Why Insurance Jobs Are in High Demand

July 29, 2023 in

Explore the Industry: Why Insurance Jobs Are in High Demand

The insurance industry provides people with protection against the unexpected. Despite not being as prevalent as it was, it's still a stable, slow-growing industry compared to other financial industries. This might be a reason why insurance jobs are in high demand.

Yet, keep reading to learn why millennials and Generation Z are gravitating toward insurance jobs.

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Why Insurance Jobs Are in High Demand

The demand for the workforce at positions in the insurance industry hasn’t subsided. On the contrary, it grows each year.

Many factors come into play to support why insurance jobs are in high demand. The main factors are the following:

  • The growing need for insurance coverage;
  • Fulfills people's needs to contribute to society;
  • An aging workforce;
  • Technological advancements;
  • Diverse choice of insurance jobs.

Let's go further in-depth about each of them.

  1. The growing need for insurance coverage

By allowing you to share risk for a nominal cost (the premium package), the insurance sector contributes to the common good. This is done by preventing financial devastation from an accident or natural disaster.

Most people wouldn’t think to start a business, buy a house, or even get a car without getting insurance first. Insurance plans will assist you in paying for future medical care, hospitalization, any illness, and treatment.

Along with basic coverage, many insurance policies include savings and investment options. These aid in saving money and accumulating wealth through frequent investments.

Additionally, insurance policies provide a great deal of help in organizing finances and providing for a deceased person’s family.

In recent years, the global death rate has been drastically fluctuating due to viral infections or global-warming-induced natural disasters. With this in mind, the need to be at least medically insured has sky-rocketed.

In the event of a person’s passing, insurance coverage will assist the family in maintaining their quality of life. This will assist them in paying for home expenses through the lump sum insurance payout.

The family won’t have to struggle financially, thanks to insurance coverage. It will also cover the medical bills and cover funeral expenses.

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  1. Fulfills people's needs to contribute to society

According to the Millennial Impact Report, 93% of millennials gave to nonprofit organizations in 2010. This demonstrates how well the basic goal of insurance aligns with their interests.

Those who appreciate lending a hand could find working as a customer service agent intriguing.

Being an underwriter means ensuring that insurance policies are appropriately written. With this, offering customers the best protection may be more enjoyable than serving as an insurer’s initial point of contact.

Furthermore, insurance providers should anticipate improving their working practices. This could be done by introducing young people’s skills and passions to the sector.

In other words, the competence resulting from new generations will allow for more accurate and responsible insurance practices.

The insurance sector may genuinely improve people’s lives, frequently in trying circumstances.

  1. An aging workforce

In accordance with the 2017 National Projections of the U.S. Census Bureau, all members of Generation X, or baby boomers, will reach the age of 65 by 2030. This indicates that the elderly population will grow to the point where 20% of all Americans will be of retirement age.

The U.S. Bureau of Labour Statistics reports that the number of insurance professionals aged 55 and older has climbed by 74% over the past 10 years, according to research done by the U.S. Chamber of Commerce in 2021.

Accordingly, over the course of the next 15 years, 50% of the current insurance personnel will retire, creating a need for more than 400,000 vacant positions.

  1. Technological advancements

With the impact of digital technologies, established insurance businesses are under pressure to undergo a digital transformation.

Insurance companies must carefully monitor new technology trends to maintain their competitive edge. They are aware of this and are integrating cutting-edge techs, such as big data and predictive analytics.

As technology advances, new opportunities for improving operational effectiveness, increasing cost savings, and providing more personalized experiences emerge.

Given this, the sector is appealing not only to young tech-savvy and creative individuals but also to STEM students.

Students and young professionals today already have an advantage because they're well-versed in phones and computers. This provides them with the required experience for specific tech-related occupations.

  1. Diverse choice of insurance jobs

Job seekers in the insurance industry may look for a more specialized job. Such are life, automotive, health, casualty, and property insurance. Nevertheless, there is a range of insurance careers that can help you put your specific skill set to use.

The insurance industry is more than just one job. You can get many job titles in one office. Also, there are many distinct career paths to choose from, with even more projected to begin in the future.

