Why insurance is a go-to business for younger workers looking for a variety of opportunities.
For Generation Z and Millennials, the introduction to the workforce has been anything but typical, as the past few years have been beset by disruption and continual change.
Nearly one-third of those in college and preparing for their future careers changed majors midstream due to the pandemic. At the same time, about 30% of graduates said they regret their major, according to a recent ZipRecruiter survey. Even those a few years into their first jobs have never, or rarely, set foot in an office or met their coworkers face-to-face. And it’s likely they were caught up in the chaos of the Great Resignation, when 50.5 million people quit their jobs in 2022 alone – maybe having to scramble to fill in for those who left or as part of those who sought different opportunities or achieve a better work-life balance.
So what are the ideal jobs for young people starting their careers or already in the workforce? The majority say they want to work in technology, education, marketing, and finance – and they’re looking for job security, good pay, continual opportunities to learn, and low stress, ZipRecruiter’s survey found. Yet, these sectors may not be ideal if that’s what young people really want. In tech alone, there have been nearly 204,000 layoffs since the beginning of 2023, and it’s on a pace that could result in more than 900,000 jobs lost this year alone. And educators have long been plagued by burnout, faced with minimal resources and support despite their important but demanding jobs.
Why Not the Insurance Industry?
Given its reputation as a dinosaur in the professional world, it’s not surprising the insurance industry doesn’t rank among the top hot sectors young employees are clamoring to join. The industry is viewed widely as extremely conservative and slow to innovate, with jobs that are nothing but pencil-pushing. As a result, many young people haven’t even considered an insurance career. In fact, about 80% of Millennials said they had limited knowledge and understanding of insurance industry employment opportunities, according to a survey conducted by The Institutes.
But that reputation is no longer deserved. As the insurance business becomes more consumer-driven, many companies are on the forefront of innovation, using big data, artificial intelligence (AI), and digital platforms to streamline processes, enhance customer experiences, and provide unique insurance solutions.
Young workers are missing out on a multi-faceted industry if they fail to consider career opportunities in dynamic, modern insurance companies. In fact, there are a wide variety of jobs within insurance companies that can spice up young people’s careers, including:
- Sales – Becoming a broker or agent is probably the first thing anyone thinks of in terms of insurance jobs. For those who love working with people, these careers are ideal as brokers and agents work directly with consumers and can make a direct impact on their lives by advising and protecting consumers on home, life, health, and auto insurance policies, or managing risk with businesses on commercial liability and property damage policies.
- Technology – Those in Technology do not need a specific working knowledge of insurance, but there are many tech roles that insurance companies seek at all levels. Cyber Security, Data Engineering, Data Science, Analytics, and Software Development, just to name a few, are all areas that are being heavily invested in. Some incumbents are trying to reinvent themselves as Insurtech companies and are taking a technology-first approach. There has never been a better time to explore the industry if your passion is Technology, and especially if you have experience in Cloud, and modern software development.
- Legal, Compliance & Risk Management – Those with a focus on public policy can find a home within insurance companies and insurance broking firms, too. Government relations professionals play a role evaluating future issues related to insurance regulation and insurance product development and can help advance the insurance company’s public policy agenda by designing, implementing, and coordinating outreach, messaging and engagement with elected officials, government officials and their staff, third-party allies, and industry partners on specific, high priority initiatives. Aside from public policy, there are many opportunities within the areas of risk management and regulatory compliance. These two areas are closely aligned and offer individuals continuous growth and development through various facets of risk control such as analysis, mitigation, monitoring, and overall risk control.
- Human resources – Insurance companies require HR professionals who can identify staffing needs; oversee organizational development, recruiting, hiring, onboarding, training, and retention; manage benefits; and ensure a positive experience for employees.
- Marketing – Insurance is a niche, tightly grouped community. Its highly technical products can present challenging opportunities for those interested in marketing with a variety of roles within insurance companies. These include helping formulate and coordinate marketing activities that build market share or maximize profits; developing marketing strategies; analyzing business developments and monitoring market trends to determine the need for new products and services; and strategic planning.
Checking the Boxes for What’s Important to Younger Workers
The insurance industry hits the marks on many of the tangible and intangible things that Millennial and Gen Z workers are seeking, including:
- Competitive salary and benefits – Insurance companies typically offer competitive compensation packages and attractive benefits, including retirement plans and health insurance, that appeal to younger employees.
- Flexible schedules and work-life balance – Remote and hybrid options, flexible schedules and results-oriented work environment enable employees to prioritize work-life integration and well-being.
- Opportunities to continue learning to advance professional and personal goals – With a premium on job stability, insurance companies have long been committed to employee development, offering training programs, mentorship opportunities, career advancement paths and the ability to learn new skills.
- Collaboration – Insurance companies see the value of teamwork and inclusiveness to improve productivity, innovation, employee morale and the company's overall success.
- Work that makes a difference in people's lives – Many insurance companies support corporate social responsibility initiatives that attract employees who share those values. In addition, employees also find the core mission of insurance companies helping its customers protection against personal and financial harm as another way to help improve the lives of others.
- Job stability – Insurance companies offer some of the best job security. The combined insurance/finance sector reports layoff and discharge rates of 0.5% - only about 31,000 jobs – according to the Bureau of Labor Statistics. That’s less than just the most recent losses at Amazon, Alphabet, Meta, and Microsoft alone, which accounted for 52,650 layoffs in 2022.
Millennials and Gen Z entering the workforce or looking for a new career path may have their sights set on some of the sexier professions, like working for Big Tech or prominent financial firms. But it probably won't be long until they find themselves disillusioned when the tangible and intangible things they look for in their jobs – from pay and job security to benefits and work-life balance – are not a priority for their employer.
When considering their career, it pays for young people to be open-minded and explore how their education may apply in a variety of industries. They may be surprised to find that some sectors – like insurance – can provide opportunities to leverage their knowledge and learn new skills that put them on a rewarding, long-term career path.
Venbrook Companies provides careers with work/life quality and flexibility, commitment to our communities, and competitive compensations and benefits. If you'd like to join Venbrook, visit our Careers page at www.venbrook.com/careers for more information.