The Insurance Industry may seem like a boring industry to young energetic graduates, but the opportunities within this industry are endless. Those opportunities look to be in high demand for the next several decades. A large reason for this demand for young talent is because of the aging nature of the workforce in the insurance industry. This is one of the few reasons why a Recent Emory Graduate should look to companies within the insurance industry to find a place where they can grow a rewarding career.
Why Should an Emory Graduate Consider the insurance industry?
Graduates in 2020 should look to the insurance industry because of the age of the workforce in this industry. According to the Society for Human Resource Management (SHRM), “In 2002, Workers of 55 years of age made up only 14 percent of the workforce in the insurance industry. In 2022, they will make up 26 percent of the workforce”. This means over the next 10-20 years, a quarter of the workforce in the Insurance Industry will have to be replaced. Not only in the insurance industry, but the population as a whole is aging faster compared to the past several decades. According to the U.S. Census Bureau the number of people living over the age of 65 will reach 83.7 million by the year 2050. This will represent 21 % of the entire population. This is an enormous amount of people who will be leaving the workforce over the course of the next three decades. This presents a vast amount of opportunity for graduates entering the industry today.
Insurance is no longer for guys only
That’s right, in 2020 women make up a large percentage of the workforce in the Insurance Industry compared to other industries. According to the U.S. Bureau of Labor and Statistics, women have consistently comprised about 60% of the insurance workforce in every year since 2007. In 2016, there were 1.7 million women employed in the insurance industry out of 2.8 million workers. Comparatively, the national average for all industries show women represent 46.8% of the entire workforce. Unfortunately, women only occupy 19 percent of board seats, 11% of named officer positions, and 12 % of top officer positions including CEO, COO, and CFO.
The Insurance Industry needs employees with multiple sets of skills
There are multiple types of skills companies within the insurance industry need from the employees they will be looking to hire now and in the future. Just a few of the skills most insurance carriers, brokers, and agencies are looking for include Information Technology, Journalism, Creative Writing, Marketing, and Human Resources. The Insurance Industry has been slow to adapt to technological advances. Customers today are becoming more adept with technology every year. Many of the potential customers prefer to interact with their insurance company via the internet. Insurance companies need people with skills to reach their customers the way the customer wants to be approached. People with strong coding, programming, and cyber security can help insurance companies create websites that are enticing to customers who want to interact with their insurance company online. People with strong writing skills can help those companies write the content included in those websites. These writing skills can also be used to create blog posts that promote those business and create social media posts that promote those blog posts. No matter what type of skill a new graduate has, it can be adapted to the insurance industry in a number of ways.
Insurance is a Stable Industry
Benjamin Franklin once said, “Nothing is certain except for death and taxes”. Benjamin Franklin should have included insurance in that statement. For most people in 2020, there is no way to live without some form of insurance. If you own or operate an automobile, you are legally required to carry auto liability insurance. If you own a small business in the state of Georgia, most businesses are required to purchase Georgia Workers Compensation. To go to the doctor, dentist, or physical therapist; you need to have some form of health insurance in place. Because the need for insurance is so infinite in our society, there will be a need for people to buy this product for decades and decades to come.
Millennials and Gen Z are becoming a target market
The youngest Millennials will be turning 24 sometime during 2020. Millennials are now old enough to have to buy more types of insurance on their own. Some are starting businesses, others are buying homes, and most Millennials now have to buy health insurance for themselves. In less than 10 years, Millennials will represent a larger portion of the population compared to Baby Boomers. As this generation ages, they are gaining more purchasing power. With that purchasing power, creates a massive amount of opportunities for insurance companies to sell them insurance. A graduate who can relate to this generation can position themselves well within the insurance industry who needs Millennials as customers.
By Walt Capell
Walt Capell started Workers Compensation Shop as a national insurance agency with a strong reputation for out of the box products and solutions for all types of business owners. Walt would like to use his experience in insurance and as a small business owner to help the next generation of business leaders.
