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? The insurance industry has a great story to tell future recruits. It employs 2.2 million workers, and that number is expected to grow with 200,000 new jobs by the year 2020. The U.S. Department of Labor predicts employment of insurance agents and actuaries will grow faster than average for all professions. Sales agents are expected to increase 22% in the next 10 years and employment of actuaries is expected to grow by 27%.
A study of 300 employers conducted by a consulting firm revealed almost 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 (40%) and administration work (36%). And 45% of high school internships turn into full-time position with the employer.
InVEST continues to broaden its outreach and develop content that appeals to both Millennials and GenZ. By expanding the number of high schools and community colleges with InVEST programs, we are making an important contribution to the U.S. insurance industry's future workforce.
Did You Know?
- InVEST works with over 890 programs in 44 states. More than 31,000 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 over 90 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 2018, 46 students received InVEST scholarships totaling $62,500 to pursue insurance careers. In last ten years, InVEST has awarded $500,000 to students.