The federal government reports 2.8 million people in the U.S. are employed by the insurance industry and February’s annual celebration of Insurance Careers Month is a reminder of the opportunities it offers, according to the Insurance Information Institute (Triple-I).
“Insurance is the backbone of the global economy, providing security, recovery, and sustainability. 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. Insurance Careers Month is a great reminder for people to look at risk management and insurance — you’ll find what you’re looking for,” said Sean Kevelighan, CEO, Triple-I.
To raise awareness about insurance as a potential career path, the 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. A lack of exposure to the insurance industry and professional networks are the top two barriers for Black professionals, according to a study conducted by Marsh, The Journey of African American Insurance Professionals.
That’s why the Black Insurance Industry Collective (BIIC), a non-profit organization affiliated with The Institutes, is focused on accelerating the advancement of Black insurance professionals. The goal of BIIC is to empower Black insurance professionals to expand their leadership development opportunities by emphasizing mentorship and sponsorship while collaborating with other organizations that are also working toward those goals.
“We contributed to the formation of the BIIC as part of our overall diversity, equity, and inclusion (DEI) 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.” Triple-I is an affiliate of The Institutes.
The Insurance Industry Charitable Foundation (IICF) has a Talent Hub, 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 Bill Ross, CEO, IICF. “The goal of the IICF Talent Hub 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. The event is scheduled for June 13-15, 2023, in New York City.
In conjunction with Insurance Careers Month, the American Property Casualty Insurance Association’s (APCIA) 5th annual Emerging Leaders Conference (ELC), to be held Feb. 5-7, 2023, in Charleston, S.C., will give younger industry professionals access to executive thought leadership, provide unique networking opportunities across job functions, and has an agenda which focuses on professional and personal development. AM Best and the Insurance Careers Movement also serve as the ELC’s hosts.
“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 industrywide initiative designed to raise awareness of the diverse career options that 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.”