The insurance industry is on the brink of a significant transformation in the coming years. Projections indicate that by 2028, approximately 50% of the current workforce will be entering retirement. This mass retirement offers career opportunities in the insurance industry for Millennials, Gen Z, and anyone else seeking jobs in a stable industry. As we enter into 2024, the employment outlook for the insurance industry is promising, offering a plethora of job opportunities across various roles and specialties.
One of the most immediate demands is for insurance agents, financial advisors, and administrative staff. Other potential future insurance job openings include insurance claims investigators, loss control consultants, brokers, actuaries, customer service representatives, adjusters, regulators, processing clerks, claims examiners, and junior and senior underwriters. The wide range of these positions gives people of all backgrounds and experience levels an avenue to enter this dynamic industry.
Despite some major carriers experiencing layoffs over the past few years, a majority of insurance companies plan to expand their workforce in the upcoming year. However, the industry is facing challenges in attracting younger talent, with only a small fraction of millennials expressing interest in insurance careers. According to The Pew Research Center, only 4% of millennials (born between 1981 and 1996) are interested in insurance careers. Yet, millennials will make up 75% of the workforce by 2025.
To address this gap, insurers are revisiting their compensation packages, benefits, and work flexibility to entice new entrants. Mentorship programs and educational initiatives are also being emphasized to guide aspiring professionals through their career trajectories.
This is exciting news for those (Millennial or not) interested in a new career that offers growth, stability, and great compensation. With so many entering retirement, there has never been a better time to join the insurance industry.
A recent Labor Market Study found that only 10% of insurers are planning to cut or lay off employees in the next 12 months, while others reported these goals:
- 72% of insurance companies expect to grow their revenue in 2024.
- 63% of carriers reported expected increases in hiring.
- 65% of property and casualty insurers plan to boost staff numbers.
- 56% of life and health insurance carriers plan to expand.
Nearly 50% of the companies planning to hire say they need to increase staff to meet growing business demands or enter new insurance markets. Thirty percent of insurers with hiring plans reported they needed to fill existing positions in understaffed departments.
For individuals eyeing a career in insurance, getting an insurance license is a great way to start. Being licensed allows you to earn a living while gaining experience and learning more about the industry and the host of jobs and opportunities available. In addition to agents and producers, areas such as data analytics, cybersecurity, and digital marketing are increasingly valued by insurance companies. Obtaining your license will help you understand insurance laws, compliance frameworks, and risk management practices. Once you know more about the industry, the opportunities truly are endless!
Technological advancements and evolving consumer preferences will continue to affect the industry, and those who can help navigate those changes will be highly valued by employers. Embracing innovations like artificial intelligence and machine learning not only enhances operational efficiency but also positions insurers as progressive entities in the digital landscape.
The insurance industry stands at the cusp of a transformative period, offering ample opportunities for individuals seeking stable and rewarding careers. If you’re looking for a new career, consider the insurance industry. Opportunities are opening up every day and companies are ready to hire talented and dedicated individuals to help fill the gaps left by a generation of talent.
