Why insurance is a go-to business for younger workers looking for a variety of opportunities.

By Jack Reddy, Chief Human Resources Officer, Venbrook Group, LLC

Original publish date: August 30, 2023

For Gen Z and Millennial workers, the introduction to the workplace was anything but typical as both these groups of young workers began their professional lives working from home amid the pandemic.

As more and more companies adopt hybrid work schedules (and a growing number issue mandates for full-time, in-office work), these workers are facing new changes to their workplace as they learn to balance at-home and in-office work. While this is good news for Gen Z workers who grew up with screens in their hands from an early age, some of these workers could still be looking for just the right careers that balance their unique skill sets. With a coming shortfall of 400,000 workers, according to the Bureau of Labor Statistics, the insurance industry could be the place these workers find a home. Whether it’s Sales, Analytics, IT, HR, or Marketing, our industry offers exciting and rewarding growth opportunities.

What do Gen Z and Millennials want in the workplace?

According to this year’s Handshake Network Trends report, Gen Z is seeking job stability and financial security, the opportunity to develop their skills, in-person, flexible work schedules, sustainable work-life balance, value-driven purpose, and competitive pay and salary transparency. Similarly, Millennials are also looking for purpose-driven opportunities, clear expectations, fair pay, and work-life balance, though they are the generation looking to spend the least amount of time in the office. 

The insurance industry offers all this and more. At a recent conference held by Insurance Insider US that the Venbrook team attended, the voices of Gen Z and Millennial workers already working in insurance were heard loud and clear. Conference panelists, especially Gen Z workers, talked about how the insurance industry gave them the opportunity to work in an office, have a dedicated mentor, and develop a meaningful career with training programs and progress reports. They heralded the industry as a place where they found high pay, noble work, and stimulating and rewarding initiatives. Also worth noting, these workers found their first jobs in the insurance industry the same way they accumulated all their knowledge. While many schools and universities are adding insurance degrees to their curriculum, ultimately, social media played a big role in the job search with LinkedIn, Instagram, and TikTok being most useful. And they used the internet for research and lean on mutual connections for introductions to new companies.

Why Not the Insurance Industry?

The majority of young people starting their careers or already in the workforce 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, according to a ZipRecruiter survey. But many of these sectors may not be ideal if that’s what young people really want. The tech industry regularly sees massive layoffs given the whims of stock prices. And educators have long been plagued by burnout, low pay, and minimal resources despite their important but demanding jobs.

In the insurance industry, once considered a dinosaur, and widely seen as extremely conservative and slow to innovate, jobs were long seen as nothing but pencil-pushing. As a result, many young people haven’t even considered an insurance career. 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 at 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.

A wide variety of jobs within insurance companies that can spice up young people’s careers include:

• 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 clients and can make a direct impact on their lives by advising and protecting clients on home, life, health, and auto insurance policies, or managing risk with businesses on commercial liability and property damage policies.
• IT/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. The industry is on the brink of transformation as many companies reinvent themselves as Insurtech companies with a technology-first approach. There has never been a better time to explore the industry if your passion is technology, especially if you have experience in AI, Cloud, and modern software development.
• Legal, Compliance & Risk Management – Besides being an attorney (which all companies need), 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 in 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. Risk management and regulatory compliance are two other areas 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; driving business development, 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 a results-oriented work environment enable employees to prioritize work-life integration and well-being.
• Opportunities to continue learning to advance professional and personal goals – 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 their customers protect 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 with an expected 48,300 openings for insurance professionals each year through 2032, according to the U.S. Bureau of Labor Statistics. 

When considering their career, it pays for young people to be open-minded and explore 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.