A Great Career Choice for Millennials: Property & Casualty Insurance
In a recent conversation with my daughter-in-law, she made some interesting comments regarding the Insurance Industry. “When I heard that my brother was going into the Property and Casualty insurance arena for his new career, I thought he would hate it. As a millennial, I thought there couldn’t be a less exciting industry to focus his career. However, my actual understanding of the industry was seriously lacking since I had assumed it was ridged and old fashioned. I’m not the only millennial who has seriously underestimated this career path.” Property and Casualty insurance careers are actually a great choice for millennials, and here’s why:
Social Responsibility in P&C Insurance
1 . Social Responsibility is a powerful pull for millennials who are coming into the work force today. They need to know their career choice is truly benefiting others. Companies that prioritize this area have a huge advantage in today’s marketplace when it comes to attracting younger talent. Unfortunately, very little mention of it is made in job postings and interviews. Property and Casualty organizations who are hiring need to emphasize the significant impact an insurance career can make in our communities and our world by summarizing the unforeseen circumstances companies, families, and individuals will face and how providing good insurance coverage protects them with a financial safety net for when those circumstances hit.
Corporate Structure Choices
2. Another misconception about the industry is that you only have the option to work for a big corporation. Property and Casualty Insurance actually involves a wide range of corporate structures. There are international companies and brokers as well as small and mid-sized carriers and agencies. Additionally, mutual companies in the P&C arena are owned by their policy holders and not by stockholders or massive global organizations. This article that explains the difference between stock and mutual companies on Investopedia explains it like this:
…many people feel mutual insurers are a better choice since the company’s priority is to serve the policyholders who own the company. With a mutual company, they feel there is no conflict between the short-term financial demands of investors and the long-term interests of policyholders.
The policy holders who buy from mutual companies have a say in the company. And working for a company that truly cares for the well-being of their customers can have a significant appeal to younger generations. Fortunately, many large insurance companies have also made significant strides in allowing their employees to find ways to benefit the communities in which they work and live.
Income opportunities and job security
3. Obtaining a good entry level income and job
security are definite benefits of the P&C insurance industry. Coming right
out of college and getting an entry level job with a decent salary has been a
challenge for millennials in recent years. The number of college graduates that
have to move back in and live with their parents for a time has reached a
staggering level. However, P&C insurance companies typically offer a very
competitive starting salary. You can refer to this article by payscale.com for more specific information.
Additionally, job security is no insignificant perk of the industry. This article on Monster.com explains that “…insurance is fairly recession-proof, because insurance companies tend to be fiscally conservative and Americans need insurance whether the economy is up or down.” With long-term expenses like student debt usually fresh on the minds of entry level candidates, the prospect of a career that offers stability instead of uncertainty is usually very appealing.
Career growth potential
4. Lastly, career growth potential within P&C insurance companies is quite substantial. An astounding statistic that really impressed upon me the importance of this came from an article on the Great Insurance Jobs website which observes that “the average age in the insurance industry is 59, and with massive retirements happening, there is a need for 400,000 additional employees. Even today we have over 150,000 workers over 65 and still working.” As the baby boomers retire out of the industry, there are a considerable number of jobs that are opening up, and there will continue to be enormous growth options within this industry.
In conclusion, Property and Casualty Insurance is a very smart career path to consider. And regardless of your age, the industry is looking for more people. Becoming a traditional insurance agent is not the only opportunity to work inside the insurance realm. Regardless of your skill set and interests, there are myriad avenues that need your energy and expertise, whether it be sales, IT, underwriting, claims, operations, etc. If you’re wondering how to break into the industry, you should know that many employers will hire professionals from outside of insurance to fill a variety of job needs. So if you’re in the market for a new job, why not consider searching some job boards for insurance opportunities or contact us to submit your resume or take a look at our current job openings? You might discover that, in the wise words of my daughter-in-law, “as it turns out, my brother’s job is both exciting and fulfilling. Who would have guessed?!”