This February is “Insurance Careers Month,” intended to rally insurance and risk management professionals to share their pride in their careers and encourage young people to learn more about jobs like actuary, agent, broker, risk manager and underwriter.
A number of insurance organizations first organized the event in 2016 to galvanize companies to actively share their enthusiasm for the profession, which research has found is vastly unknown by high school and college students. The goal is to encourage companies to plan their own active outreach to young people to help spread awareness of the diverse, rewarding career options in this dynamic field.
Organizers say last year’s inaugural event saw hundreds of professionals participate, and momentum has grown ever since. This past November, several insurance executives and rising stars in the field held a virtual town hall event at which they called on young professionals to take an active role in recruiting more of their peers to the industry. Approximately 1,600 professionals from around the globe joined the call.
In a follow-up survey, professionals at more than 60 companies in 15 different countries answered questions about their efforts to recruit and perspectives on introducing more young talent to the industry. The best sign of continued momentum is that 73% of respondents have already taken action to convince peers to join the risk management and insurance industry (see infographic below).
The majority of respondents said they connected with peers in a one-on-one setting, but said they did so as part of their companies’ initiatives. Additional ways respondents said they’re recruiting the next generation of talent include becoming involved in college student events, presenting to high school classes and participating in outreach efforts by industry organizations.
Noting that 93% of survey respondents said they were proud to work in the risk and insurance industry, Peter Miller, president and CEO of The Institutes, which through its MyPath initiative is a founding member of Insurance Careers Month, said he is heartened that young professionals have gone out of their way to raise awareness. But he is not surprised by the action. When asked what was preventing others from following in their footsteps, 57% of respondents said that lack of awareness and understanding is the main issue getting in the way.
“These findings make it clear that there’s an information gap underlying the insurance industry talent gap,” Miller said. “We see tremendous enthusiasm among young insurance professionals, and it’s important that we as an industry help them spread that passion.”
Respondents to the survey were almost evenly split in their opinions about the best way to convince people to join the field, with 40% saying testimonials from peers and 39% saying salary and benefit information. Many others mentioned providing information about the various career opportunities in the insurance industry.
“If we are talking about young people looking for their first jobs, I actually think that salary and benefit information, combined with a realistic and interesting overview of the many types of opportunities in the industry, would be convincing,” one respondent said. “One of the best ways to do this is by using stories and connecting them with a wide variety of people in the industry.”
The word the organizing partners have been spreading is that insurance hits the career trifecta, providing 1) stable, 2) rewarding and 3) limitless opportunities.
Organizers have compiled a set of resources and tools to help insurance professionals participate, including webinars/slides including data, research and messaging, a social media guide and more. For complete ideas and resources on participating in the event, go to InsuranceCareersTrifecta.org, and follow the conversation on Twitter using #CareerTrifecta.
• What does your agency do to recruit new blood? Share on this new thread: February is Insurance Careers Month – do you recruit?
About Insurance Careers Month and Insurance Careers Movement
A collaboration of various companies, agents/brokers, trade associations and industry partners launched the Insurance Careers Movement, beginning with the first-ever Insurance Careers Month in February 2016. Insurance Careers Movement is a cross-industry, multiphased initiative designed to raise awareness of the dynamic career opportunities in the risk management and insurance profession and to recruit the next generation of industry leaders.
Hamilton Insurance Group; MyPath, powered by The Institutes; Valen Analytics; The Jacobson Group; InVEST; and PCI have designated each February for a monthlong focus on careers in insurance. The 2016 event was the first part of a campaign promoting insurance as “the career trifecta,” a phrase chosen because it encapsulates the three key attributes of a job in insurance: it’s stable, it’s rewarding and it’s limitless. To learn more and get involved, visit InsuranceCareerTrifecta.org/