Insurance Careers Outlook
The U.S. Department of Labor projects that employment in the insurance industry will increase 10 percent between 2004 and 2014, more slowly than the 14 percent average for all industries combined. Medical service and health insurance is the fastest growing segment in the industry. The demand for auto and homeowners insurance should continue to rise, but job growth for certain professional, clerical, and sales jobs will be limited by downsizing, computerization, and a trend toward direct mail and telephone sales.
As the population ages, more people are expected to buy health and long-term care insurance as well as annuities and other types of pension products. In order to stay competitive, an increasing number of insurance agents and brokers will offer comprehensive financial planning services as well as multiline products.
Many insurance companies are aggressively expanding into the international market, especially into Asia, southern Europe, and Latin America.
The insurance industry is increasingly using the Internet as an effective marketing tool. Clients are now able to use the Internet to find information on their policies, to compare rates and obtain quotes, and to submit claims. While online access can reduce costs for insurance companies, it also can mean fewer employment opportunities for sales agents, particularly agents who sell auto insurance.
Related Career Fields:
Related Career Cluster:
- Accountant and Auditor Career
- Financial Institution Officers and Managers
- Forensic Accountants and Auditors
- Insurance Claims Representatives
- Insurance Policy Processing Workers
- Insurance Underwriters
- Life Insurance Agents and Brokers
- Property and Casualty Insurance Agents and Brokers
- Risk Managers