{"id":16174,"date":"2024-02-20T14:50:17","date_gmt":"2024-02-20T19:50:17","guid":{"rendered":"https:\/\/www.bbinsurance.com\/?post_type=insight&p=16174"},"modified":"2024-02-20T14:50:17","modified_gmt":"2024-02-20T19:50:17","slug":"insurance-the-future-offers-dynamic-career-opportunities","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/insurance-the-future-offers-dynamic-career-opportunities\/","title":{"rendered":"Insurance\u2014The Future Offers Dynamic Career Opportunities"},"content":{"rendered":"

Insurance\u2014The Future Offers Dynamic Career Opportunities<\/strong>
\nby Andy Watts, Executive Vice President & Chief Financial Officer at Brown & Brown Insurance<\/em><\/p>\n

Last year, I was at my alma mater, Illinois State University, recruiting for Brown & Brown and surrounded by eager minds, ready to dive into professional careers.<\/p>\n

To stimulate a potentially different response, we asked the group if they would like a \u201ccareer in risk management\u201d instead of a \u201ccareer in insurance.\u201d The hypothesis was that when someone is asked about an insurance career, their initial reaction is, \u201cI don\u2019t want to sell life insurance.\u201d<\/p>\n

I didn\u2019t fully expect what happened next. The room transformed. Every student leaned in when the idea of a career in risk management was presented. Eyes were wide open, and hands were raised. It was a moment of revelation for these students \u2014 and us. Insurance is so much more than policies and premiums; risk management is the dynamic heart of every company.<\/p>\n

Every enterprise, every venture and every groundbreaking idea rests on the foundation of managing risks and capturing opportunities \u2014 generally all backed by some sort of insurance. The insurance industry must reposition itself as an industry filled with careers in risk management. It\u2019s a monumental shift, but there are massive growth opportunities as the insurance industry continues to expand and become more complex.<\/p>\n

The next few years mark a significant transition as legacy insurance professionals retire \u2014 leaving 400,000 jobs open<\/a><\/span> \u2014 and paving the way for the next generation. The number of insurance professionals aged 55 and older has increased by 74% in the last decade, and as many as 50% of the industry\u2019s current workforce will retire in the next 15 years.<\/p>\n

The industry is thirsty for fresh perspectives, analytical minds, finance enthusiasts and creative thinkers. Yet there\u2019s this misconception that insurance careers revolve solely around policy sales \u2014 it is significantly broader, complex and ever-changing. In reality, there\u2019s a universe of opportunities within the insurance industry \u2014 actuarial sciences, technology, finance, marketing, service, distribution, product creation and more.<\/p>\n

And it\u2019s not just about the variety; it\u2019s about longevity and fulfillment, too. You can build a solid, rewarding career spanning decades within this industry, create significant long-term wealth and make lifelong friends.<\/p>\n

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Insurance isn\u2019t what you think it is<\/strong><\/p>\n

As an insurance broker, our conversations with businesses are fascinating as they involve delving into the depths of risk management and strategy with senior leaders of companies. Each company isn\u2019t a cookie-cutter template; it\u2019s dynamic, individualistic, evolving and changing year after year. The beauty lies in the nuanced understanding of how much risk to retain, how much to transfer and at what cost. For each business, the answers will be different.<\/p>\n

When I started my career at Coopers & Lybrand (now PricewaterhouseCoopers) in Chicago, I had the opportunity to work in various industries, including insurance. On the insurance front, my time was focused on the risk bearers rather than brokers. What I found is that there is a tremendous amount of opportunity within the insurance distribution chain.<\/p>\n

The key question for you is, \u201cWhat interests me?<\/p>\n

Insurance isn\u2019t just about crunching numbers, selling life insurance or predicting life expectancies. None of those are bad; they are just one component of a highly complex and diverse insurance distribution channel. Insurance and risk management are gateways to incredible responsibilities and opportunities early in your career, where the seeds of long-term wealth creation and satisfaction are sown.<\/p>\n

More than that, it\u2019s a world built on relationships \u2014 a platform to forge lifelong relationships and connections that transcend boardrooms and office spaces. If you cherish diversity and change, this industry thrives on the concept.<\/p>\n

The insurance landscape is anything but static. It has market swings or cycles and is quite often a reflection of the world\u2019s economy. Fluctuations like inflation, higher interest rates and global political shifts affect insurance, including catastrophic weather claims or the integration of artificial intelligence and Insurtech \u2014 this industry is constantly evolving.<\/p>\n

Insurance isn\u2019t a one-size-fits-all domain. It\u2019s an industry where specialization reigns supreme. Think about the opportunities for pilots to soar in aviation insurance; doctors can navigate strategizing healthcare plan design; and engineers can shape insurance solutions for the architecture, engineering, and construction industries. This field calls for those with deep experience to help these industries manage and mitigate risk by drawing upon specialists from various domains to make a tangible impact.<\/p>\n

The industry is vast, encompassing everything from corporate insurance needs to personal lines and employee benefits. The industry needs talented individuals for a variety of positions, ranging from sales, service, actuarial sciences, underwriting, finance, technology, data and analytics to human resources and operations \u2014 the list of skills in demand within this multifaceted world is endless.<\/p>\n

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The beauty is that you\u2019re not confined to a single role in the insurance distribution chain. You can be on the front line, interfacing directly with customers, or operating in an intermediary role, bridging the gap between customer and carrier. You could even be crafting insurance products for distribution or providing insurance for insurance companies, known as reinsurance.<\/p>\n

Instead of being dull or limited, the insurance industry has a dynamic landscape where change is the only constant, and the growth trajectory is high.<\/p>\n

The future of insurance is here<\/strong><\/p>\n

In the next five years, I believe the insurance industry will undergo another transformation to redefine its very fabric. Here are some changes I\u2019m expecting:<\/p>\n