Insurance Pros Have Many Employers, Poll Finds

An insurance career survey of underwriters has found that, among industry veterans, more than 70 percent have experienced an involuntary change in employment.

The findings were contained in a Web poll by the Chartered Property Casualty Underwriters (CPCU) Society. Of 171 members who were surveyed, 45 percent had more than 30 years of industry experience, CPCU, said.

CPCU found that respondents who have been in the industry longer are more likely to have been impacted by mergers and acquisitions, downsizings, and office relocations, with 72 percent of those in the business for more than 30 years experiencing an involuntary change in employment.

Overall, 94 percent said they have changed jobs at least once to improve their job situations, and 58 percent reported experiencing an involuntary change of employers in the course of their careers, according to the survey.

CPCU members in the poll rated continuing education in technical insurance subjects as the most valuable tool available for advancing their careers and minimizing the impact of involuntary career changes. Sixty-six percent rated continuing technical education as "very helpful,"

Of those CPCU Society members who have worked for only one employer, more than one-half attributed their loyalty to positive career factors--attractive advancement opportunities, 61 percent; job security, 59 percent; good compensation and a culture with values consistent with the respondent's 57 percent; good benefits, 52 percent, and an attractive work-life balance, 50 percent.

Support for professional development and a challenging position (each 41 percent) contribute moderately to the decision to stay with one employer, as does freedom and autonomy in achieving one's goals, the survey found.

Overall, 29 percent of respondents listed five or more employers on their insurance resumes. Members with more experience in the industry have changed employers more often, with 40 percent reporting more than five different insurance employers over their careers.

CPCU said members with up to 20 years of property-casualty insurance experience are also mobile, with 29 percent reporting four different employers during their tenure in the industry.

Typically, the poll found that respondents spent between three and five years (34 percent) or between six and 10 years (30 percent) with an employer. However, more than one-half of Society members, 54 percent, who have spent 20 years or less in the business typically stay less than five years with any one employer, according to the poll.

Two-thirds of CPCU members said they consider their current employer to be "very supportive" of their efforts to develop their professional and career skills, and an additional 23 percent rated their employer as "somewhat supportive."

When asked their likely reaction if their employer significantly cut back on support for professional development, a majority of the group, 40 percent, said they would possibly change career plans while 12 percent said they would definitely change plans.