The 2018 Insurance Employment Outlook Released - Great Information for Your Insurance Job Search
Published: May 17, 2018 By Roger Lear
For the last ten years, we have been asking insurance talent acquisition manager about the state of hiring in the insurance industry. This information is very valuable to job seekers as well as employers since the industry is struggling to keep up with demand due to industry growth and massive retirements. For job seekers, you would think that you could easily find a job at any insurance company. This is not the case. Insurance companies are looking for certain skill sets, salaries ranges and experience and many applicant tracking systems prevent your good but not a perfect match background to be silenced.
We ask employers for their hiring challenges. Understanding these can help you in your job search. These come directly from talent acquisition managers and for the most part, this will give you a peek from the inside what employers are experiencing. Here are some of the challenges. (download the entire report - no charge)
- Too many unqualified resumes.
This one never changes from the number one spot any year. Employers explained a lot of applications come in because job seekers want to work at their company and figure if they can apply to any position to get noticed for any job. The easier the job application, the more applications that are not matches. Other employers pointed out they have very basic job descriptions that may mislead a job seeker into thinking they are qualified. Finally, some employers who have the “Apply with LinkedIn” process makes it so easy to apply that they feel job seekers may not even be reading the job descriptions.
- For a job seeker, your resume has to match the job description. Many of you have so much great experience and want to share it all, but the resume that gets the most interviews is optimized to the job you are applying.
- Turnover from Millennials.
With low unemployment and the millennial perception of long term employment being 12-18 months, turnover along with new job requisitions are challenging internal recruiting departments.
- Millennials, what are you thinking? This is a great industry and you will move your career so fast. Yes, the industry is conservative, but it is stable and has great jobs. Stick with it and you will be rewarded!
Seven companies mentioned that they had numerous retirements and will be very hard to replace many of these positions. With the average age in the insurance industry at 59, everyone already knows this is a major issue.
- 25% of the industry is leaving in the next 7 years. This is your opportunity.
- Hiring skilled talent.
With so many positions in the insurance industry requiring very specific skills and knowledge, finding the talent is hard enough. Surveyed employers said getting this small candidate pool to accept offers is even more challenging. It is a job seeker marketplace and great candidates are demanding salaries already out of the salary grades preset by most companies.
- If you have great skills, companies will compete for your services.
- Sales and account managers are hard to find.
Brokers and agents can’t find quality sales professionals as well as P&C and benefits account managers.
- For anyone considering this industry, account manager and sales positions can be extremely rewarding. Commercial account managers with just 4 years’ experience are usually making 50-60k.
- Can’t find technology talent.
Technology is taking over the insurance industry. Companies who are hiring internally for employees in this area are having a hard time selling the insurance industry to them as well as matching compensation to better-known companies employing the same types of talent. Many companies use sub-contractors and enterprise products to meet their needs. Companies that are building and maintaining their own systems are really struggling to stay competitive and keep internal talent. Just mentioning technology talent to the surveyed employers caused them to express their anxiety to building and retaining these teams.
- For those looking for technology jobs, you are not even considering the insurance industry. You should. Telematics, risk modeling, driverless cars and so much more is changing the insurance industry dramatically. Get in now!
- Finding diversified candidates.
Most of the surveyed employers expressed the need to get more diversified applications to their open positions. Many companies are spending a lot of money in this area.
- This continues to be an issue in the insurance industry.
- Recruiting a younger workforce.
Not a new theme here but making the insurance industry a great career move for college graduates is a daunting task. However, many more schools than ever now have risk and insurance programs and placement of graduates at each school is extremely high. Organizations like Spencer are doing wonderful work in this area to educate and provide scholarships to insurance and risk management professionals.
- Insurance companies are doing a lot to change their image and go after younger talent. We are seeing more training positions and internship opportunities than ever before.