Working in insurance provides you with alternatives that other professions do not. You'll have infinite opportunities to move around and find the right position and organization for you.

Some common insurance careers are as follows:

Sales

This broad role encompasses selling anything a broker has to offer. This is a role for you if you want to make a commission.

Customer service

This role is a typical front-line position that requires working with walk-in clients looking to pay. You would be the first face the client sees when they visit the office.

Also, working in customer service is similar to working in retail. Working a retail job requires talking to customers, answering their questions, helping them navigate the store, and much more. Just like customer service, both jobs deal with helping customers have a better experience with the company.

Processing

This job position is ideal for introverts because it often entails working behind the scenes in data entry.

Technology

This exciting and ever-changing field can include anything from social media marketing to coding. This position is ideal for analytical and creative individuals.

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The Importance of Risk Management and Loss Prevention

Insurance companies have evolved to shield people’s possessions against destruction and uncertainty. It may be seen as a social tool that may reduce or eliminate the possibility of death and property damage, particularly for enterprises.

Financial support

Insurance provides financial support to businesses and individuals to manage risks throughout their life. It’s a great risk-mitigation strategy against catastrophes that may cause people and organizations financial difficulty.

For instance, if one business partner dies, the corporation may no longer be in operation. While a business may proceed with the surviving partners, those partners and the business will suffer financially due to a partner's death. This is when insurance companies enter the picture.

Insurance policies come with sufficient funds at the moment of death. The interest of each partner in the partnership must be protected, and each partner’s dependents may be compensated.

Increasing company productivity and morale

Insurance may also aid in increasing company productivity and morale. A business owner will invest more time and effort in the firm if they are no longer worried about money losses. The unconcerned owner will take better action to maximize profits.

A businessperson’s mental health may be harmed by their fear of losing money. Insurance reduces uncertainty. This motivates business people to put in more effort, produce more, and gain more.

Security for a loan

Insurance policies could also be put as security for a loan to the business. Since entrepreneurs know that upon their death, the insurance company will compensate the business, and they take out more loans. With this practice, businesses can secure more money in the upcoming years.

Insurance Industry’s Resilience

Considering the shaky and unpredictable economy, longevity is on the insurance companies' side. Worker’s compensation, home, health, and auto insurance will always be necessary if people work, buy homes, get sick, and drive cars.

Young people have a special chance in the insurance sector. They can lay the groundwork for a career with the possibility of advancement and climbing the corporate ladder.

Millennials have prosperity for ‘’job hopping’’. Yet, insurance can provide young people with enough internal mobility to keep them in the field and preserve their interests.

Additionally, the need for insurance jobs is expected to increase in the coming years. As of 1990, the insurance industry employed more than two million people in the United States.

Statistics from 2021 indicated that there were 2.8 million people working in the insurance sector in the U.S.

Furthermore, the Bureau of Labor Statistics predicts that employment in the insurance industry will increase by 5% until 2029, which is good news for job seekers. This is because there’s an increasing need for insurance agents. Customers frequently seek advice on which insurance alternatives to pick from.

Moreover, the industry has a favorable impact on the economy. Without insurance, the pillars of global economies would collapse.

According to the Insurance Information Institute, the net premiums issued by the American Insurance Sector in 2021 reached $1.4 trillion.

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Find the Best Insurance Jobs With Afni

Since you know why insurance jobs are in high demand, you might be thinking about landing an insurance position yourself. Yet, you might be nervous about finding one if they’re in great demand.

Job searching can be overwhelming and discouraging at times. But a company like Afni has many open insurance jobs positions to apply to. We are here to help you and pave the way for even greater achievements.

Afni is a leading provider of business process outsourcing services. Considering this, it's renowned for its innovative leadership and wide range of insurance jobs.

Working with Afni’s culturally diverse teams would undoubtedly give you access to the best insurance knowledge and skills available today. All while improving your career in the direction you desire.

About the Author

Samantha is the Recruitment Marketing Manager for Afni and brings a wealth of knowledge and tips for job seekers. She holds a bachelor's degree in public relations and marketing from Mount Saint Vincent University as well as a masters degree in digital marketing and advertising from Liberty University.