The insurance industry employs more than 3 million people, according to BLS data from January 2024. Over the next decade, the insurance industry will be a source of rewarding career opportunities. Let’s take a look at the insurance industry hiring trends that are shaping the sector now.
- Remote Work Options
Since the rise of remote work during the COVID-19 pandemic, some companies have tried to bring workers back to the office, but many workers want to stick with remote work or hybrid arrangements. Companies are still ironing out long-term policies.
Many positions in the insurance industry are well suited to remote work arrangements. According to The Flex Report from Flex Index, 91% of companies in the insurance industry offer work location flexibility, making insurance one of the five most flexible industries. Many insurance workers telecommute full-time or for a portion of their workweek.
- Career Advancement Opportunities
People entering the insurance sector find many career opportunities. The BLS says employment for insurance sales agents is expected to grow by 8% between 2022 and 2032 – a growth rate that is faster than the average for all occupations. Each year, there are approximately 48,300 openings for insurance sales agents.
Many of these openings are the result of older insurance workers reaching retirement age and leaving the workforce. Zippia says 66% of insurance sales agents are at least 40 years old, whereas only 11% are between the ages of 20 and 30. BLS data indicates that the insurance industry could lose approximately 400,000 workers by 2026. As older insurance workers retire, the industry will need to hire replacements, which is creating ample opportunities for new workers looking to advance their careers, in many areas – from claims and underwriting to finance, data analytics, IT, operations and marketing.
- New Technological Supports
Generative AI and other technological advancements are changing the nature of work. The insurance industry is eagerly adopting these tools. According to Insuranceopedia, the insurtech movement (which combines insurance and technology) is revolutionizing claims management, underwriting, policy customization, policy management, customer service, and other key aspects of insurance.
New tech tools will not eliminate the need for human workers, but they will automate many routine and repetitive tasks. EY says insurance companies are aiming to increase productivity by using technology in conjunction with knowledgeable workers. When technology does the tedious work of summarizing and synthesizing large amounts of data, workers can focus on tasks where they have the greatest impact. According to Chubb, the growth of technology in the insurance industry means insurance companies are also interested in hiring tech talent.
- Making a Difference
Job seekers are increasingly interested in meaningful careers that make a difference in society. They can find the meaning they’re looking for in the insurance industry.
After a disaster, communities often rely on insurance. Hawaii has experienced this recently. According to Governing, insurance companies have received more than 6,000 residential property and personal motor vehicle claims as a result of the Maui wildfires, with losses totaling more than $1.35 billion. Although insurance payouts can’t undo the devastation, the funds can help families and businesses recover.
The insurance industry also helps communities through charitable giving. McKinsey & Company says the insurance industry gives around $560 million to $600 million in cash, grants, and other donations each year.
About FICOH
Founded in 1911, FICOH is the largest property and casualty insurer headquartered in Hawaii. We offer both full- and part-time telecommuting options and our associates participate in meaningful company-organized volunteer events throughout the year. Our charitable foundation, First Insurance Charitable Foundation, has contributed more than $5.47 million to local nonprofits. Learn more about insurance industry careers at FICOH.