Focusing on career opportunities in insurance

Transcription:

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Patti Harman (00:06):

It is no secret that there is a talent shortage in the insurance industry. According to the U.S. Bureau of Labor Statistics, approximately 400,000 insurance professionals are expected to retire by 2026. Think about that. That’s just two years away. Insurance, and I’m talking about coverage, job opportunities, and the use of technology in all aspects of business, have changed considerably over the last two decades, but the public perception has not evolved with the industry. Discussing career possibilities in the insurance industry is one of my favorite topics because there are so many options and far more opportunities than most people realize. Joining me today to discuss finding and attracting talent, career opportunities in the industry and what she sees for the future is Amy Cooper, vice president of Carrier Practice Sales for Gallagher Bassett. In 2017, Amy launched a young professionals group, Rising Insurance Star Executives or RISE, to help bridge the talent gap in the insurance industry. RISE recognizes rising stars in the insurance industry, provides mentorships and internships, hosts monthly webinars, and offers scholarships for young professionals that allow them to attend industry conferences and events and kind of get an inside picture on what’s going on in the industry. So thank you so much for joining us today, Amy.

Amy Cooper (01:37):

Yes, thank you, Patti, for having me. I’m happy to be here.

Patti Harman (01:40):

So I mentioned that you started RISE several years ago. Can you give us some background on the organization for our listeners? What prompted you to start it, your primary focus, and why do you think it’s resonating with the industry?

Amy Cooper (01:55):

Of course. So I started it when I was getting started in insurance. I was with a legal tech startup that had pivoted over into the insurance industry and people were talking about this talent gap that was coming in five years that we’re living in. So I started looking around for other young professionals and I had chaired a young professionals group in my prior industry. So I started looking for one, couldn’t find one. So I started RISE and that was it at its core. And then it’s grown, of course, into being a whole full-blown insurance community that’s all about helping early career professionals. So it’s grown into a lot more than what it started as it got over 5,000 members. And I think that the insurance industry is still looking to find ways to attract people and RISE’s mission at its core is how do we help attract and how do we help promote the rising stars of our industry?

Patti Harman (02:53):

Wow, 5,000 members. That’s just amazing to me. Why do you think you’ve seen such phenomenal growth then both with the organization and at your annual event?

Amy Cooper (03:04):

Well, I think that we do have really great people in the industry, and so we’re finding them and we’re giving them opportunities to take on leadership positions. And I think that the more that we are doing in the industry, the more people hear about us. It’s all been very organic, but I think that companies are now, we have so many companies involved. Companies are now supporting their folks to join. So that’s a big push. And then I think that people, as they’re growing in their careers, they’re looking behind them and saying, okay, how can I bring more people with me? So they’re telling more people, they’re mentoring and the group’s just seeing great growth from that

Patti Harman (03:49):

Insurance has always been so relationship driven. So I think that’s an important part of the organic growth process. If somebody says, Hey, come with me or come learn about this, or I was here and we were talking about this, and it’s interesting you said that when you were first starting out, you were looking for an organization. I’ve been covering the insurance industry for probably for well over 20 years, and when I first started covering it, then they were like, oh, you have to talk about the talent gap. And here I am two decades later, it’s like people, it’s still an issue only now it’s really a big issue. Why is it important for the insurance industry to highlight the multitude of jobs that the industry provides?

Amy Cooper (04:33):

Well, I think that the number one thing that anyone’s looking for, but especially our young professional, is looking for growth opportunity. So to be able to showcase all the different opportunities that we have shows that you have the ability to grow and change throughout your career and that you can pick different things. You don’t necessarily have to be pigeonholed. People hear insurance and they think I’m have to go sell insurance, but that’s not at all the case as all of us know that are in it in very interesting jobs. So showcasing the multitude of jobs really shows that there is this unlimited opportunity for you to come in and try different things and move around and change until you find what you’re good at and what you’re passionate and what you like.

Patti Harman (05:21):

Do you think people’s perceptions, especially those of young professionals have changed at all in the last five to seven years? Or is the industry still battling that perception that insurance isn’t a relevant career choice even in 2024?

Amy Cooper (05:38):

I would love to say that it’s changed, but I don’t think we’ve made significant progress. I think we’ve made some, and you can tell because you can tell by the number of risk management programs that have started in different colleges and universities. Five, seven years ago it was still almost unheard of. And now we’ve got dozens across the country that are forming and a lot of that is driven by our industry. I know that there’s different insurance carriers that have sponsored programs at their local colleges and universities. So I think that that is the progress that we’ve made, but I think the perception is still something that we need to overcome. And until we have a blockbuster film that portrays insurance as anything other than that boring adjuster, then I think we still continue to battle it.

Patti Harman (06:30):

Yes, that’s true that that would certainly change people’s perceptions. Do you think that the industry’s adoption of technology is helping to change some of those perceptions a little bit. I mean, it’s a little scary to think that we’re up against the Amazons and some of the other major technology companies in the insurance space. I mean, we’re really trying to make that transition to tech. Has that changed the perceptions at all though?

