Insurance Industry Looking to Hire: Must-Have Qualifications to Nab the Job
Millennials appear to be put off by the insurance industry, mostly because majority of them think that it's a boring job that does not go well with their thirst for adventure and thrill. The industry, however, offers plenty of open positions.
Here are the important qualifications you need in order to nab a job in the insurance industry.
Brian Duperreault, CEO of Hamilton Insurance Group, is one of the pioneers of Insurance Careers Month. The industry-wide social media campaign was launched this month and is aimed to raise awareness about careers in insurance.
Duperreault said that in order to reach millennials, the industry "has to meet them where they are and understand what they care about. So they're trying to emphasize one aspect about the career -- service," NPR reported.
What They Are Looking For
NPR's Yu Sun Chin said that insurance agencies and companies are looking for new hires to cover emerging markets like drones and identity theft. This also includes writing code for programing and cybersecurity.
There aren't enough people in Generation X (those who are born from the early 1960s to the early 1980s) to fill the positions vacated by retiring employees. A quarter of current employees is retiring in the next three years, according to a study by McKinsey & Company.
"It's a problem that industry leaders are worried about. They'll have to fill at least 70,000 positions this year and next year, according to The Institutes, a group that helps train insurance workers," Chin said, as quoted in NPR's report.
Numerous agencies and companies are approaching high schools and colleges, such as Virginia Commonwealth University, to attract students into the insurance industry. It still struggles, though.
A 2015 industry survey indicated that only 4 percent of millennials interviewed were interested in pursuing insurance as a career. A campus recruiting manager from Liberty Mutual Insurance said that the industry "still isn't sending a clear enough message about what it exactly does or offers," NPR noted.
Since 2007, the benchmark qualifications within the insurance industry are the CIP (Certified Insurance Practitioner), ACII (Advanced Diploma in Insurance) diploma and QFA (Qualified Financial Adviser) diploma, the Abrivia Recruiment Agency listed.
All employees working in an advisory function inside the insurance industry were given a 4-year grace period to attain these qualifications. In December 2011, however, the Central Bank introduced MCM, or minimum competency requirements, which makes it difficult for employers to hire people who do not possess a CIP, ACII or QFA under their belts.
It's also important for those looking to work in the insurance industry to take advantage of the exam sittings, tutorials and study leaves offered to them.
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