Risk Management and Insurance Organizations Collaborate to Raise Awareness of Industry Career Opportunities
DENVER-A collaborative of insurance carriers, trade associations and industry partners have invited the insurance community to join them in supporting the first-ever Insurance Careers Month to be held during February 2016.
Insurance Careers Month is the kick-off of a cross-industry, multi-phased initiative designed to raise awareness of the dynamic career opportunities in the risk management and insurance profession and to recruit the next generation of industry leaders.
Hamilton Insurance Group; MyPath, powered by The Institutes; Valen Analytics; The Jacobson Group; InVEST; and PCI have designated February for a month-long focus on careers in insurance. It’s the first part of a campaign promoting insurance as “the career trifecta”, a phrase chosen because it encapsulates the three key attributes of a job in insurance: it’s stable, it’s rewarding, and it’s limitless.
Leading industry CEOs, including Brian Duperreault of Hamilton Insurance Group, Inga Beale of Lloyd’s of London and Dan Glaser of Marsh & McLennan Companies, have already lent their support to Insurance Careers Month, publishing an open letter calling for brokers, carriers and business partners to get involved.
“Our industry is at a critical juncture, with new risks fueled by rapidly evolving technology,” said Mr. Duperreault. “It’s an exciting time to work in companies that help keep individuals, families, communities and governments safe. If a young person wants a purpose-driven career, he or she will find it in insurance.”
Individual companies and organizations interested in participating in Insurance Careers Month will be encouraged to broaden their local outreach and share what makes the industry a great place to work, amplifying the message that the insurance industry is hiring and has solid opportunities to offer next generation talent.
The United States insurance industry contributes more than $420 billion to the country’s GDP and employs more than 2.6 million people in stable, rewarding careers with limitless growth prospects that support innovation, from driverless cars and unmanned drones to climate change and cyber warfare.
“We’re at an exciting crossroads in our industry where innovation and growth are propelling organizations to new levels, and we need an influx of top talent to provide support and bring new perspectives to the table,” said Peter Miller, president and chief executive officer (CEO) of The Institutes, which, at the insurance industry’s request, launched MyPath in 2014 to unify the industry and excite the next generation of talent. “We’re proud to be working with such great organizations in uniting the industry to tell the world how terrific it is to work in risk management and insurance.”
As the industry continues to grow and the current workforce begins to retire, organizations will need to fill more than 500,000 jobs between now and 2022. Yet, very few students and young professionals are even aware that these careers exist. Insurance Careers Month aims to build excitement around the many opportunities available.
“As insurance professionals mature, baby boomers prepare for retirement, and organizations shift their focus toward building up their staffs, insurers are facing a growing ‘war for talent,’” said Greg Jacobson, co-CEO for The Jacobson Group. “The focus needs to shift toward recruiting and engaging the next generation of talent and bringing millennials into insurance. Insurers must join together and rebrand insurance as the industry of choice for young professionals.”
“PCI is proud to take part in this initiative to help attract millennials to the insurance industry, as it really offers them exciting opportunities for innovation,” said June Holmes, COO and Treasurer, at PCI. “Some of the ways insurers are innovating is by developing new solutions to meet the demands of cyber security, green technology, the sharing economy and other emerging trends. To attract millennials into our industry, we need to better tell our story and connect on issues important to this generation.”
“Insurance is at the precipice of massive innovation and disruption, which provides a once-in-a-lifetime opportunity for next-generation talent who want to make a difference,” said Dax Craig, CEO of Valen Analytics. “Valen is passionate about engaging the brightest minds to help build the insurance industry of the future. Insurance Careers Month will create a collaborative forum to promote all the exciting, innovative careers insurance has to offer.”
“The Independent Insurance Agents & Brokers of America, in partnership with InVEST, continues its efforts to address the talent shortage looming over our industry and sees talent recruitment as a top priority,” says Bob Rusbuldt, Big “I” president & CEO. “By participating in Insurance Careers Month, the industry will speak with a unified voice to attract millennials to the industry and promote the diverse and rewarding careers insurance has to offer.”
To learn more about how you can get involved, visit the Insurance Careers Month website. This is a grassroots collaboration with no fundraising involved.
About Hamilton Insurance Group
Hamilton Insurance Group is the Bermuda-based holding company for insurance and reinsurance operations that underwrite property and casualty risks in Bermuda, the U.S. and at Lloyd’s. The company leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com.
MyPath is a collaborative, industry-wide insurance and risk management initiative, powered by The Institutes, that is dedicated to educating students and young professionals about the insurance industry and its limitless career opportunities.
At the request of the insurance industry, The Institutes and their affiliates—The Griffith Insurance Education Foundation, the CPCU Society, and the CPCU-Loman Education Foundation—launched MyPath to be a collaborative effort providing the industry with a unified voice to educate students’ and young professionals’ perception of the industry. A cornerstone of MyPath is InsureMyPath.org, which educates millennials and connects them to insurance organizations and internship opportunities. Learn more at InsureMyPath.org.
About The Institutes
The Institutes are the leader in delivering proven knowledge solutions that drive powerful business results for the risk management and property-casualty insurance industry.
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property-casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
About The Jacobson Group
The Jacobson Group is the leading global provider of insurance talent. For more than 40 years, they have been connecting insurance organizations with professionals from the board room to the back room on both a permanent and temporary basis. The firm offers a variety of solutions, including executive search, professional recruiting, emerging talent, RPO, temporary staffing, subject matter experts, and onsite and work-at-home operations support. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at www.jacobsononline.com.
About Valen Analytics
Valen Analytics is an advanced data and analytics provider for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches for pricing, risk selection, claims triage and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Tomorrow’s Talent Challenge. Our solutions span many lines of business, including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property and BOP. Learn more about Valen at www.valen.com.
Founded in 1970 and based at the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) headquarters in Alexandria, Virginia, InVEST promotes insurance education in order to attract individuals to pursue a career in the insurance industry. As a 501(c)(3) educational trust, InVEST benefits from the support of numerous insurance organizations, hundreds of agencies, brokers and volunteers. The program provides the insurance industry with motivated, talented and intelligent professionals through a support structure of state associations, board members, national staff, teachers and the many industry professionals who work in the field as classroom liaisons. Each year, the program prepares thousands of students for insurance-related careers with a hands-on curriculum taught in high schools, adult education centers and colleges. For more information, go to www.investprogram.org.