Insurance

What Today’s Candidates Want from Insurance Employers

What is insurance? Essentially, it’s a massive financial safety net that wrote $7.186 trillion in global premiums in 2023. The United States alone accounts for $3.226 trillion (44.9%) of that market, making insurance a significant economic force and employment sector.

Insurance, in simple words, serves as a shared fund managed by an insurance company that protects people and businesses from unexpected expenses and losses. When we examine the concept of insurance in business, we see it extends beyond the common policies most Americans hold – health, auto, home, and life insurance. In fact, specialized sectors like agricultural insurance demonstrate how this industry adapts to protect different economic activities.

Therefore, understanding what an insurance company actually does provides job seekers with valuable insight into potential career paths. However, today’s candidates expect more than just stability from insurance employers. They’re looking for workplaces that balance tradition with innovation.

In this article, we’ll explore what makes the insurance industry unique for job seekers and what today’s candidates prioritize when choosing an insurance employer. Additionally, we’ll examine how insurance companies are adapting to meet evolving workforce expectations in an increasingly competitive talent market.

What makes the insurance industry unique for job seekers

“If people understood what life insurance does, then we wouldn’t need salesmen to sell it. People would come knocking on the door. But they don’t understand.” — Ben Feldman, Legendary Life Insurance Salesman, inducted into the Insurance Hall of Fame

The insurance industry presents a unique career landscape unlike any other professional field. Bureau of Labor Statistics research predicts positions for insurance professionals will likely grow by 6% from 2021 to 2031, with approximately 32,900 new jobs per year. This impressive growth trajectory makes insurance a compelling option for forward-thinking job seekers.

A stable yet evolving sector

Insurance is widely considered an “evergreen career,” offering exceptional job security compared to many other industries. Until 1995, insurance careers typically meant lifelong employment with minimal job changes and retirement packages that included generous pensions.

Nonetheless, the digital revolution has dramatically transformed this landscape. The industry now stands at the intersection of finance and technology, creating demand for professionals with diverse skill sets. Furthermore, over 3,000 venture-backed insurtech startups are actively disrupting traditional models.

This evolution creates exciting opportunities for candidates with backgrounds in technology, finance, software development, and other specialized fields. COVID-19 has also prompted widespread adoption of hybrid and remote work policies, allowing companies to recruit previously inaccessible talent.

Understanding the concept of insurance as a career foundation

Working in insurance requires a unique blend of technical knowledge, mathematical skills, and interpersonal abilities. This combination ensures varied daily responsibilities that keep work engaging and challenging. Consider underwriters, who combine critical analysis with statistical expertise to assess situations and determine risk.

The industry demands professionals who can:

• Apply analytical acumen and problem-solving skills
• Maintain unwavering ethical standards
• Show genuine compassion for clients’ evolving needs
• Understand market trends and regulatory environments

Above all, insurance careers offer meaningful impact. I find it particularly rewarding that professionals in this field become trusted allies for people during challenging times, providing security and peace of mind. This human element gives purpose to the technical aspects of the work.

What is an insurance company from a candidate’s view

From a job seeker’s perspective, insurance companies represent diverse ecosystems with numerous career paths beyond the familiar insurance agent role. While traditional insurance jobs offered stability but limited advancement, today’s landscape promises faster career progression, especially given predictions that 40% of the industry will retire by 2030.

The industry includes positions in underwriting, claims processing, risk management, actuarial science, and increasingly, technology innovation. While many insurance professionals begin in entry-level positions, opportunities for specialization and advancement abound. One might start as an insurance agent and progress to management, specialize in specific insurance types, or even establish an independent agency.

Modern insurance employers have responded to talent competition by offering more competitive compensation, flexible scheduling, enhanced training programs, and clearer advancement opportunities. On balance, this transformation has created a more appealing proposition for today’s candidates who seek both stability and growth potential.

Unlike other salaried positions, many insurance roles offer commission-based compensation structures that reward performance, allowing ambitious professionals to directly influence their earning potential. Coupled with the flexible working hours available in many positions, insurance careers provide an attractive work-life balance that appeals to contemporary job seekers.

