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Insurance industry has widening employment gap

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The insurance industry is both expanding and seeing its employment gap widen, according to a new workforce strategy report by College for America.

Research has found, the report said, that 62 percent of property and casualty, life and health insurers plan to add staff in 2014, its unemployment rate of 3.3 percent was half the national average, and the industry is projected to add 200,000 employees between 2012 and 2022. However, just 5 percent of students in the millennial generation are very interested in working in the insurance industry, and more than half of its current workforce is over age 45.

Furthermore, the report said, “To attract and retain customers, insurers will need to move toward customer-centric models, which will require adoption of new technologies and employee skills.”

Following are the U.S. Bureau of Labor Statistics projections for six key frontline and operational positions that represented more than 35 percent of the industry’s workforce in 2012.

Position

2012 demand

2012–2022 projected increase

Median wage

Customer service representative

289,000

8%

$30,580

Insurance sales agent

346,000

12%

$48,150

Business analyst

42,300

26.2%

$79,680

Claims adjuster/examiner/investigator

208,000

6%

$59,960

Insurance underwriter

95,300

-7%

$62,870

Actuary

13,000

22%

$93,680

“Today, insurers are facing new business models, systems and technologies, and workforce strategies — all of which are all necessary to fully take advantage of significant industry growth potential,” the report concluded. “Customer expectations — influenced by the consumerization of insurance and on-demand access to information — are driving the need for these changes, including to key frontline and operational insurance jobs that track across business development, customer care, and technology.”

Heather Stauffer

Heather Stauffer

Heather Stauffer covers Lancaster County, nonprofits, education and health care. Have a tip or question for her? Email her at heathers@cpbj.com. Follow her on Twitter, @StaufferCPBJ.

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