The insurance industry is facing a crisis.
The average insurance employee is 55 years old. Projections are that half of the industry will retire in the next 10 years. With almost 650,000 people employed in the property and casualty industry and over 900,000 in the life and health industry, this means about 775,000 jobs that will need to be filled – not including growth in the field!
Yet, many millennials and Gen Z show little interest in the insurance industry.
Those of us already engaged in the insurance business like to say insurance isn’t sexy. And, while we say that tongue in cheek, the fact remains that young people looking for a career often overlook insurance as a career path and the benefits it offers.
In truth, there aren’t many industries that can offer:
A competitive salary.
Zip Recruiter reports that the insurance industry average salary is over $67,000. This was enough for US News to rank insurance as the #2 best Sales and Marketing Job, the 13th highest paying job not requiring a degree, 20th best job without a degree and among the 100 best jobs overall!
Job security.
With the industry poised to lose ½ of the workforce through retirements in the next 10 years, coupled with an estimated 2.7% annual growth rate, jobs in the industry are plentiful, and not just for sales agents. The Butler University Risk Management and Insurance department has had 100% placement every year for several years and could place twice as many graduates as it produces.
“Sexiness.”
OK, maybe it isn’t as sexy as being a hedge fund manager or working for Apple, but the insurance industry controls over $4.5 trillion dollars of capital. This presents opportunities for money managers and investment professionals that they are hard pressed to find in other industries.
With the rise in technology, insurance companies are investing heavily in artificial intelligence, drones, chatbots and other ideas to streamline the business and find a competitive advantage. This means lots of opportunities for IT professionals.
As the industry grows, so does the complexity of the risks it insures. Underwriting is a great choice for a detailed, analytical person who enjoys doing investigative work.
And there is always a need for claims help. Claims adjusters are often among the first to respond to a disaster or loss, interpret the policy contract and pay the claims. For many insureds, the claims adjuster is their hero!
The bottom line is that the insurance industry is growing, is fast-paced, intriguing and offers opportunities that no other industry does.
So, in a way, it is kind of sexy.