KEY TAKEAWAYS:
--The industry is set to see a significant demographic shift as a large portion of the workforce retires.
--Insurance is not just a job; it is a meaningful career choice in a purpose-driven industry that provides robust career opportunities and engaging work for people from all backgrounds.
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While the unemployment rate remains low, insurance job attrition is headed to new heights as we steadily climb toward a gaping deficit of 400,000 industry workers by 2026.
With this impending retirement of a significant portion of the workforce, the industry is ripe for innovation and growth. Such a gap will provide the next generation an opportunity to significantly affect the industry in the coming years. Currently, less than 25% of those employed in insurance are under the age of 35.
See also: Insurance Is Not a Commodity
Why insurance?
Throughout my career I have worked across many different industries in a variety of HR roles. While I have expertise across all areas of HR, my passion is talent development.
Stepping into the role of CHRO at HUB has allowed me to apply all the HR expertise I developed over the course of my career in an industry that I absolutely love. From my perspective, here is what makes the insurance industry so special:
- Insurance is a purpose-driven industry. At HUB, our vision is to protect what matters most. Our employees have the privilege of helping our clients accomplish things such as start a business, buy a home or recover from a natural disaster. The insurance industry is full of purpose-driven employees who donate both time and money in the communities where they live and work.
- Insurance is stable. Amid economic fluctuations, the insurance sector remains resilient. It is as recession-proof as an industry can get, as every individual and business requires some form of insurance coverage. This stability provides a solid foundation for long-term career growth and financial security for our employees. Bureau of Labor Statistics research predicts that positions for insurance professionals will grow by 6% from 2021 to 2031, with approximately 32,900 new jobs per year. This growth is further evidence of the stability that comes with working in the industry.
- All skillsets and backgrounds are needed. You can be successful in insurance regardless of your background or expertise. From risk management to claims professionals, finance experts, actuaries, human resources, communications and more, insurance thrives on the fusion of varied expertise, perspectives and experiences. This need for a diverse set of skills fosters innovation and creates career opportunities. HUB, like many insurance companies, focuses on creating a culture of inclusion to maximize the talents, interests and contributions of all employees.
- The work is interesting. Fundamentally, insurance is about consulting with clients to address their needs. Insurance professionals engage with clients on a deeper level, offering tailored solutions to mitigate risks, improve their business and enhance the profitability of their companies. It is about building enduring relationships and delivering value to clients.
- Continuous learning. The dynamic nature of insurance allows professionals to specialize in specific industries or areas of expertise. Every client presents unique challenges, necessitating a continuous learning mindset and the ability to adapt. The emphasis on specialization within the industry fosters a culture of learning, agility and innovation and creates an opportunity to become an expert in areas where you have passion.
See also: The Myth of 'Sold, not Bought'
Protecting what matters most
At its essence, the insurance industry is about safeguarding what matters most to people and companies. Whether it is by protecting assets, ensuring continuity during business disruption or contributing to community welfare, insurers play a pivotal role in shaping a secure future. An empathetic industry at its core, insurance has a commitment to “protecting what matters most” that extends beyond mere rhetoric; at HUB, it is a guiding principle that underpins every interaction and decision.
In addition to providing financial security, companies in the insurance industry actively contribute to community initiatives and philanthropic endeavors. They stand as pillars of support during times of adversity, helping businesses rebuild and thrive. By aligning corporate values with societal needs, insurance companies reinforce their commitment to social responsibility and ethical stewardship. This is something many seek throughout their career, but most do not ever find.
As the insurance landscape evolves, aspiring professionals have an opportunity to embark on a rewarding career path that transcends a mere job title. By embracing the values of integrity, empathy and innovation, you can contribute meaningfully to an industry that safeguards the present and secures the future for us all.
