payment volumes can see a rise by more than 80%. It will almost triple by 2030.
So, if you wish to enter this fast-paced field, you need to be basically good at arithmetic and calculations. A degree in finance management will help you here.
Secondly, we have the insurance sector. From health to property insurance to life insurance, almost anything valuable can be insured today. This is a profitable and booming sector – with monthly insurance premiums paid by the policyholders, all insurance companies are rich in cash. They go ahead and invest this money in high-yielding areas like stocks of reputed blue-chip companies.
Most insurance companies allow their customers to have insurance policies that also provide some monetary benefit long-term. 35% of insurers generate over 30% of business from service-based offerings. With that said, in 3 years, the insurance sector will rise to 61%.
Being well-versed with the insurance sector rules and regulations will help you enter this line.
Deep Dive: Explore which sub-industry resonates with you
1. Financial services:
Companies that provide financial and economic services with the aim of managing money. Swipe left to explore!
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Companies that offer risk management against contingency and uncertain losses. Swipe left to explore!
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Wait, I’m confused? –
Ok, I like this industry, but will I be able to get a job here?
What skills and experiences do OTHER people in this industry typically have?
Are there any more resources to find out about this industry and job roles?
Lucky for you, these aspects have been taken care of, lets begin!
Top 3 skills to get started –
- Certified Six Sigma White Belt
- Supply Chain Fundamentals: Understanding the Basics
- Operations and Supply Chain Management
Other important skills –
- Introduction to Time Series Analysis and Forecasting in R
- Supply Chain: Demand Planning (Sales Forecasting and S&OP)
- Essential Lean Manufacturing for Management Consultants
- SAP MM (Materials Management) – Configuration and End User
- Operations Management A-Z: Business Processes and Systems
- Inventory Management A-Z: Supply Chain & Business Operations
- Supply Chain Management A-Z: Operations & Logistics Basics
- Procurement Masterclass: A Complete Guide to Purchase To Pay
- Lean Manufacturing A-Z: Lean Operations Management
- Logistics Management: International Transport & Shipping
- Logistics of Warehouse Operations in Supply Chain Management