The Bureau of Labor Statistics says the insurance industry is going to have 200,000 new jobs by 2022. That’s not bad news. What is bad news is filling them. Right now the average insurance agent is at age 45. A 2012 study said fewer than 4% of millennials want to go into insurance.
So the future looks bleak.
Adding to the problem is the need for more technology professionals for an industry rapidly moving into the future. So that makes appealing to technology savvy millennials even more critical.
The College for America recently picked six insurance professions that are going to be affected by technology and impacted by the lack of talent. Spokeswoman Melissa Goldberg — who penned the College of America study — said, “We’re thinking through career paths that an individual might take in the insurance industry, and it was very interesting to me to see that for all but one [of these six], we observed a fair amount of growth in demand. These kinds of occupations are not going away, but there is a large investment of money and time being made to make significant changes to them.”
Here is the list:
Customer Service Representative
• In 2012 there were 289,000 working as CSRs
• By 2022 there will be an increase need on that number of 8%
• The average CSR salary is $30,580
The College of America report also said duties for CSRs are changing. Expertise in new communication skills — online chat, social media, email — are critical. Writing and communication skills and the ability to manipulate data are also more needed now than in the past.
• In 2012 the industry had 346,000 agents
• By 2022 that figure will increase 12%
• The average agent salary is $48,150
Cold calling and lead generating has always been important but now predictive analytics and the understanding customer segmenting technology has been added to the mix. Agents and brokers must be able to adapt to this technology to succeed.
• In 2012 there were 42,300 analysts working
• That figure will jump 26.2% by 2022
• The average wage is $79,680
Qualified business analysts will be critical. And like the other jobs, technology mastery will be critical.
Claims Adjuster, Examiner or Investigator
• In 2012 there were 208,000 in that position
• Positions will increase by 6% in 2022
• The median wage is $59,960
More pressure will be placed on these people to settle claims quickly. Mastery of mobile technology will be a must.
• In 2012 there were 95,300 positions
• It’s one area that will decrease by 2022 will be 7%
• The average wage is $62,870
Automation is going to shrink the tasks done by underwriters. However, those hired will need to be technology savvy and need to learn other critical positions in insurance so they can move up or side to side as underwriting tasks are eliminated.
• In 2012 there were 13,000 actuaries
• By 2022 the projected increase is 22%
• Most will earn around $93,680
Learning predictive analytics and how to manipulate big data is a critical need for this position. This will be to help improve risk assessment and policy rates.
Goldberg said filling these positions might or might not be easy, but finding qualified candidate is another story. “There are a lot of people of all ages in the insurance industry, and there are people coming up the ranks right now who may not have the technological skills as more traditional providers switch over from legacy systems.”
So training and education for those working now and those to be employed in the future is critical. “In terms of recruiting people, there is a need for IT professionals to come in as well as people who are very comfortable working with technology in order to take advantage of the new systems available,” Goldberg said.
Source link: Insurance Business America