Top priorities candidates look for in insurance employers

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” — Albert Schweitzer, Nobel Peace Prize Laureate, Theologian, Philosopher, and Physician

Modern job seekers evaluate insurance employers beyond just a paycheck. Their priorities reflect deeper needs for both professional growth and personal fulfillment. Let’s examine what today’s candidates truly value when considering insurance careers.

1. Competitive compensation and benefits

Insurance professionals expect fair compensation packages that reflect their value. The Radford McLagan Compensation Database reveals that comprehensive packages typically include:

• Base salary and allowances (cars, housing)
• Target bonus percentages/values and actual payouts
• Equity value and eligibility options
• Total direct compensation structures

Monetary rewards alone no longer suffice to attract top talent. Leading insurers now incorporate enticing non-monetary benefits alongside financial compensation, including comprehensive health benefits that enhance overall job satisfaction.

Moreover, insurance companies are conducting pay equity audits to eliminate gender, racial, or ethnic wage gaps, ensuring fair compensation practices across the organization.

2. Flexible work arrangements

Flexibility has become a non-negotiable requirement for insurance professionals. According to a 2018 Mercer Global survey, 51% of employees desire more flexibility in their work lives.

At Allianz, this shift is evident in their global policy allowing at least 40% of working hours to be spent outside the office. Their 2023 employee survey showed 90% satisfaction with their flexible work setup.

Pre-pandemic, 90% of insurance employees worked in-office four or more days weekly. Post-pandemic, this plummeted to less than 5%, with 86% now attending office three times weekly or less.

Human resource professionals consistently cite flexible arrangements as their most effective recruiting tool. Besides improving attendance and decreasing operational costs, flexible work arrangements foster a culture of trust that inspires loyalty and boosts morale.

3. Career development and learning opportunities

Candidates increasingly prioritize employers who invest in their professional growth. Insurance careers span an incredible range of skills—from actuaries and analysts to data scientists and marketers.

Furthermore, opportunities for upskilling, employee development, and succession planning are essential components of ensuring smoother transitions within the industry. Candidates expect tangible career paths with measurable goals for advancement.

Studies show that providing development opportunities must include engagement and trust between leaders and direct reports. Without that relationship, motivation to succeed diminishes significantly.

4. Inclusive and supportive workplace culture

Creating an inclusive workplace grounded in integrity, fairness, and trust is essential for attracting diverse talent. At Allianz, employee networks bring together colleagues who share identities or experiences, offering consultation opportunities for product development questions.

Data indicates 83% of employees are more actively engaged in their jobs when diversity and inclusion are prioritized. This inclusivity directly impacts both employee satisfaction and customer service quality.

The insurance industry has made diversity and inclusion the centerpiece of company culture, recognizing that diverse teams create better economic and social outcomes. In 2023, Allstate spent $36,283.59 million with minority-, woman-, veteran-, LGBTQ- and disabled-owned businesses.

5. Purpose-driven mission and social impact

Finally, purpose has become the cornerstone of candidate attraction. Insurance companies with clear social missions demonstrate exceptional resilience and longevity.

Social issues are taking greater prominence, and insurers are uniquely positioned to address them, controlling trillions in global assets. Forward-looking companies embrace financial inclusion by offering affordable products that meet broader customer needs while enabling financial well-being.

As CEO Mehran Assadi notes: “When you think about Gen Zs, it’s about helping young people find their ‘why’. And that why leads to what is most important … to do good, be good and make good”.

How insurance companies are adapting to new workforce expectations

Insurance organizations are rapidly evolving their operational approaches to attract and retain top talent in today’s competitive job market. Their transformation encompasses everything from workplace policies to technology infrastructure and professional development pathways.

Modernizing HR policies

Forward-thinking insurance employers now recognize that employee wellbeing forms the cornerstone of organizational success. Many insurers have implemented comprehensive health insurance coverage, retirement welfare programs, and strategic initiatives that elevate overall employee experience. Beyond basic benefits, progressive companies have adopted flexible work frameworks and are resolving trust deficits by building inclusive environments where every contribution receives recognition.

