According to the US Bureau of Labor Statistics, the number of insurance professionals aged 55 years and older has increased 74% in the last ten years. In next five years 25% will be at retirement age.
The bright side? In a time of continued economic uncertainty, the insurance industry has a great story to tell future recruits. According to the U.S. Bureau of Labor Statistics, the insurance industry employs 2.2 million workers, and that number is expected to grow with 200,000 new jobs by the year 2020. U.S. Department of Labor Occupational Outlook Handbook 2012-2013 predicted employment of insurance agents and actuaries will grow faster than average for all professions. Sales agents are expected to increase 22% from 2010 to 2020 and employment of actuaries is expected to grow by 27%.
A 2014 study of 300 employers conducted by internships.com and consulting firm Millennial Branding revealed 50% of employers are offering internships at the high school level. 60% agreed that students need to begin competing for internships at the high school level. 73% of these employers offer internships doing social media marketing projects, followed by data entry ( 41%) and administration work (36%). 45% of high school internships turn into full-time position with the employer.
InVEST continues broadening its outreach and developing content that appeals to Millennials. By expanding the number of high schools and colleges with InVEST programs, InVEST has made an important contribution to the U.S. insurance industry's future workforce.
Did You Know?
- InVEST works with 790 educators in 44 states. More than 29,000 students are learning about insurance and career opportunities this school year.
- 33% of the schools offering the InVEST program have a diverse or minority-based school populations.
- IIABA State Associations and Young Agents are getting involved. National African American Insurance Association (NAAIA) has made InVEST part of its strategic plan, has volunteers going into the classroom and have started new programs.
- Mini-Caliper profiles are offered to match students to their “dream job.” On the InVEST website, students can research a college where they can study insurance or look for internships or entry-level jobs.
InVEST is working with 91 colleges that offer insurance as certificate, associate or a four-year degree program. The InVEST high school program is a feeder system into the colleges and works closely with Gamma Iota Sigma.
In 2016, 79 students received InVEST scholarships totaling $73,500 to pursue insurance careers. In last ten years, InVEST has awarded a half million dollars to students.