Big demographic changes in the insurance sector are opening up career options for Millennial-age people who like the idea of flexible schedules and being their own boss.
Such jobs also provide a new career path for older workers downsized during the Great Recession who want a new line of work.
In the five years between 2013 and 2018, at least one fourth of the insurance industry’s workforce is expected to retire, according to research from management consulting firm McKinsey & Co. The same study found the average age of a U.S. insurance agent was 59 – and that was two years ago.
Shortage of Insurance Agents Predicted
In a separate 2010 study, LIMRA, the insurance industry research group, predicted a big shortage of insurance agents in less than 10 years.
A few states, most notably Ohio, have gone on the offensive in addressing the shortage of insurance professionals. In 2013 the state launched the Ohio Futures program aimed at recruiting the next generation of insurance industry employees.
The InsuringOhioFutures.com website includes resources, videos, career path descriptions and an information bank with links to Ohio insurance companies with job openings. The “Ask a Pro” feature connects job seekers who have questions with experienced industry professionals.
Life/Annuity Jobs Post 5-Year Growth Record
Employment specialists predict 2015 will be a big year for insurance jobs as the industry continues to rebound from job losses during the Great Recession. U.S. Labor Department’s Bureau of Labor Statistics (BLS) has reported gains this year in nearly every subsector of the insurance industry.
Employment by life/annuity carriers rose in 4.3 percent in April 2015 compared with April 2014, the largest year-over-year percentage growth in this subsector in five years. The numbers, reported in June and analyzed by the Insurance Information Institute, also show relatively flat employment in the property and casualty subsector.
These numbers are great news if you are already a Life Agent because they point to job security and potential upward mobility. If you aren’t, and are looking for direction, the insurance sector may give you the flexibility and freedom you value.