Eight advantages to
seeking a career in insurance
As a result of the burgeoning need to rebuild their bench strength,
independent insurance agencies offer above-average job growth. This
makes it a prime time for new employees to embark on an insurance career.
By Kari Glennon
Years ago, when I was a partner at an independent insurance agency, attracting people to our industry was a challenge. But to perpetuate my agency, I needed to find people who had the desire and capability to build a career in insurance and buy into the business. Younger people, particularly, viewed it as a somewhat stodgy and boring profession—something for older people.
So, to appeal to potential employees, I created a brochure based on three “whys?” Why our agency? Why the insurance industry? Why our city? It was easy for me to promote the agency and its picturesque location, but it was a bit more difficult to convince people why they should want to pursue a career in the insurance industry itself.
Since then, I’ve made it a point to ask insurance professionals how and why they chose our industry. There are always a few who are born into it, as well as a few who pursue risk management as part of a business degree. But most people tell me the industry found them—they hadn’t set out to find it. They just happened to land there. More important, they are grateful they did!
I’ll admit that as a profession, insurance isn’t terribly exciting or glamorous. However, it has so many positives, including excellent compensation and benefits that few other industries offer these days. Here are just some of the advantages afforded by a career in insurance.
- Stability and job security. Because it is deemed by law to be an essential service, the insurance industry is highly resilient to economic shifts. Especially in times of economic uncertainty, most people depend on insurance to protect what’s most important to them, be it their business, their home, their health, etc. There’s stability in providing a product that people are always going to buy. Even in an economic downturn, people are going to buy insurance! The question is, who are they going to buy it from?
- Diverse career opportunities. As a career, insurance offers something for almost everyone. In fact, the industry requires a wide range of skills and talent to operate. Despite the perception that the industry is solely about sales and claims, career opportunities run the gamut from analytics, IT and cybersecurity to service, marketing, product development, training, and leadership. It’s an ideal choice for innovators seeking a lucrative outlet for their abilities. As our industry evolves, I predict an ongoing demand for individuals who can help organizations grow.
- Strong earning potential and benefits. Competitive salaries, bonuses, and health and retirement benefits are just some of what makes insurance such a great business. What’s more, independent agencies provide the perfect environment for team players, since compensation (excluding commission-based positions) typically is based on the collective success of the agency. It’s a far cry from the old days when insurance was a solitary profession. New hires worked alone, equipped with only a phone book and a desk. Today’s agency staff members collaborate.
The beauty of collaborating is that through their combined efforts, everyone in the agency learns more and earns more. Part of those earnings includes bonuses. Often, bonuses are nebulous and subjective. However, if the agency is growing and doing well, everyone shares in those bonuses. It’s a positive way to structure agency compensation. - Professional growth and development. Insurance is the perfect career path for people who like to continuously learn and grow. In addition to training and certifications, the most successful agencies offer opportunities for career advancement.
Case in point: I know a woman who was a cashier in a retail store who worked her way up the agency ladder after she was recruited by one of my agency partners. He was so impressed by her high level of customer service that ultimately, he hired her for a service job at our agency. Frustrated by the inability to advance at her previous job, she excelled with us. Through hard work and continuing education, she rose through the ranks to become one of our most respected account executives and worked on some of our largest and most complex accounts. She retired after 30-plus years with a seven-figure 401(k) account.
Often, people fail to recognize the skills they possess, what they want to do with those skills and how that can fit into an organization they might not know much about. But in almost any industry, there’s room for people in sales, service, marketing, data analytics and other areas. Also, no matter where you start in the organization, there are opportunities for advancement as you grow and develop professionally, including management and leadership.
- Ongoing opportunity. The insurance industry deals with the unknown, and new markets are emerging all the time. In just the last 20 to 30 years, the market has experienced revolutionary changes in how people work and live. While the advent of digital computing, wireless communication, the Affordable Care Act and the legalization of cannabis spawned new industries, it also generated myriad opportunities for existing ones, including insurance. Whenever there is a significant development in the market, there is enormous opportunity in our industry for those who are willing to learn and grow.
- Flexibility and work-life balance. In their quest to find the ideal career path, younger workers are known to change jobs frequently. If you’re one of them, are you willing to buck that trend and commit to our industry? If so, you will find that the payoffs are tremendous. What you appreciate will appreciate! It’s like the time-value of money. Over time, the interest on your deposits compounds.
In our business, the more time and effort you contribute, the greater your payoff. Stick with it as a career and over time, you will achieve three freedoms: financial freedom (outstanding earnings potential), relationship freedom (having “walk-away power” allows you to choose who you want to work with), and time freedom (you can do what you want when you want to do it). - Purpose and community impact. Independent insurance agencies have a major impact on their community and are reliant on their internal team, and the businesses and community members who are buying insurance for the things they know, love and want to protect (homes, autos, commercial interests, employees, etc.). Insurance helps individuals and businesses manage risk, recover from adversity, and provide short-term and long-term benefits to employees and individuals for their personal and financial health. As a result, independent agencies have a major impact on the local economy.
Independent agencies also significantly affect a community’s way of life. We give back a lot! Beneficiaries range from youth sports programs to food banks to senior centers, among others. I have read that approximately 80% of independent agencies have a policy on volunteerism, although I don’t know of any agency that doesn’t require it. But while staff members are expected to volunteer a certain number of hours each year, the agency pays them their normal wage for the time they spend giving back. Most people agree it’s extremely important to be part of an organization that gives back to their community. - Positive jobs outlook. As with many other organizations, the mass exodus of older workers is having a significant impact on the insurance industry. In fact, according to a 2024 article in USA Today, our share of workers over the age of 55 exceeds 26%, making the insurance industry one of the hardest hit by the aging baby boomer population. At the same time, the American Property Casualty Insurance Association predicts our industry could lose as many as 400,000 employees through 2026.
But there’s a bright side. As a result of the burgeoning need to rebuild their bench strength, independent insurance agencies offer above-average job growth. This makes it a prime time for new employees to embark on an insurance career.
Doing so now may offer them the opportunity to be mentored by their predecessors. Typically, retiring workers are eager to share their knowledge and experience before they leave the agency. This is a win-win for employees and agencies alike.
The author
Kari Glennon, senior consultant of Sitkins Group, Inc., has been a sales and marketing professional within the insurance industry for nearly 25 years. She has been an owner and partner of a firm, perpetuated her firm externally, and spent time as the chief sales officer for one of the largest middle-market insurance agencies in the nation.
Her true passion is to deliver strategy, inspiration, insurance knowledge, and coaching for independent insurance agencies. To learn more, visit www.sitkins.com.
