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The insurance industry has experienced significant employment growth, exemplified by Risk Strategies increasing its workforce from 430 to 4,100 employees since 2016. Industry expansion affords new and exciting career opportunities and there has never been a more ideal time to consider a career in insurance. Thus, it is a great time to promote awareness of a few, lesser-known details about the industry while overcoming traditional misconceptions.
Despite millennials accounting for 75% of the current global workforce, only 4% are interested in insurance careers, likely due to misconceptions of the insurance field. Of millennials, 80% reported limited awareness of insurance industry career prospects. Insurance Human Resources professionals typically cite these misconceptions they encounter when recruiting:
Myth: Insurance is limited to sales. The industry actually provides a diverse range of professional pathways that cater to a broad spectrum of skills, education, aptitudes, and interests, including human resources, information technology, operations, finance, accounting, legal and marketing.
Myth: Insurance has little impact. A career in insurance presents a valuable opportunity to make a positive impact on individuals, businesses, and communities worldwide by assisting organizations in identifying and quantifying risk in their personal and professional lives, leading to rewarding outcomes such as purchasing a home, starting a business, protecting personal and professional assets, and gaining peace of mind.
Myth: Insurance is boring. A career in insurance is intellectually stimulating and constantly evolving. The industry is about problem solving and finding creative ways to positive outcomes. It presents diverse challenges that require collaboration, relationship-building, and technology to solve, across varied industries, geographies, and situations. Professionals are recognized and grow when they explore innovative solutions to meet an organization’s needs in exciting, collaborative ways.
In today’s marketplace, professionals prioritize a mission-driven workplace, such as those that focus on philanthropy, community involvement, and workplace flexibility. Presentation of an appealing career trajectory, an attractive total rewards offering, and a competitive benefits package is crucial to engaging desirable talent. Insurance companies must also embrace and promote Diversity, Equity, and Inclusion (DE&I) and Environmental, Social, and Corporate governance (ESG) practices throughout their organization as employees are seeking a commitment that their company values putting the right foot forward for progress.
Just as important is providing a culture of open mentorship. At Risk Strategies, all employees, regardless of their level, have ongoing access to expertise and mentorship guidance from their colleagues, including senior executives. Such an open approach to support can help mitigate stress and burnout, providing new employees with the right tools and knowledge needed to build a successful career. It is crucial for companies to provide this type of dedication and support to less tenured employees to ensure they are well-equipped to flourish in their roles over time.
The aging working population is expected to double to 88 million by 2050, rapidly maturing the workforce and posing a potential talent crisis in the insurance industry, with close to 400,000 retirements anticipated in the next few years, per the U.S. Census Bureau and Bureau of Labor Statistics.
An evolving labor market underscores the criticality of attracting and retaining inspired workers in the industry. The burgeoning labor crisis and the resultant shortage of skilled professionals further accentuate the significance of engaging with the emerging talent pool to secure a sustainable future for the insurance profession.
Discovery of the abundant career prospects that the industry extends is often a welcome surprise to job seekers. As a purpose-driven industry, employees stand to gain significantly from a rewarding career path in insurance once they learn about its numerous opportunities. The continued growth of our industry presents a favorable moment for embarking or furthering career aspirations. Earning potential is often a highly attractive component across a broad platform for positions within the industry.
The industry is ideal for those who may thrive in building relationships or may be more inclined to showcase how data tells a story, all while collaborating and consulting with others to deliver impactful solutions. Risk Strategies, for instance, provides careers in a variety of specialty practices including Entertainment, Financial Services, Higher Education, Cyber, Healthcare, Private Client, Fine Art and Professional Liability. Every day, teams engage in partnership to address challenges, embracing diverse viewpoints and opinions. Our industry offers genuine responsibility and the potential to make significant contributions.
With job security often being a concern, insurance is an indispensable sector of our economy and is historically a resilient industry worthy of exploration both now and in the future.
Want to learn more?
Find Lorraine on LinkedIn, here.
Check out our career opportunities atwww.risk-strategies.com/careers.