The insurance industry is facing a serious talent gap.
According to recent reports, over 400,000 insurance professionals are expected to retire in the next few years. At the same time, a majority of insurance companies say they need to hire, but they’re struggling to find enough qualified people to fill open roles. That creates a clear gap between the work that needs to be done and the number of people available to do it. And that’s just a few reasons why now is the perfect time to start your insurance career.
What’s Causing the Shortage?
A few key things are happening:
- Aging Workforce. Many people have spent decades in the field. Now they’re reaching retirement age, and they’re leaving in droves. The Bureau of Labor Statistics estimates that over the next 15 years, 50% of the current insurance workforce will retire.
- Limited Awareness. Insurance isn’t always seen as a first-choice career path, especially for younger generations. The industry has a promising future, yet it is rarely highlighted by career counselors or on job boards.
- Multiple Roles. Companies are hiring across the board. They need claims professionals, customer support specialists, underwriters, and operations staff but it doesn’t stop there. In an industry this big, marketing, technology, and finance all have major roles to play as well.
What Makes Insurance a Smart Choice Right Now?
- Long-term stability: People will always need coverage for their homes, vehicles, health, and businesses. This is especially important today as costs skyrocket for replacements, materials, and labor. The result? A consistent need for professionals who can help them understand and manage the risks to their assets.
- Room for growth: Some agents stay independent and work flexible schedules. Others open their own agencies. The path isn’t rigid, which is part of what makes it so appealing. There are also a lot of available positions that remain work from home or remote.
- Low Barrier to Entry: For most insurance careers, you don’t need a college degree to get started. Many people begin with online training and a state licensing exam. From there, they find opportunities to work with agencies, brokers, or carriers. You also have the ability to specialize in certain areas of insurance, like commercial, flood, or cybersecurity.
- Positive Job Outlook: According to the Bureau of Labor Statistics, insurance company jobs are expected to grow by 6% through 2033. And this is at the same time that insurance professionals aged 55 and older have increased by 74% over the past 10 years.
- Generational Gap: Thousands of insurance professionals are retiring and the job market is expected to grow – but that’s only part of the problem. The bigger issue is that there doesn’t seem to be interest from younger generations in replacing them. Accenture reports that less than 25% of the insurance industry is under 35 years old right now. That equals a HUGE opportunity for those who join the industry now.
Where to Start
Most people begin by getting licensed. This process is state-specific, but the general steps are similar across the country. Once licensed, new agents can apply for positions, begin training with a company, or start their own journey with support from a larger agency or network. You don’t need a college degree, and costs, from education to licensing to application fees, are usually under $1,000. Plus, with dedication to your courses, you can usually get licensed in just a few weeks.
If you’re looking for something stable, flexible, and in demand today and in the future, insurance might be the path for you. You can check All-Lines Training’s list of available courses and the licensing regulations for your state on our website.
