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The Evolution of Insurance Jobs

Jobs in the insurance industry are changing for the better

September 07, 2022 Photo

Great Insurance Jobs’ Cofounder Roger Lear is here to help you overcome obstacles to your career and job search. This month, he offers insights on the future of insurance jobs.

Q: Have the jobs in the insurance industry changed in the last 10 years and, if so, how?

A: My favorite quote is from Bill France Sr., the founder of Daytona International Speedway, who said, “Nothing stands still in this world. Things get better or worse, bigger or smaller.” Until about 1995, if you worked in the insurance industry, you most likely didn’t make any job changes, had “golden handcuffs,” and after 30 years of service, you had a nice pension waiting. However, the new digital age forced this industry to change, and, as many insurance leaders will tell you today, they still have not figured out how to optimally recruit and retain employees.

The good news is that the jobs in the insurance industry are getting sexier. The challenge is recruiting talent to a sector that has never been the first career choice of most college graduates. That award went to high-paying technology companies that offered nap pods and ping pong tables.

Thankfully, the jobs in the insurance industry today are evolving. For one, COVID-19 has forced companies to adopt hybrid and work-from-home policies that allow them to recruit talent that was once untouchable.

Additionally, technology investments into the industry are creating many new jobs. Even traditional jobs like claims are being rewired and now use technology like artificial intelligence to predict and settle claims in hours. Not to mention, we currently have over 3,000 start-up, venture-backed insurtech companies disrupting the industry. While these jobs are nowhere near as stable as traditional insurance jobs, they offer larger salaries and equity, which helps them recruit great talent.

Unlike the 30-year employee, insurance companies must be prepared to provide employees with a reason to stay, and if not, their competitors will scoop them up in a second.

For anyone looking for a great job, today’s insurance employers are paying more while also providing better training, flexible and hybrid schedules, more advancement opportunities, and better retention programs. Also, it is predicted that 40% of the industry will be retiring by 2030, which should speed up advancements and leadership opportunities.

So what changes have insurance jobs seen from just 10 years ago?

Sales Jobs – Companies that have invested in digital marketing and top CRM systems are producing qualified leads to their salesforce at a record pace. These jobs can be found at direct writers, brokers, agencies, and MGAs.

Claims Jobs – Estimating software, drones, and AI make the claims person’s job much more manageable, giving them the chance to concentrate on serving the customer.

Marketing Jobs – Social media specialists, content creators, graphic artists, website designers, and writers are in high demand. These jobs didn’t exist 10 years ago.

Data-Driven Jobs – Some of the best jobs in the insurance industry deal with data. Risk modelers, actuaries, and data analytic specialists are all in high demand and at significant salaries. All use technology that did not exist in the past decade.

Insurtech Jobs – Most insurtechs want someone who can take their product ideas and build partnerships with traditional insurance companies. They also need product managers with insurance experience, claims professionals, data analysts, and app and web developers. All these jobs typically pay well above traditional insurance companies, but they have a downside: Many only last a couple of years.

Jobs in the insurance industry are changing for the better. Insurance companies are winning the war for talent and will successfully recruit by showcasing their technology, work-life balance, and upgraded compensation packages. Unlike 10 years ago, insurance companies are trying to be like the cool kids. For anyone who wants to work in this stable, prosperous industry, that is the best news in the world!

About The Authors
Roger Lear

Roger Lear is cofounder of Great Insurance Jobs. roger@greatinsurancejobs.com

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