The hybrid working model has become the new normal, with organizations embracing digital workspace solutions that simultaneously improve productivity and work-life balance. This shift extends beyond mere convenience—it’s unlocking fresh business opportunities for traditionally conservative sectors like insurance. HR leaders increasingly leverage data insights and analytics to ensure better employee lifecycle management, creating more personalized experiences for staff.

Investing in digital tools and remote work infrastructure

The pandemic catalyzed a technological revolution within insurance operations. Companies like Genworth saw virtually no productivity decline during remote work transitions thanks to innovative IT infrastructure supporting their virtual workforce. This digital backbone enables insurers to expand talent pools beyond geographical limitations.

Insurance providers have loosened the reins on where and when employees work, with in-office attendance increasingly becoming voluntary. This flexibility creates natural give-and-take that supports greater innovation and agile adaptability. Similarly, digital tools help companies track employee wellbeing, with some establishing dedicated call centers and 24/7 medical support.

Creating clear career paths and mentorship programs

Insurance companies now recognize that structured mentorship delivers benefits beyond traditional training. Well-designed programs connect professionals with industry veterans, offering hands-on experience and career advice that textbooks cannot provide. Mentorship accelerates professional growth by presenting real-world scenarios and practical problem-solving opportunities.

Organizations implementing internal mentorship programs experience 20% higher retention rates compared to those without such initiatives. These structured approaches include clear goal setting, formal feedback mechanisms, and scheduled training sessions. Through these programs, mentees develop confidence faster and become productive team members sooner.

Insurance employers are likewise adopting skills-based approaches to talent development, embedding skills considerations across the entire employee lifecycle—from hiring through succession planning. This comprehensive strategy helps bridge capability gaps between current workforce skills and future industry needs.

Challenges insurance employers face in attracting top talent

Despite ongoing modernization efforts, insurance companies struggle to attract fresh talent. This challenge threatens the industry’s future as experienced professionals retire and fewer young people consider insurance careers.

Perception of insurance as outdated

Research reveals a significant image problem: 61% of professionals believe insurance still suffers from an outdated reputation, making it difficult to attract young, diverse talent. This perception crisis runs deep, with 8 out of 10 Millennials having limited knowledge of career opportunities in the insurance industry. Young people often perceive insurance as conventional, conservative, and uninventive.

The consequences are stark—when asked to identify appealing business sectors to work in, insurance consistently ranks last. Only 22% of young people believe insurance companies have honorable intentions when paying claims, despite 41% acknowledging the industry’s potential for positive impact.

Competition from tech and finance sectors

The talent shortage has reached crisis proportions, with insurance industry vacancies increasing by 74% year-on-year in 2022 alone. For insurance brokers specifically, vacancies surged by an astounding 121.6%. Consequently, workplace attrition reached 18% for some leading UK insurance firms in 2023.

Young people seeking competitive salaries gravitate toward banking, financial sectors, and tech companies that appear more attractive than insurance. As one executive noted, “The insurance industry is like the coal industry minus the smokestacks”—hardly an enticing comparison for ambitious graduates.

Bridging generational expectations

The generational divide creates formidable recruitment challenges. The average C-suite insurance executive is 55 years old, creating a 30-year age gap with the oldest Gen Z workers now entering the workforce.

Young candidates increasingly prioritize:

• Flexible work arrangements (considered non-negotiable by many Gen Z applicants)
• Purpose-driven work (79% want greater purpose, yet only 34% believe insurance provides this)
• Digital-first communication (49% of Gen Z feel anxious about speaking on the phone)

This disconnect between what younger generations want and what they perceive insurance offers represents perhaps the industry’s greatest talent acquisition challenge.

Strategies to stand out as an insurance employer of choice

To stand out in today’s competitive talent market, insurance employers must implement strategic approaches that address candidate priorities while enhancing organizational appeal. Successful organizations are adopting multifaceted strategies to position themselves as employers of choice.

