The Great Resignation and Retirement Hits the Insurance Industry - Why This is Great For Your Insurance Career!

The "great resignation" is alive and well. Since August of 2021, over 4 million people have quit their jobs each month. Pre-Covid, this would indicate a booming economy. But just like the pandemic, nothing is normal, and the job market is certainly no exception. The insurance industry is dealing with the double whammy…resignations and retirements.  

The insurance industry is still retiring at record numbers. Unlike the never-ending recession from 2009-2013, the stock market and home prices have hit all-time highs during the pandemic. 

Insurance professionals ready to retire (600,000) spent the last twenty months working from home, most likely getting a sense of their future. I am sure they liked what they saw since many of them are never returning to the office.

The good news is that this employment anomaly in the insurance industry is like Halley's Comet; spectacular but is a once-in-a-lifetime event. The pandemic has lined up the stars, and from today until the "official" end of the pandemic, there is no better time to upgrade or get a great job in the insurance industry.  

How do you use this time to leverage your insurance career? Here are some ideas:

1. Before starting a new job search, consider staying at your current company. If your current job is good, maybe you can make it better. Employers are rolling out the red carpet right now to retain their employees. This is an excellent opportunity to go to your employer with your list of "demands,"; which is the same list you will use to size up a new employer. This list includes pay increases, flexible work schedules, promotion timetables, training opportunities, and employee safety. You will find out in a short period of time if your employer is in a position to meet your needs. If not, other employers will be glad to hire your services.
2. Do You Like What You are Doing? The insurance industry has claims, underwriters, product managers, actuaries, risk managers, and more. Whatever area you start in, it is a pretty good bet in thirty years, you will still be in that sector (yes, insurance jobs are very stable). Maybe you were hired as a claims adjuster, but after a year, your friend in insurance sales has a job with tons of flexibility, better pay, and unlimited future. Whether new to the industry or a veteran, right now, you can find a company that would love to interview you and train you in another sector. Ten years ago, this was a rare occurrence.
3. No More Excuses. So many jobs are open because this pandemic has virtually locked down people's careers. The health concern is genuine, but companies hiring with great jobs (remote and onsite) have done everything to make sure you are safe at work. Begin the interview NOW before this pandemic is over and 4 million people rush back into the marketplace.  
4. Your Resume and LinkedIn Profiles Must Be Optimized. Thinking that employers are so desperate, they will hire anyone is a recipe for disaster. Why are so many job seekers not even getting interviews with so many jobs open? Your job search has to hit the mark. There are no shortcuts, so you must ensure your resume and LinkedIn profiles are optimized. This is HUGE in any marketplace, but most insurance companies ATS (applicant tracking systems) will not select you for the job if you are applying to a product manager position and you're an underwriter (even though the hiring manager would love to interview you!). Here is the best resume optimization video in the world. Your resume doesn't get a job…it gets an interview!
5. Use Your Network (even if you don't think you have one) To Get Great Job Leads. Tired of going to sites like Indeed, applying to 100 jobs, and never hearing back when you are being told employers are desperate? You are not alone. This is a great time to use your network to ask them if they know who may be hiring someone with your skills. Some of the best jobs out there (and easy to get) are from word of mouth and employee referrals. Go to your Facebook, Instagram, LinkedIn, or Tic Tok and reach out to your connections and ask them in a message, "Do you know if your company is looking for someone in claims." You will be surprised by how many responses you will get. Better yet, most of these jobs are not posted anywhere, so that you may be the only one in line for the job!
6. Research is King. Stop going to the big job boards and just applying to any job with the same resume. To take advantage of all the open jobs available today, focus exclusively on the type of job you want, the work conditions (remote, flex, in office), location, pay, and benefits. When you find jobs that meet your requirements, apply directly to those companies with that optimized resume. If you see two to three companies a day that meets your needs, you will have much more success than just applying to anything. 

The great resignation and retirements in the insurance industry are opening up significant opportunities. Companies are ready to hire motivated, trainable and people in the long run. If your job or company isn't meeting your career demands, you will never find a better time to make a change!