Is Now a Good Time to Get Into Insurance?

June 06, 2024

Maybe you’re a teacher facing a layoff, a veteran retiring from the military or a travel agent worried that AI is going to derail your industry. Finding another position might be challenging, and you might face a lot of competition or move into an industry heading toward a decline.

You may be considering changing to another field and thinking about the insurance industry. There are lots of reasons why working in insurance can be appealing. It’s a stable field with lots of opportunities, and many people have the skills they need to succeed. Here’s what to know. 

The Insurance Industry Is Stable and Growing

Why work in insurance? Stability is a great reason. Whether the economy is strong or struggling, people need to protect their homes, vehicles, health, loved ones and more.

In a lot of industries, you’re at risk of losing your job if there’s an economic downturn, or even if your employer loses a big client. That may be less likely in the insurance industry — people may rely on the protection they get from insurance even more during tough times.

The insurance industry is expected to be strong. Swiss Re Institute predicts a return on equity of 9.5% for 2024 and 10.0% in 2025. So, if you change direction and move into the insurance industry, you’re joining a field with strong long term growth potential. 

There Are Solid Opportunities in Insurance

According to Jacobson, unemployment was just 2.1% in the insurance industry in late 2023, which is well below the overall U.S. rate of 3.7%. So, if you’re thinking about how to get into the insurance business, you may face less competition than you would in other fields.

As older insurance agents retire, new agents need to take their place. The U.S. Bureau of Labor Statistics expects 48,300 openings for insurance professionals each year through 2032 and job outlooks to grow 8% over the same period, faster than average. 

You May Already Have the Skills Needed to Work in Insurance

Insurance agents need to be driven, determined and hard-working. Insurance is an industry that’s constantly changing, so to be a good agent, you need to enjoy learning no matter how old you are or what stage of life you’re in.

You’ll need a passion for connecting with and supporting your community because your client/members will be your neighbors and friends. You’ll also need strong communication and customer service skills to talk to your client/members, find out what they need and share the solutions that work best for them.

The good news is you don’t need insurance experience to thrive in the industry. At Farm Bureau, we have an onboarding and training program designed to help you succeed. And, if you’re not sure the move is right for you, you can give it a test run without leaving your current employer by participating in our Developing Agent Program.

People in fields ranging from teaching to the military to travel have the skill set needed to be successful in the insurance industry. 

Connect With Farm Bureau to Learn More

Insurance is a field where you can earn a competitive income, balance your work and your life by managing your own schedule and make an impact on your community and the people you care about.

Get in touch to talk about opportunities and next steps at Farm Bureau.