As Insurance Market Shifts, Job Opportunities Shift

Lucas Group, a company in professional recruiting, reports career opportunities in the insurance industry are increasing in core product and business lines, as well as product management

The industry as a whole has focused its attention away from niche products, which are considered riskier classes of business, and with the shift in focus comes a shift in employment opportunities.

ìWhat we currently see in the industry is a shortage of qualified talent,î said Scott Faurot, managing partner and insurance search consultant for Lucas Group, San Diego. ìCompanies have been reluctant to train entry-level staff on underwriting basics, claims and business development. Ten years ago, training was critical to the successes of these departments, but training programs were cut when budgets were slashed. Because they are difficult to find, the most valuable candidates are those with a well-trained, well-rounded knowledge of all core insurance products.î

Additionally, marketing, business development and product management positions are in demand. With the creation of new products, coverage and solutions comes specific needs.

ìThe use of new analytic and segmentation tools coupled with new methodologies lead to new opportunities in traditional careers and emerging careers, such as product management,î said Ed Felice, managing partner and insurance search consultant for Lucas Group, Chicago. ìInsurance companies now offer more extensive careers in product development, pricing, underwriting, claims, customer retention, marketing and more, which require enhanced analytical, financial and product skills sets.î