The insurance industry has demonstrated substantial employment growth, as evidenced by One80’s own workforce growing to 1,800 employees in just four years. Industry expansion affords new and exciting career opportunities and there has never been a more ideal time to consider a career in insurance. That’s why February’s annual Insurance Careers Month is a good time to share a few lesser-known details about the industry while addressing some common misconceptions.
Misconceptions and facts about a career in insurance
Despite millennials becoming an overwhelming majority in the workforce (75% by 2025), only 4% are interested in insurance careers, likely due to misconceptions of the field. Of millennials, 80% reported limited awareness of insurance industry career prospects. Insurance Human Resources professionals typically cite these common misconceptions they encounter when recruiting:
Misconception: Insurance is a silo. The industry offers a wide array of professional pathways that cater to a diverse range of skills, education, aptitudes, and interests. These pathways include roles in human resources, information technology, operations, finance, accounting, legal, and marketing.
Misconception: Insurance has little impact. A career in the insurance industry offers 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, insurance professionals contribute to rewarding outcomes such as enabling individuals to purchase homes, supporting entrepreneurs in starting businesses, safeguarding personal and professional assets, and providing peace of mind.
Misconception: Insurance is boring. A career in this field is both intellectually stimulating and ever evolving. The industry revolves around problem-solving and finding innovative approaches to achieve positive outcomes. It presents a wide range of challenges that require collaboration, relationship-building, and the utilization of technology across diverse industries, geographies, and situations. Professionals in the insurance industry are recognized and experience growth when they explore exciting, collaborative ways to meet an organization’s needs through innovative solutions.
On board with today’s workforce expectations
In today’s competitive marketplace, professionals prioritize a mission-driven workplace, such as those that focus on philanthropy, community involvement, and workplace flexibility. The 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 One80, all employees, regardless of their level, have ongoing access to expertise and mentorship guidance from their colleagues, including senior executives, which helps mitigate stress and burnout while equipping new employees with the tools and knowledge needed for a successful career. This dedication and support provided by companies are crucial in ensuring that less tenured employees are well-equipped to flourish in their roles over time.
Passing the torch to Millennials and Gen Z
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 resulting shortage of skilled professionals further accentuate the significance of engaging with the emerging talent pool to secure a sustainable future for the insurance profession.
The insurance industry of today is dynamic and thriving
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 on or furthering career aspirations. Earning potential is often a highly attractive component across a broad platform for positions within the industry.
The insurance industry offers an ideal environment for individuals who excel in building relationships and have a knack for showcasing the narrative behind data, while also valuing collaboration and consultation to deliver impactful solutions. One80, for instance, provides careers in many specialized areas within Wholesale Brokerage, Program Business, and Specialty Services. 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.
Exploring opportunities within the insurance industry is worthwhile as this field plays a critical role in our economy, demonstrating a strong history of resilience and offering job stability. I strongly encourage you to further explore career opportunities within insurance – your future self just may thank you.