By Parminder Saini , VP of IT
With the ongoing labor shortage and more veteran insurance agents moving into retirement, what makes the insurance industry a great career choice in 2023 and beyond?
Let’s start with some stats. According to the U.S. Bureau of Labor Statistics (BLS) and as reported by the U.S. Chamber of Commerce, the number of insurance professionals who are 55 years or older has increased 74% in the past 10 years.
This has the BLS estimating that over the next 15 years, 50% of the current insurance workforce will retire, leaving more than 400,000 open positions. Add in the ongoing labor shortage to the number of veteran agents retiring, and the industry will be facing a substantial number of job vacancies without enough people to fill them.
The U.S. Chamber of Commerce notes that one of the struggles to replace workers is due in part to millennials having a significant lack of interest in embarking on an insurance career. In fact, less than 25% of careers in the insurance industry are held by individuals under the age of 35.
“[Today] all facets of the insurance industry [are] struggling to replace workers at every level. At the same time, the industry’s unemployment rate remains well below the national average as insurers zealously compete for qualified talent.” - Source: The U.S. Chamber of Commerce.
Let’s look at the top five benefits of starting a career in insurance, according to the career website Indeed.
1. A variety of job fields
Those seeking careers in the insurance industry are fortunate to have a wide range of occupations to select from. Some examples are:
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Customer service
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Training
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District management
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Claims
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Actuary work
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Administration
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Human resources
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Technology and data analytics
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Legal services
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Sales and marketing
2. No prior insurance experience needed
Typically, most insurance companies don’t require job candidates to have experience working in insurance or a college degree. This makes it easy for someone to enter insurance as a new career field, as companies generally offer training that teaches individuals everything they need to know about their new position.
3. Higher-than-average starting salaries
The salaries for entry-level positions in the insurance industry are typically higher than most starting positions in other industries. For example, the annual starting salary for an entry-level insurance sales position averages $61,144, a customer service representative averages $45,137 and a claims representative averages $43,863.
4. Opportunities for advancement
Careers in the insurance industry offer many different roles and job vacancies – making it easier for insurance companies to hire internally when new opportunities arise. A great choice for someone seeking stability and longevity!
5. Purposeful and rewarding work
A career in the insurance industry is about providing financial protection when the unexpected occurs. Whether it’s selling life insurance or assisting someone in filing a claim, helping people feel safe and protecting their property is a rewarding career indeed.
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