Insurance agents and financial advisors may feel crushing pressure from changes in compensation models and insurance companies’ strategy.
Especially in the individual health insurance market, agents have been having a hard time persuading insurers to offer sales commissions, or even to pay the commissions already earned.
In spite of all that turmoil, from the perspective of a company that runs a job notice board for the insurance industry, the overall state of the U.S. insurance industry job market looks terrific.
(Related: 3 Opportunities in the Health Gap Market)
GreatInsuranceJobs.com, the Orlando, Florida-based jobs board company, recently conducted a telephone survey of 72 companies that are active in the insurance industry. Those insurers, distributors and plan administrators employ about 360,000 people, or about 10% of all U.S. workers.
Roger Lear, a recruiter who co-founded GreatInsuranceJobs.com, says the results show that, in spite of all of the upheaval and angst in some parts of the insurance industry, the industry as a whole as “a lot of jobs.”
In 2016, “almost all areas of the insurance industry increased their size,” Lear writes in a report on the survey findings.
The companies surveyed had 10,874 open jobs in February alone, or about one open job for every 36 employees, Lear says.
Here’s a look at four highlights from Lear’s report.
(Image: Bram Janssens/Hemera-Thinkstock)
1. The present looks good.
The share of participating employers that said they had current insurance job openings in February stood at 93%. That was up from 91% a year earlier, and it was the highest level GreatInsuranceJobs.com has recorded since 2009, when the firm began conducting the job outlook surveys.