Building a strong employer brand

According to a LinkedIn survey, 72% of job seekers consider an employer’s brand before applying. Creating a compelling Employee Value Proposition (EVP) is the foundational step in building this brand. Your EVP outlines what employees can expect in return for their skills and commitment. Employers should leverage employee stories through video testimonials and career growth highlights, subsequently showcasing company culture on social media platforms. Indeed, companies with strong employer brands see 50% lower recruitment costs and a 28% increase in retention rates.

Highlighting the real-world impact of insurance

First thing to remember, insurance professionals have genuine opportunities to make positive impacts on individuals and communities. Forth in your recruitment messaging should be how insurance enables organizations to identify and quantify risk, leading to rewarding outcomes such as home purchases, business startups, and asset protection. Remarkably, employees who understand their work’s purpose show higher engagement levels—a key selling point for candidates seeking meaningful careers.

Offering personalized growth paths

Career pathing offers an innovative strategy meeting the demands of today’s talent while addressing engagement challenges. This approach enables employees to identify areas for upskilling that align with organizational goals. Given these points, millennials particularly seek positions with purpose offering clear development opportunities. Evidently, structured career paths create more engaged workforces by incorporating performance objectives and training needs.

Promoting internal mobility and upskilling

Notably, employees at companies with high internal mobility stay 60% longer than those at companies with low mobility. Skills-first hiring focuses on individual capabilities rather than prioritizing years of experience or degrees. Organizations can support this through apprenticeship programs that engage young talent regardless of higher education. Afterwards, look for keywords like “on-the-job training” and companies that support continuing education through licensure or designation payments.

Conclusion

The insurance industry stands at a pivotal crossroads today. Though facing significant talent acquisition challenges, forward-thinking companies possess tremendous opportunities to redefine themselves as employers of choice.

Insurance careers offer something increasingly rare in today’s economy—stability coupled with genuine purpose. However, candidates expect more than just job security; they seek environments where they can thrive professionally while maintaining personal well-being.

Certainly, insurance organizations making the most progress understand this shift. Companies prioritizing competitive compensation, flexible arrangements, career development, inclusive cultures, and purpose-driven work consistently attract stronger talent pools. Their success demonstrates how traditional values can blend with modern workplace expectations.

The perception battle remains perhaps the greatest hurdle. Despite controlling trillions in global assets and offering diverse career paths, insurance still struggles with its image as conventional and uninspiring. This disconnect highlights why employer branding must become a strategic priority across the industry.

Ultimately, insurance companies that embrace change rather than resist it will win the talent war. Those showcasing real-world impact, offering personalized growth opportunities, and promoting internal mobility create environments where professionals want to build careers.

Additionally, highlighting the human element of insurance work—helping people during challenging times and providing security—speaks to candidates seeking meaningful impact through their careers. This purpose-driven message resonates particularly with younger generations who prioritize making a difference.

The future belongs to insurance employers who recognize that attracting top talent requires more than competitive salaries. It demands creating workplaces where professionals feel valued, supported, and inspired to contribute their best work. Such environments not only attract exceptional candidates but also foster the innovation and adaptability essential for long-term success in an evolving industry.

Key Takeaways

Today’s insurance job seekers prioritize more than just stability—they want employers who balance tradition with innovation while offering meaningful career growth opportunities.

• Flexible work arrangements are non-negotiable: 86% of insurance employees now work in-office three days or less, making flexibility essential for talent attraction and retention.

• Purpose-driven work matters most to younger candidates: 79% of Gen Z workers want greater purpose, yet only 34% believe insurance provides this meaningful impact.

• Career development trumps compensation alone: Companies with strong internal mobility retain employees 60% longer than those with limited advancement opportunities.

• Employer branding directly impacts recruitment costs: Organizations with strong employer brands see 50% lower recruitment costs and 28% higher retention rates.

• The industry faces a critical perception challenge: 61% of professionals view insurance as outdated, while 8 out of 10 Millennials have limited knowledge of career opportunities available.

The insurance industry’s future success depends on modernizing workplace culture, showcasing real-world impact, and creating personalized growth paths that appeal to today’s purpose-driven, flexibility-seeking workforce.

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