If you’re interested in a career in insurance, we have great news! According to recent publications, the insurance industry is poised for significant changes that will open up career opportunities across the board. So why are insurance industry jobs on the rise in 2024 and beyond? Let’s take a closer look at the details.
Retiring Talent Opens the Door
According to Property & Casualty 360, approximately 50% of the current workforce will be entering retirement by 2028. This mass retirement will open up thousands of jobs in all sectors of insurance. That means Millennials, Gen Z, and others looking for a new career have an almost unprecedented opportunity to join the insurance industry.
The job openings expected to hit the industry by 2028 range from entry-level to the C-Suite as an entire generation moves into retirement. These positions will require various levels of skills and experience. Sources cited computer and math literacy, communication, customer service, analytical, organizational, and problem-solving skills as highly desired.
Potential future insurance job openings include insurance claims investigators, loss control consultants, brokers, actuaries, customer service representatives, adjusters, regulators, processing clerks, claims examiners, and junior and senior underwriters. The wide range of these positions gives people of all backgrounds and experience levels an avenue to enter this dynamic industry. This is exciting news for those (Millennial or not) interested in a new career that offers growth, stability, and great compensation.
With so many entering retirement, there has never been a better time to join the insurance industry.
While we have seen some carriers laying off over the past few years, a recent Labor Market Study found that only 10% of insurers are planning to cut or lay off employees in the next 12 months, while others reported these goals:
- 72% of insurance companies expect to grow their revenue in 2024.
- 63% of carriers reported expected increases in hiring.
- 65% of property and casualty insurers plan to boost staff numbers.
- 56% of life and health insurance carriers plan to expand.
Attracting New Talent to the Insurance Industry
One of the biggest challenges for employers is the younger generations’ lack of interest in insurance careers. For example, Gen Z will make up 75% of the workforce by 2025, but according to The Pew Research Center, only 4% are interested in careers in insurance. To put it very unscientifically, that is a whole lotta jobs, and not many folks who want to fill them.
Insurers are beginning to understand that they will need to ‘sweeten the pot’ to attract the talent the industry will need in the coming years. Many are revisiting their compensation packages, benefits, and work flexibility to entice new entrants. Mentorship programs and educational initiatives are also being emphasized to guide aspiring professionals through their career trajectories.
Perhaps one of the biggest, but most important challenges to overcome in attracting new talent, is getting the word out on the benefits of a career in insurance. Insurance is a stable industry, even during a stagnant or declining economy. People will always need protection from risks. In fact, we are insuring more today than we ever have.
Employment in the insurance industry also provides more job security than many other career fields, such as the volatile tech or construction industries. That stability provides a safety net for employees so they can build a nest egg, invest, or pay off debts sooner than their peers.
Insurance also offers a variety of positions not seen in many industries. No matter what you are interested in: marketing, customer service, IT, finance, artificial intelligence, education and training, forensics, cybersecurity, climatology, and data analytics, there is a job for you in the insurance field.
Starting an Insurance Career
The ways to enter the insurance industry are as varied as the fields we listed above. But if you’re interested in an insurance career, becoming a licensed insurance claims adjuster is a great way to get started. (We are, admittedly, a little biased.)
You don’t need a college degree, years of training and education, or tens of thousands of dollars to become an insurance adjuster. You need to get your home state license, and you can begin applying for positions. You can read more about the process in How to Become an Insurance Adjuster in 5 Steps or check out the AdjusterPro blog for more articles and information.
Once licensed and working as an adjuster, you’ll learn about the insurance business and likely figure out where your skills lie. Adjusters can work in the field after a disaster, from a traditional office, or even from home. Some work directly for the insurance carrier, and others are independent contractors.
The insurance industry is on the cusp of a very transformative period. The changes will offer ample opportunities for those seeking stable and rewarding jobs in a thriving business arena. We hope you’ll consider the insurance industry if you’re looking for a new career. Opportunities are opening up every day, and companies are ready to hire talented and dedicated individuals to help fill the gaps left by a generation of talent.
If you have questions, we can help.