Amy Cooper (07:02):

I think it helps. I think it’s more of an assumption or we definitely need this, so if we didn’t do it, it would hurt us. I think that it helps just in the sense that if we are hiring young people and they come in and they’re working with paper files, they’re not lasting more than a day, but if they came in and they saw, Hey, look at this cool new drone that I get to use to make inspections, or Hey, look at this cool new technology. My company’s embraced AI, it’s making my life easier, my daily tasks, I’m able to leverage this technology. It’ll definitely help us retain talent. And sometimes with the technology, it’s not even always about the actual technology itself. It’s more about the fact that people can see that companies are investing and that there is going to be continual growth and opportunity in future for them because of the investment that is being made.

Patti Harman (08:06):

Yeah, that’s really true. They can see a pathway and they can see that there are future opportunities, that they’re not here right this minute and where you want them to be. They’re definitely coming and they are working towards that. One of the things that’s been important to both of us I think, is giving women a voice in the insurance industry and in business as well. As you talk to young women both inside and outside of the insurance industry, what do they see as their greatest career challenges?

Amy Cooper (08:36):

I think that there’s been, again, really good progress in this area in terms of more than 50% of our workforce is now women in the insurance industry. I think that’s great. I think the disparity is still when we get up into the upper ranks and you’re looking for someone that looks like you, so you’re looking for women in the c-suite. I know I could name at least a dozen new named female CEOs in the last couple of years. So I think we’re making great progress there and we’re creating those role models. But I think that the greatest challenges that women think that they’re still facing, it has to do more around equality when it comes to, I getting support for home life or parental leave or those types of things. There’s still some, I guess, challenges when it comes to what’s expected of someone if they go on maternity leave, if they’re coming back, and what the perception is of their commitment to work around what they do with their personal life versus their male counterparts. So I think that that piece of the puzzle even, and I mentioned maternity leave, but it’s other family responsibilities too. If you have an elder parent, more of that tends to fall on the women. And so their ability to still show commitment, get promotions and move up based around family commitments, I think is still a challenge.

Patti Harman (10:11):

Yes, I can totally see that. What do you think excites women today about the possibility of choosing a career in insurance though?

Amy Cooper (10:21):

Well, I do think that more than many other companies, we are at least as focused on trying to make changes. And I could name several companies that have made significant strides in that area. I know that Beasley just did a six- month parental leave. That was really helpful. And seeing companies that are making those types of changes and moves shows that our industry is going to be a great place for women to work. And I think it is currently, it’s just more about showing that we’re making the changes and putting in the effort. And so for anyone who’s looking to start a career, sometimes it’s just about finding the right culture. And I think that insurance as a whole is becoming more inclusive and it’s a good place and it

Patti Harman (11:15):

Kind of helps as we’re all trying to get kind of a better work-life balance. And as hard as the pandemic was for everyone, I think that the insurance industry pivoted considerably. And I think that it helped give us some insight into we really are parents and we are adults taking care of adult parents, and we have this plethora of responsibilities outside of our day to, and I think that just makes it a little bit more apparent, makes us more human, and those are the realities that we live in today. And so for carriers that take that into consideration, that makes a huge difference. What do you think carriers, agents and brokers can do that will help pull more young professionals into the insurance industry?

Amy Cooper (12:07):

There’s a lot that maybe there’s a couple of ideas. It is more along the lines of focusing on showcasing the right types of stories. So everyone really responds well to a good story. And I think that the story that the insurance industry tells could use a little bit of work, but showcasing the people that they internally promote, cultures that they have, showing the younger brokers, whoever it is, if they can see that there’s a path for them inside your company to move up again, back to that growth opportunity, that’s really where that attraction will come. They can see that we’re doing good in the industry, that there’s growth for them and opportunity, and that the culture is going to be one that’s going to fit what they’re looking for. There’s so many companies out there, and I’ll hear from someone that goes, we always hire an outside person to fill these senior roles we’re not promoting from within, and that type of culture is not necessarily that attractive for a young person who’s looking to move up. So just thinking about what types of stories you’re telling and telling the good ones and making sure that you’re considering your internal candidates as well.

Patti Harman (13:26):

Yes, very true. Again, it goes to that job growth opportunity, and so if you want to retain your employees and the cost of bringing in somebody new and acclimating them to a new environment and possibly even a new industry is going to be substantial. So it does make sense to promote from within. What opportunities are you seeing for individuals who might consider a career in insurance, whether they’re young professionals that are just getting out of college or they’ve been maybe at their first or second job and they’re like, I want something different. What opportunities do you see for them? What should they be looking for or why should they consider this industry?

