September 24, 2020
The Ten Hottest Insurance Jobs In 2020
by Chris Winterboer
Despite the 2020 roller coaster that is COVID-19 (which is not for the faint of heart), insurance companies and agencies are still actively engaged in the hiring process. We’re constantly asked, “What are you seeing out there for insurance job trends?” Well, a little bit of everything! From 100% work-at-home to producers, producers & more producers, insurance organizations are investing in experienced talent.
The Ten Hottest Insurance Jobs In 2020
- Personal Lines Account Manager
This has been a popular place for many retail agencies to turn to for growth in the midst of an otherwise stagnant market. Both traditional and HNW Personal Lines has been a segment to see activity this summer. There has been some turnover as well, which leads to the natural musical chairs that we typically see this time of year more predominantly in the commercial lines space.
- Benefits Technology Consultant
You knew I was going to throw in at least one technology-related role. This position has been critical for agencies as they try to navigate the new challenges of virtual enrollment, virtual doctor’s visits, online claims payment, and much more. Acting as the liaison between carriers, decision makers, and individual members, they provide technical support to ensure smooth relay of information in real time.
- External Wholesaler
While meeting in person is such a rarity these days, and historically this role thrived on F2F contact, the new world demands changes. Figuring out Zoom meetings, providing more subject matter expertise than ever before, and wondering what may happen with interest rates make this a challenging space for sure. Instead of seeking two-year guarantees and a little more bonus, these individuals will crave stability and security. Talent will be tough to find, but necessary to succeed.
- Sales Manager
Something that goes in and out of style is becoming more and more necessary to keep producers and sales talent on track. Pivoting to new forms of training, mentoring, recruiting and hiring will all fall on this person’s desk. Traditional methods may be thrown aside in the short term to really get out and motivate peak performance. Pricing will matter, but so will differentiation. Forward-thinking strategists will keep their sales’ teams at the front of the pack in the next 6-9 months.
- Operations Manager
Trust me, middle management is not going anywhere, even if the general economy struggles for a bit. More than ever there is need for streamlining processes, finding new models of efficiency, staying ahead of product trends, keeping client service teams on track, and watching over deliverables. If clients don’t get what they need in a moment’s notice, they will be susceptible to listening to other brokers.
- Remote Account Manager
You might say, “No, duh” at first glance but there is much more to this than meets the eye. What I am talking about is the very talented subset of Account Managers and senior level client service staff that want more of a challenge, but don’t want to move. This is not a temporary situation for these individuals. They could live in the Midwest but show enough wherewithal to support a book in the Southeast, Southwest, or Deep South. Location does not matter, salary may not be a main motivation, and this could broaden the talent pool for firms that can wrap their mind around the concept.
- Retirement Plan Consultant
With so many looming changes in this niche, more and more companies will need advice and guidance like never before. More than what a local firm can provide or wants to even attempt to support. Anyone with high level strategic client service and consultation background will be in high demand in the coming months.
- Marketing Manager/Representative
This is more specific to the commercial lines space than anything. Someone who understands the complexities of the Property & Casualty markets, can develop deep and lasting relationships with commercial underwriters, and savvy negotiators that can put their producers in the best spot possible to land new business in a market content to not make a move unless strongly convinced to do so. To be nimble and knowledgeable will definitely win some business.
- Commercial Lines Underwriter
Price is not everything, but it will be a top priority for companies looking to save a few dollars as they pinch budgets. It has been a rough stretch for many industries, so they will want to adjust coverage, pricing, programs, and more, without having too much exposure. There are new exposures too due to COVID, so these people will have to sharpen their pencils to stay on top of their game.
- Producer/Sales Rep
Remember the old game growing up called “Never ever have I ever…”? Well, never ever have I ever had a client say, “You know what, we just don’t need any new sales talent next year.” Now is ripe for picking in this arena as every insurance agency and broker are treating their sales teams differently. Some are making necessary cuts, some are watching revenue projections more closely than ever and some are flat out having a tough time adjusting to this new normal. There will be opportunity out there for firms that want to buck the status quo and really focus on growing in 2021 and beyond. We are here to help you target, source, vet and eventually hire the impactful producers that your team so desperately wants.
As you review this list, do you find similarities to your situation or stark differences? I truly believe this list will evolve and grow throughout 2021. We are bound to get to the other side of the pandemic, the economy will be robust again and there will be two groups of companies out there. The first is the group that perseveres, rolls with the punches and tries to stay innovative in a down time. The other is the group that tried to coast through the past 6-9 months hoping things would just eventually get better. Because this group didn’t plan ahead, they will be behind the eight-ball when things really do get better.
We can help you through staffing needs to keep you current and ahead of your competition. Please call us any time for guidance, strategic discussions, and competitive intelligence to get you to a better place in the weeks and months to come!