Posted October 24, 2016 by

Four reasons why insurance is a great industry for recent college grads

InsuranceGuest writer Walt Capell, President/Owner of Workers Compensation Shop

1. The workforce in the insurance industry is aging.
According to the Insurance Journal, “The average age of an insurance industry professional is 54, and 60 percent of insurance industry professionals are older than 45.” For this reason, there are going to be a considerable amount of people in the industry who will retire over the next 15 years. For the millennial generation this opens up opportunities for them to gain experience, have access to mentors with years of wisdom and position themselves for very lucrative positions in the not so distant future.

 

2. It’s not just a guy’s club anymore.
In the past, the insurance industry has been heavily male dominated. Change has come slowly but surely. When you make a living depending upon successful risk analysis you tend to stick to what has been proven to work in the past and you tend to be wary of any new ways of doing things. For people who have worked in insurance for a long time, it is their nature to stick with what works and avoid risk or changes. Fortunately, more businesses in the industry have recognized the need to be more inclusive of women and the guy’s club is more a thing of the past. In 2015, according to the Bureau of Labor Statistics Occupational Outlook Handbook, women made up 47% of the overall workforce, but they were 59% of the workforce in the insurance industry.

There are still far too few women in leadership roles, however. According to 2011 Bureau of Labor Statistics Data women make up only 6% of top executive positions, 12.5% of seats of the board of directors and only 8% work inside business, legal or actuarial officer roles. A few examples of these roles include chief actuary and division president.
3. People will always have to purchase insurance in some form or fashion.
Insurance is kind of like death and taxes. Everyone has to purchase some form of insurance whether they like it or not. This is true if you want to drive a car or own a home. With the passage of the Affordable Care Act people now must purchase health coverage or face a fine. Depending upon the state in which you live, nearly all businesses are required to purchase general liability and workers compensation insurance. Because of these requirements to purchase coverage, the insurance industry will continue to provide recent graduates with relatively stable growth for the foreseeable future.

4. Millennials are becoming a target market.
Millennials are now approaching the age where they are purchasing insurance on their own and are beginning to start their own businesses. This makes them a target market for insurance companies to market to. Before long they will be a larger part of the population than the baby boomers who were the largest generation in history. This is good for millennial women because these insurance companies will market to millennials on their terms. Twenty years ago most insurance transactions took place in person or maybe over the phone with someone you knew closely. Millennials, however, are comfortable searching for and purchasing an insurance policy over their mobile device without ever interacting with a person. Because the way a customer purchases insurance has changed so dramatically over the past decade, the industry needs people to help them reach these customers through technology. Older generations, who now make up a majority of the workforce in the insurance industry, are generally less technologically savvy. Young job seekers with a variety of backgrounds—from IT and Graphic Design to even Digital Marketing—should consider the insurance industry as a career path.

walt-capellWalt Capell is the President/Owner of Workers Compensation Shop. Walt started Workers Compensation Shop in 2005. Workers Compensation Shop is a rapidly growing national insurance agency with a strong reputation for forward-thinking, out-of-the-box products and solutions for business owners. Walt would like to use his experience in insurance and as a small business owner to benefit the small business community.

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