By Loretta Worters, Vice President, Media Relations, Triple-I
The insurance industry employs about 2.9 million people in the United States — more, if you include people in insurance functions who work at non-insurance companies. But the industry is in for a sweeping change by 2028, with 50 percent of the workforce expected to retire.
This creates a unique opportunity for people at the start of their careers and mid-career employees looking for a change. Insurance Careers Month is a reminder of the number of organizations recruiting and retaining insurance industry professionals.
Insurance careers span a wide range of skills and talents—from actuaries and analysts to data scientists and marketers to drone pilots and engineers. Without insurers and the thousands of professions supporting it, businesses wouldn’t be able to build factories and offices. Concerts, sporting events, the film industry, even universities, libraries, and parks—all are made possible, in part, by the careful management of risk.
“As the backbone to economic growth and prosperity, a career in insurance provides a wealth of career opportunities,” said Triple-I CEO Sean Kevelighan. “ Whether just starting out in the workforce or thinking about a career change, talented individuals should explore the world of insurance and risk management. Insurance Careers Month is a great reminder that this industry is filled with potential.”
To raise awareness about insurance as a potential career path, the Triple-I continues to partner with the HBCU I.M.P.A.C.T Initiative, Inc.® (IMPACT), a campaign aimed at recruiting students at historically Black colleges and universities (HBCUs) to the insurance industry. The Black Insurance Industry Collective (BIIC), a non-profit affiliated with The Institutes, is focused on accelerating the advancement of Black insurance professionals.
The Institutes also offers student programming at a variety of their events and partners with colleges and universities through a collegiate studies program that enables students to earn credits towards the CPCU designation, among other initiatives.
“The risk management and insurance landscape is evolving rapidly, with advancements in generative AI, offering students entering the workforce the chance to be at the forefront of exciting and innovative solutions,” said Peter L. Miller, CPCU, President and CEO of The Institutes. “With new approaches and skillsets needed—in a field that prioritizes continuous learning—there are countless opportunities for career growth and development. A career in the RMI field opens the door to a diverse network of professionals who are problem solvers, strategic thinkers, and invaluable contributors to the global economy.”
“Our IICF Mentoring Alliance pairs emerging leaders from underrepresented communities with diverse role models and allies within the Insurance Industry,” said Barbara Reilly, senior vice president, Amwins, and a member of the IICF’s IDEA (Inclusion, Diversity, Equity, and Accessibility) Council. “We are in our second year, and we doubled our mentee/mentor participation,” she said. Mentees appreciate having a mentor from outside their own company but within our Industry, as it provides a safe space to share perspectives and receive valuable guidance.”
“Connecting our high potential nontraditional employees with relatable mentors as they move into their first managerial roles is critical,” added Elizabeth (Betsy) Myatt, vice president and chief program officer, IICF. “It’s not enough to attract new talent. We need to keep talent in the industry and ensure success,” she said.
As part of Insurance Careers Month, the sixth annual Emerging Leaders Conference was held between Feb. 4-6, 2024, in San Antonio, Texas. Hosted by the American Property Casualty Insurance Association (APCIA), AM Best, and the Insurance Careers Movement, it gives younger industry professionals access to executive thought leadership, provides networking opportunities across job functions, and offers an agenda that focuses on professional and personal development.
The Insurance Council of Texas Education Foundation also is promoting Insurance Careers Month through social media and member communications. Their focus is to raise awareness of career opportunities within the property and casualty industry.
“Through various strategic initiatives, the foundation encourages college students to explore careers in P&C by offering scholarships and financial support at partner universities,” said Richard Johnson, Director of Communications and Public Affairs, Insurance Council of Texas. “By fostering education and financial assistance, we strive to cultivate a diverse and skilled workforce in the insurance and develop the future leaders of the industry,” he said.
“The insurance industry is facing the most competitive labor market in decades, making retaining and developing talent a top priority,” said Marguerite Tortorello, managing director of Insurance Careers Movement, an industrywide initiative designed to raise awareness of the diverse career options that risk management and insurance offer. “Together, we can help reach broader pools of job seekers around the globe and share strong career opportunities in insurance.”
Learn More:
HBCU Impact: Bridging the Insurance Talent Gap
Church Mutual President: Getting, Keeping Talent is Number One Challenge”
Captain of Her Own Ship: Anne Marie Elder
Insurance Careers: Opportunities in Risk
This Just In: Insurance Isn’t Boring
