2016 – An Impact Year for the Insurance Industry

Blog, Insurance

2016 looms to be a banner year for the insurance industry in Ohio. A 2009 study showed that 58% of Ohio college students surveyed, plan to leave the state shortly after finishing college. Limiting the exodus of our best and brightest graduates is a top concern. The insurance industry provides many viable options, including jobs in risk management and marketing. These jobs offer a good work-life balance, intellectual and professional development opportunities and positive social relevance qualities that are often sought out by jobseekers.

According to the Ohio Department of Development, Ohio is a leading insurance location, with 256 insurance companies located in the state, with more than 100,000 insurance employees ranking seventh in the country in industry employment. The sector is strong, dynamic and growing. By 2016, Ohio’s insurance industry workforce is projected to grow by 7.1% according to the Ohio Department of Job and Family Services 2016 job outlook. Market research projects that the Ohio insurance industry will need nearly 17,000 more professionals by 2016 growing to 26,000 by 2020. As the industry continues to grow, so does the demand for skilled and educated employees.

Companies and insurance agencies are looking for people in the sales position, underwriting, claims adjusting, marketing and finance. The finance and insurance industry average annual pay in 2005 was $44,079 and is projected to grow by 2016 to $56,864. With the passage of the Affordable Care Act and its implementation in 2014, the Ohio Department of Insurance created two new insurance positions of “Navigator” and “In Person-Assister” to help fill the growing need of assisting consumers in obtaining health insurance.

Obtaining an insurance license is not only a major door opener in the job process but also makes the candidate a more marketable commodity within the industry. Licensing is available in Life and Annuities, Accident and Health, Property and Casualty and Personal Lines insurance. Investment and Securities licenses, Series 6 and 7, expand the capabilities of the person in the finance industry. Hondros College of Business offers the pre-licensing education requirements plus study tools for exam preparation for these various licenses with most courses designed to be completed within one week! A candidate could prepare, study, pass the exam, and be licensed in less than 30 days and on their way to securing a position in this growing industry.

We want to help you achieve one of these 17,000 career opportunities in 2016!!

Learn more about completing your insurance education with Hondros College of Business here.