The insurance industry will be losing 25% of its workforce through 2018, according to The 2016 Insurance Industry Employment and Hiring Outlook Survey. The primary reason? A retiring workforce. As skilled and experienced insurance agents get older and settle into retirement, more jobs will become available for qualified agents. This is good news for aspiring insurance agents and professionals looking to move forward with their careers and secure attractive positions. Here’s a closer look at what to expect in the insurance industry in the upcoming years, and how this will affect your career:
Demand for Skilled Insurance Professionals
Recent survey results reveal that demand for skilled and experienced insurance professionals is expected to increase in upcoming years as older employees are replaced by younger professionals and companies prepare to hire and train individuals who are completely new to the industry. Many companies will be interested in hiring sales agents, claims adjusters, account managers, customer service representatives, call center representatives and IT professionals.
The U.S. Bureau of Labor Statistics reports the job outlook for insurance agents is expected to increase 9% through 2024, which is faster than the average than all other occupations. In addition to the retiring agent population, the government expects that federal regulation within the industry may increase demand for agents who sell health insurance and long-term care insurance. If you’ve been exploring insurance jobs and trying to decide what area to specialize in, consider careers that involve selling health and long-term care insurance products. These products typically require a licensed agent to sell them and the country’s aging population will be seeking out these products.
Preparing for Your Insurance Career
Many companies provide comprehensive in-house training programs to ensure insurance agents are complying with company policies and fully understand the products they are selling. You don’t need more than a high school diploma or a bachelor’s degree to enter this field but will need to obtain a state license in order to sell insurance products. Take some time to read job descriptions of insurance jobs that interest you and learn about qualification requirements so you can position yourself as a qualified candidate. Here are some other tips for preparing for your insurance career:
- Identify your career goals and highlight them on your resume
- Research companies that you are submitting applications to so you can write a customized cover letter
- Consider skills and experience that you can transfer to the insurance industry
- Learn skills to sell yourself in the interview
- Network with insurance industry professionals at every opportunity
- Stay up to date on industry trends and the latest technologies, applications, and software programs used by agents and other professionals
Working in the insurance industry can be a rewarding career and we can expect a significant increase in demand for insurance agents in the near future. If you are considering a career in insurance or want to grow in your current position, now may be the perfect time to apply for your dream insurance job.