Career Paralysis - The Five Reasons Why Our Brains Get 'Headstuck' Making Career Decisions
REASONS TO THINK ABOUT A CAREER IN INSURANCE
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REASONS TO THINK ABOUT A CAREER IN INSURANCE
Transcript of REASONS TO THINK ABOUT A CAREER IN INSURANCE
REASONS TO THINK ABOUT A
CAREER IN INSURANCE
Discussion Topics About an Insurance Career
Current Job Availability
An Accessible Career Path
Opportunities for Professional Designations & Advancement
Wide Range of Environments & Locations
Strength of Insurance Industry
ISU’s Katie School of Insurance
Current Job Availability
Jobs ARE available in the Insurance & Risk Management Industry
Placement rates near 100%
Industry constantly looking for talent
The annual yield of graduates from the nation’s Risk Management and Insurance (RMI) programs meet only 10-15% of industry’s needs
Current Job Availability
High exposure to aging workforce & retirees (See graph below)
Workers 55+ has increased 74% in Insurance in the past 10 years compared to a 45% increase in overall workforce
By 2018, the projected number of workers nearing retirement in Insurance industry will be 25%
Current and future job opportunities are and will be available in the Insurance industry!
Accessible Career Path
Potential careers in a wide variety of fields
Actuarial Sciences
Claims
Risk Management
Underwriting
Reinsurance
Sales
Customer Service
Human Resources
Information Systems and Technology
Most areas of business apply to Insurance Industry
Skills gained from experience, education, & from another business sectors can be directly applied to Insurance
Opportunities to enter industry at all levels and in all areas from management to office and administrative support
Distribution of industry job force is respectable
See table on next slide
Source: Bureau of Labor Statistics, U.S. Dept of Labor website, “Career Guide to Industries, 2010-11 Editions”
Insurance Occupations
Number Percent
All Occupations 2308.8 100
Management, business, and financial occupations 672.2 29.1
General and operations managers 40.4 1.8
Financial managers 27.6 1.2
Claims adjustors, examiners, and investigators 212.8 9.2
Management analysts 34.5 1.5
Accountants and auditors 40 1.7
Insurance underwriters 90.8 3.9
Professional and related occupations 263 11.4
Computer systems analysts 36.1 1.6
Legal occupations 41.3 1.8
Sales and related occupations 381.5 16.5
Supervisors, sales workers 17.5 0.8
Insurance sales agents 321.6 13.9
Office and administrative support occupations 973.7 42.2
Bookkeeping, accounting, and auditing clerks 43.1 1.9
Customer service representatives 271.3 11.8
Secretaries, and administrative assistants 123.1 5.3
Insurance claims and policy processing clerks 223.9 9.7
Office clerks, general 95.4 4.1
Employment(in thousands), 2008
Opportunities for Professional Designations
& Advancement
Many opportunities in Insurance/Finance field to set yourself apart from others & advance within a company
Professional Designations include:
Chartered Property Casualty Underwriter (CPCU)
Chartered Financial Consultant (ChFC)
Chartered Financial Planner (CFP)
Chartered Financial Analyst (CFA)
Many more…….
Opportunities for Professional Designations
& Advancement
**By an average of 51%, according to the Bureau of Labor Statistics, U.S. Dept. of Labor
With Professional Designations you can….
Increase your income by 51%**
Offer a wider variety of products
Possess specialized knowledge
Boost your credibility
Employers often pay for your coursework, providing study support & bonuses for completing exams
ISU’s Katie School offers benefits for these tests as well!
Become a member in many Professional Associations
Be involved with providing knowledge to the public and colleagues about the insurance industry
Enhance your networking within the insurance industry
Examples of Professional Associations
Sources: Association Web sites
Association Size Budget Mission
Casualty Acturial Society 5,000 members $8 million Increase Awareness of AS
Advance AS research
Promote standards of qualification for membership
CPCU Society 25,000 members $7 million Meet the career development need of its members
Promote the value of CPCU to industry and the public
Independent Insurance
Agents & Brokers of
America 300,000 members $26 million Monitor and affect insurance issues in Washington D.C.
Improve insurance literacy and attract new talent through
affiliate InVEST
Insurance Information
Institute 300 companies $8.6 million Improve public understanding of insurance
Provide information and analysis to the media, government,
academia, the industry and public
Wide Range of Environments & Locations
Insurance is a global industry
Experience different cultures & locations worldwide through travel and/or relocation
Work within different work environments
Out in the field working hand-in-hand with employees of companies
Office setting
With people or on individual assignments
Strengths of Insurance Industry
** Generation Y- 60millionstrong demographic cohort made up of those born roughly between the mid1970s and
early 1990s.
