Is the insurance talent gap a myth?
Among non-insurance professionals, 65% are still open to working in insurance.
Do younger workers have a waning interest in the insurance industry? That’s the main focus of the insurtech company Breeze report which says among current insurance professionals aged 22 and 30, 92% see themselves remaining at their current insurance job for the next year. Also, 78% expect to remain in insurance at their next job. Some 61% want to be in insurance for the next 20 years.
Other findings show insurance professionals gave their current jobs higher ratings for “opportunity” and “sexiness” compared to non-insurance professionals. Both groups gave equal ratings for “satisfaction” and “stability.”
Among non-insurance professionals, 65% are still open to working in insurance. Fifty-seven percent from this group would rather work at a traditional insurance company over a newer insurtech.
The overarching theme from this data is the insurance industry should be just fine when it comes to recruiting and retaining the best young talent. Most college graduates between the ages of 22 and 30 already enjoy their careers in the insurance industry, or still want to work in the insurance industry, or could be lured to the insurance industry.
If insurance companies ever encountered staffing difficulties, the Breeze study finds that compensation can make a big difference. Among non-insurance professionals, 75% would consider a job offer from an insurance company if it was a 10% pay increase compared to their current job, 25% would not.
Related: How talent development is driving retention amidst the labor shortage
Legacy insurance companies face an increased level of competition from new-age insurtech companies who use technology and predictive analytics to simplify, digitize, and refresh the insurance buying experience. But the data shows legacy companies still have an edge over hiring. Seventy-five percent of those surveyed say they are working for a traditional insurance company. Finally, when asked if you had to work in the insurance industry, 57% say they would want to work for a traditional insurance company versus 43% that say they would want to work at a younger insurtech firm.