[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.]
Every year on the first Monday in September, America honors its workforce. As we approach Labor Day, it’s a good time to reflect on one of the bedrocks of the American economy, the insurance industry.
The insurance industry provides millions of job opportunities throughout the country in a variety of different settings.
Specifically, insurers employ 2.8 million individuals in all their branches – roughly 1.6 million insurance home-office personnel (349,700 in life insurance) and 1.2 million insurance agents, brokers, and service personnel. These jobs are in all 50 states and the District of Columbia.
Many of the career paths found within the industry are specific to insurance, including actuaries, underwriters, and claims adjusters. Other fields like human resources, sales, legal and compliance, marketing, customer service, and communications provide more general opportunities, with some unique insurance specific components. Numerous opportunities exist for individuals with high school diplomas, as well as college and advanced degrees.
Employers within the industry primarily include large and small insurance companies. Other employers include, among others, regulatory agencies, trade associations, fraternal benefit societies, reinsurance companies, and independent agencies.
The insurance industry not only provides job opportunities, but also supports its employees throughout their careers. This includes adopting numerous supportive measures during the COVID-19 pandemic and addressing systemic racial injustices.
The insurance industry stands committed to fostering diversity and inclusion for our employees and America’s workforce. Building a diverse and inclusive profession is essential for insurers’ success in the 21st century. It will help insurers reach more underserved markets, which, in turn, can lead to additional employment opportunities.
Kristin Abbott was Counsel at the American Council of Life Insurers (ACLI). Her responsibilities included, among other things, co-staffing the privacy and global risk management committees.
