By Loretta L. Worters, Vice President, Media Relations, Triple-I
Forget the stereotype of the boring door-to-door life insurance salesperson – aka Ned Ryerson from the movie Groundhog Day. Insurance is not just about sales – it is a purpose-driven industry with countless opportunities to make a positive impact on individuals, businesses, and communities.
The insurance industry employs more than 2.8 million people spanning an incredible range of skills and talents, from art historians to actuaries; data scientists to drone pilots; marketers to M&A specialists; and, of course, from underwriters to claims professionals.
February’s annual celebration of Insurance Careers Month offers a reminder of the industry’s opportunities.
First organized in 2016, Insurance Careers Month seeks to inspire young people to choose insurance as a career, share what makes the industry a great one to work in, and collaborate to recruit, nurture, and retain emerging leaders.
“Insurance is the backbone of the global economy, providing security, recovery, and sustainability,” said Triple-I CEO Sean Kevelighan. “Whether just starting out in the workforce or thinking about a career enhancement, there are a wealth of opportunities across a broad spectrum of pursuits.”
To raise awareness about insurance as a career path, Triple-I continues to partner with the HBCU I.M.P.A.C.T Initiative, Inc.® (IMPACT), a campaign aimed at recruiting students at historically Black colleges and universities (HBCUs) to the insurance industry.
Lack of exposure to the insurance industry and to professional networks are the top barriers for Black professionals, according to a study conducted by Marsh. That’s why the Black Insurance Industry Collective (BIIC), a nonprofit organization affiliated with The Institutes, is focused on accelerating the advancement of African-American insurance professionals. The goal of BIIC is to empower these professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with like-minded organizations.
“We contributed to the formation of the BIIC as part of our overall Diversity, Equity, and Inclusion initiative,” said Peter L. Miller, CPCU, president and chief executive officer of The Institutes. “We look forward to working with the BIIC Leadership Council as they cultivate and preserve a culture of inclusion for all who work in and are served by the risk-management and insurance community.”
The Insurance Industry Charitable Foundation (IICF) has a Talent HubTM, an online resource center created to help job seekers learn about opportunities in the insurance industry and for the insurance carriers, reinsurers, brokers, and agents to reach a new and diverse talent pool.
“As the Baby Boomers near retirement, the insurance industry will need to fill a generation’s worth of jobs,” said IICF CEO Bill Ross. “The goal of the IICF Talent HubTM is to introduce a new audience of non-traditional job seekers to the industry and the rewarding jobs and careers that are available.”
Talent development and the future of work will also be two key topics at the IICF Inclusion in Insurance Global Conference, June 13-15, 2023, in New York City.
Other organizations – like RIMS, the Spencer Educational Foundation and Gamma Iota Sigma – promote and advance risk-management and insurance education at the undergraduate and graduate levels.
In conjunction with Insurance Careers Month, the American Property Casualty Insurance Association’s (APCIA) 5th annual Emerging Leaders Conference, to be held February 5-7 in Charleston, S.C., will give younger industry professionals access to executive thought leadership, networking opportunities across job functions, and an agenda focused on professional and personal development.
“The insurance industry is facing the most competitive labor market in decades, making retaining and developing talent a top priority,” said Marguerite Tortorello, managing director, Insurance Careers Movement, an industry initiative designed to raise awareness of the diverse career options risk management and insurance offer. “The Insurance Careers Movement is designed to bring together and recognize exceptional rising stars in our industry; an industry we are most proud to be a part of.”
As the next generation of professionals embark on their careers, they will find it’s an exciting time to join the insurance industry – an industry that embraces people who can drive change, innovate, and solve problems. They will find that with a career in insurance they can contribute meaningful work, making a difference in the world every single day.