Amy Cooper (14:07):

Well, it’s almost like an answer to the question you just asked too is that more and more companies are coming out with these rotational developmental programs and they’re almost like for newer associate, you can do this rotational program. And it’s more like these trainee type of build your own talent programs that we’ve gone back to that I think we had maybe 10, 15 years ago. And then had gotten away from as an industry, I can think of several really great examples. I know that even just outside of the internship world, Tokyo Marine does a really great program and people get to rotate through these different departments of the company and then they eventually get placed there. Stuff like that, that is really impactful. If I was a young person, I was just starting again, I would look for one of those programs where I would get a taste of the industry and get to figure out where my skills could be best used.

(15:11):

And then outside of those really great programs, there’s also, if you know what area you’re good at, Hey, I’m good with tech, or Hey, I really like math, then you can figure out that there are some new or types of jobs with data, being an analyst, getting into leveraging some of the new AI technologies, leveraging some of the new working with InsurTechs, if you’re really good with people working in marketing and insurance can be really fun. There are some cool new products. Every time I look, the MGA sector is getting bigger and there’s new MGAs and programs spinning up. So finding out which part of the industry has a piece of your passion, even if it’s like bars and restaurants and golf courses, well, hey, I bet there’s a program out there and an MGA working on that, so you can go find it. It doesn’t have to be boring.

Patti Harman (16:16):

I agree. And that’s what I keep trying to tell people, and I’m talking to my friends and they’re like, there she goes again, and their eyes glaze over. I’m like, no, you don’t understand. There are so many different aspects to this industry, and I think a lot of people think, oh, I’m just going to be working in a call center taking calls from customers, and there’s just so much more to that. So I’m excited that you’re doing so much to help people see that, hey, there’s way more here.

Patti Harman (16:44):

And you’ve been working with the industry for some time. So what excites you the most about some of the changes that you’ve seen over the last couple of years?

Amy Cooper (16:54):

Well, so I love what I do with Gallagher Bassett. I do love their culture, and so I love what I’ve found and I want to help other people find that. But some of the exciting things that we’ve done recently is, okay, we’ve embraced AI and we even have Gallagher AI, and it’s using it to help make your job easier. And I use it every day, just like can’t necessarily use chat GPT for confidential stuff, but we’ve got our internal way and just the way that they’ve embraced each change in every technological advance. It has been exciting for me, but I go to a lot of conferences. I’m guess I’m blessed that way that I get to do that and I see all of these new programs that come out and all of the new InsurTechs and you think about how it’s actually helping serve communities that may not have been served before, how it’s helping businesses start up that wouldn’t have been able to get insurance, and then some of theses InsurTechs that are bringing ease and speed to the industry and actually making it better for the consumer that doesn’t have the best thoughts about insurance, but now we’re going to make it easy for them and maybe make it better.

(18:13):

I think it’s a very exciting place to be. And then you also take a look at the amount of investment dollars coming into our industry, and you’re like, okay, we’re not going anywhere. This is a good place to be, a good place to invest my personal time.

Patti Harman (18:28):

Yes, we cover the intersection between technology and insurance here at Digital Insurance, and it’s been amazing to me to see what a difference it’s made in different areas. We just read an article on microinsurance and how it’s being used in other parts of the globe to serve underserved and under-resourced different communities. It’s like, that’s the story I want to tell. That’s a good use of insurance, and it shows what a difference it can make. So we’ve covered a lot over the last couple of minutes. Is there anything that I haven’t asked you that you think is really important for our listeners to know, whether it’s about recruiting talent or for people to know if they’re considering a job in some aspect of the insurance industry?

Amy Cooper (19:17):

Well, the one thing that we didn’t really talk about at all was mentorship. So if you were considering a job in insurance and you weren’t sure, you’re just getting started, I would definitely suggest seeking out a mentor and a shameless plug RISE has a mentorship program you can join and it doesn’t cost anything. Just go sign up, get paired with someone and you can do that. And then for those that are looking to recruit talent, I think just figuring out your best story and then maybe sharing that. And if you’ve had mentors in the past, give back and become a mentor, give back to that industry and find ways to invest back in. And RISE has several ways to do that. So there’s my plug for RISE.

Patti Harman (20:04):

I agree with you on the importance of mentorship. I’ve been a mentor in different capacities for years, and I think a lot of times sometimes people are intimidated about being a mentor because they think, oh, I need to know everything and I need to always have an answer. And that’s not the case. The other thing is that that is a very enriching relationship because it’s so much of a give and take, and I think there are just tremendous bonds that are forged when you are in that mentor-mentee relationship, and they transcend way beyond whatever the length of that relationship is. I have people that I mentored that I have now known since they were in college and we’re talking, that was 30 years ago. So that’s why when you’re talking about the importance of that, I totally, I can totally see that. So thank you so much for joining us today, Amy. Thank you to our audience for listening to the Dig in podcast. I produced this episode with audio production by Adnan Khan. Please rate us, review us and subscribe to our content at www.digin.com/subscribe From Digital Insurance, I’m Patty Harman, and thank you for listening.