The insurance industry is getting younger.
It is the face of the millennial generation, a cohort between 17 and 32 years of age who are entering the workforce in a much different way than previous generations. The millennials are eager, technologically savvy, seek variety in work tasks, and are skilled networkers with experience.
Over the past six years, the insurance industry says it has invested a great deal to attract this younger generation into careers in this field. According to the most recent Demographic Research Study conducted by The Insurance Institute of Canada, the industry's work force has jumped from 12% to 27% in the millennial age category. In contrast during the same five year period, just 37% of the industry fit into the 46-to-65 age category, down from 49% in 2007.
Part of this shift can be attributed to an increase in universities and colleges offering full-time courses and programs that count towards the industry's recognized professional designation CIP, the chartered insurance professional. Eight universities and colleges now offer full-time insurance programs, offering a career path for hundreds of young people who are eager to learn and earn their credentials.
Programs such as the General Insurance and Risk Management diploma, offered by the British Columbia Institute of Technology (BCIT), offer specialized insurance training that simultaneously count towards a CIP designation.
More young professionals are seeking out careers in insurance based on the appeal to a wide variety of skills and interests. Individuals come from many backgrounds, making it no surprise that the industry boasts a nearly 90 %job satisfaction rating.
