For the last 8 years, we have been calling insurance companies and asking them to give us some insight on the jobs they have open, their future hiring plans and what challenges they have through the hiring process. In 2015, the insurance industry saw a record number of employees (over 2.5 million) and continues to have one of the lowest unemployment rate in any sector (2.3%).
If you are currently in the insurance industry, this report can give you some outstanding information to help you navigate your career. If you are thinking about a job in the insurance industry, the report will show you that it has great jobs, great pay and fantastic future opportunities.
Furthermore, the average age in the insurance industry is 59 years old (page 11). For the next ten year, the retirement of a large percentage of the insurance workforce will create outstanding career opportunities. To review the insurance industry has low unemployment, is recessions proof, tons of great jobs and tremendous upward mobility. I am not sure if any other industry is even close.
The employers in this report employers list out ten challenges they are having when hiring insurance professionals (page 8-9). These challenges are actually why the jobs in the industry are great. Let me show you what I mean:
1. Employers can’t find skilled talent.
Very true and they let you know throughout the survey. To get these jobs, you need the skills. The problem that the insurance industry faces is that they have not done a great job of letting college graduates know their jobs kick ass. I speak at a lot of colleges and when I mention the occupations like actuary, terrorism underwriters and nurse case manager, they have no idea what these even are! If you like math, the starting salary for actuaries is around $70,000. Underwriters start about $45,000 and nurse case managers start around $60,000. These are the best jobs you may never heard of! Yes, you need skills but employers are training in these areas. They just have to do a better job of letting everyone know how insurance jobs rock. A fantastic site for a real deep dive on insurance jobs is insuremypath.org.
2. Sales Jobs are hard to fill.
Fortunately or unfortunately, most job seekers know that the insurance industry has sales jobs and think of the door to door life insurance salesperson and it becomes a turn off. If you are currently in sales and have not considered an insurance sales jobs, you are missing the boat. For one, most insurance sales jobs are residual income since you can renew your policy holders each year. Technology has really helped cut down the work load while being able to assist you in being more efficient with each client. Not to mention, these jobs pay well with great benefits. Check out the jobs with brokers and agent and direct writers.
3. Geographical Issues.
Some insurance companies have offices or territories in areas that they are having a hard time filling their jobs. For job seekers that can move, this creates some awesome opportunities to work for great companies. For example, a large insurance carrier needs to hire twenty property claims adjusters in South Florida. For anyone up north who wants to get out of the cold and move to Florida, you have a job waiting. If you’re mobile, look for companies that may be out in the suburbs. You will find some great jobs.
I hope you enjoy reading the report. The insurance industry has a ton of open jobs and if you really do the research on each of the numerous occupations within the industry, you may find a great home for your career!