May 1, 2015
4 Reasons for Millennials to Choose Careers in Insurance
Careers in insurance offer great variety, job security and more.
It’s the beginning of May. That means over the next month a huge group of college students hit graduation day and begin a new journey in their lives.
I have many friends who are graduating, and I can already start to sense some panic about what lies ahead for them after graduation. For many of my friends who do not have a clue what field they want to pursue, I often suggest careers in insurance. Aside from working in the industry and selfishly wanting to recruit some friends to join me in the field, I give my friends four other big reasons why they should join the insurance industry:
Simply said, the talent in the insurance industry is graying. It is estimated that nearly 60% of the insurance industry’s current employees are older than the age of 45 and that by the year 2020 there will be more than 400,000 job opportunities. Those are some substantial numbers, and these numbers are on many insurance employers’ mind. The industry is hungry for young, driven talent to fill the pipelines before current staff disappears. As a young professional, I see the endless opportunities in terms of future leadership roles in the industry. I suggest getting in early and soaking up as much knowledge as you can from many of these soon retiring professionals.
2. Job Security
The insurance industry provides a considerable amount of job security, in my eyes. I don’t see insurance going away any time soon. I would argue quite the opposite. No doubt the industry will have to evolve as risk changes (e.g. self-driving cars), but risk assessors and risk advisers are here to stay.
3. Job Variety and Flexibility
Insurance is everywhere. You won’t be limited to a particular list of major cities when looking for a career in insurance, and the industry offers an array of professions to pursue, from actuaries analyzing the numbers to the creatives who are fighting today’s marketing wars. (Side note: I’m a big fan of Flo from Progressive and Mayhem from Allstate). Whatever your passion is, you can pursue it in the insurance field. Many sales and underwriting professionals in the industry pursue their interest specializing in advising for not-for-profit organizations, tech companies, medical professionals, breweries, etc. Being able to relate and understand how a business works is the essential feature of what makes an insurance professional great.
If you aren’t up for an intellectual challenge, I highly advise not pursuing a career in insurance. There is a vast amount of information to learn just to get started, and laws and regulations are changing every day. I learn something every day.
But if learning motivates you, come join the fun.
I don’t believe there is anything more satisfying in the industry than the stories I hear about how insurance saved people’s livelihoods. Some accidents are just unpredictable, and whenever insurance companies step up and provide the financial support to rebuild someone’s home or business it really reenergizes my dedication to the industry. The insurance companies that have stuck around for many years are those that are out to make a difference in their customer’s lives whenever those customers call needing help.