Can offer a value proposition that is well aligned with
interests of Generation Y**
Good work/life balance
Challenging assignments
Impacting the public through insurance
Generous employee benefits (401Ks, company vehicles, etc.)
Recent Survey of RMI alumni results
83% agree that industry offers good work/life balance as well as a
flexible working environment
93% believe industry professionals provide intellectual challenges
93% agree that industry provides significant value to society
Strengths of Insurance Industry
Industry has an opportunity to capitalize on
today’s economic malaise
Current environment opens new recruiting that had
previously been hard to reach
As banks & financial institutions lay off, freeze recruiting, etc
they become less attractive for graduates
Risk management plays a bigger role now more than ever
to society, raising the prominence of risk management
professions to the public
Strengths of Insurance Industry
Industry has solid allies in efforts to attract and train talent Schools of risk management and
professional associations dedicated to serving the industry’s needs already exist
The goal of these schools is to provide the industry with skilled graduates and exhibit flexibility in adapting their strategies and curricula to the industry’s requirements.
Many of the industry’s professional associations have memberships and budgets that can be mobilized to support efforts to attract and develop stronger talent.
Notable RMI Universities
University of Georgia
Temple
University of Wisconsin
Florida State
Illinois State
St. John’s
Mississippi State
Appalachian State
University of Mississippi
Olivet College
University of South Carolina
Georgia State
Katie School History
Founded in 1991 as a
memorial to Mary Katherine
“Katie” Nikosia, who died at
age 2 ½ and was the daughter
of ISU alumnus and insurance
industry executive.
24 insurers, reinsurers, and
brokers form the Katie Advisory
Board
Nearly 80 insurance and risk
management organizations
provide support for the center
Katie School Mission
As stated in the charter the mission of the Katie School is “To
create the finest insurance program in the United States.”
Offer support to ISU’s nationally recognized insurance and risk
management program and actuarial science program.
The central focus is to prepare future industry leaders by
supporting:
Strong industry involvement with our students
Innovative teaching by outstanding faculty
Cutting-edge applied research
Student-centered learning environment
Katie School Service to Students/Alumni
Offer a wide variety of internships and career opportunities
Students
Internships 50 student internships for insurance
organizations in 2009-10
International Internships 6 international internships in 2009-10
Lloyd’s of London and the Gherkin
Zurich Financial Services in Switzerland
XL Capital in Bermuda
Career Opportunities
Alumni Job postings
Provides numerous scholarships and research funding
101 students received scholarships in 2009-10 totaling $104,200
Scholarships/research are funded by industry organizations that support Katie School
Offer advice regarding academic curriculum
Make many enrichment opportunities available to students
Alumni Events
Industry Speakers
Classroom Presentations
Toastmasters Club
Conferences/Company Visits
Katie School Service to Students/Alumni
Katie School’s Gamma Iota Sigma fraternity
Co-ed International Risk Management, Insurance, and Actuarial Science Collegiate Fraternity at ISU
Offers social and business meetings
Speakers from the industry
Katie School provided resources and support to job opportunities and internship information to 212 insurance majors and minors (142 graduates)
93 insurance companies/brokers/agencies recruited students with Katie School help
Conducted 100-hour student leadership program for 12 top students
Included workshops, personal assessments, and individual coaching
These students conducted risk management consulting services with
real world clients.
Supported 76 students attending industry events including REBEX (14), RIMS(15), TSU (2), and CPCU luncheon programs (45)
Provided information on industry to more than 750 students
Katie School Pictures
2009-10 Gamma Iota Sigma
Polar Plunge
RLI Company Visit in Peoria, IL
Katie School students visit Arthur J. Gallagher
Amerisure Insurance Guest Speaker
Katie School Pictures
Katie School students visiting with Zurich North
America in Schaumburg, IL
Redbird Risk Management Challenge
Katie School Alumni Golf Outing at
Weibring Golf Course in Normal IL
Katie School Pictures
Katie School’s 2009 International Interns
2009 Gamma Games
Contact Information
If you have any further questions regarding
insurance industry or Katie School of Insurance and
Financial Services contact:
Director Jim Jones
Thank you all for your valuable time!
References
McKinsey& Company article
Building a Talent Magnet: How the Property and
Casualty Industry Can Solve Its People Needs
Bureau of Labor Statistics, U.S. Dept of Labor
website
Katie School of Insurance and Financial Services
http://katieschool.org/
