Three steps to bridge the insurance skills gap in 2020

When job searching, many millennials and Generation Zers look for companies that offer career advancement and learning opportunities. (Photo: Fotolia)

Within the Insurance industry, there are many paths professionals have the opportunity to explore. From actuaries to underwriters, the insurance industry provides young professionals with a wide range of career paths. In fact, according to the U.S. Bureau of Labor Statistics, as of January 2020, the unemployment rate for the insurance industry is 2.9%, meaning the industry is ripe for new talent.

However, with baby boomers set to retire and new generations entering the workforce, only 4% of millennials are interested in working in the insurance industry. In addition, according to a recent survey, only 16% of respondents think there will be enough graduates to fill open positions in risk management by 2025. Younger generations tend to have a negative perception of the industry due to its slow adoption of technology and their overall lack of knowledge about opportunities and careers within the industry.