X-ray of Employment in the Insurance Sector
How many people work in the insurance industry and thanks to it? What are the most demanded professional profiles? Do entities care about the training of their employees and collaborators? A recent study responds to these and other questions about employment in the insurance sector .
Employment in the sector insurer
The insurer is one of the sectors that has best withstood the rate in difficult times, as evidenced by the fact that its employment figures have remained stable over the last two decades. According to the “2017 We Are Safe” report of the Spanish Union of Insurance and Reinsurance Entities (Unespa) , the General Directorate of Insurance and Pension Funds (DGSFP) recorded in 2016 a total of 44,953 workers in the entities supervised by said body, which should be added the 3,371 employees of foreign insurers operating in Spain. Thus, the sector closed the year of 2016 with a total of 48,324 employees, a figure practically similar to that registered in 2015 (48,458).
But, as Pilar González de Frutos, president of Unespa, told the Xenasegur blog a year ago, the world of insurance is a leading generator of direct, indirect and induced employment. In this regard, the Active Population Survey (EPA) clarifies that in 2017 more than 142,000 people had an employment relationship with the insurance sector. Of them, more than half were women.
In the case of the latter, it should be noted that, little by little, their presence in senior management is increasing. In this sense, the percentage of women among the management of insurance companies was 14.7% in 2016, almost triple the 5.2% recorded in 2004. An upward and unstoppable trend for some insurance professionals . “I am convinced: before a decade, the number of women in management positions will have balanced with their global presence in the sector,” says Mónica Herrera, president of the Association of Insurance Mediators of Valencia , to the Xenasegur blog.
Returning to the comment of Pilar González de Frutos about the creation of direct, indirect and induced employment, the “We Are Safe 2017 Report” notes that the total number of people working thanks to the insurance industry “can not be estimated at less than 700,000 or 750,000 ” And remember that insurance generates a huge demand for services among all types of professionals: doctors, lawyers, mechanics, painters, plumbers, etc.
A stable and supportive sector
With regard to working conditions, the Unespa report shows that if the insurance sector is characterized by something, it is because of stability: in 2016, 96.04% of the employees of the insurance companies had an indefinite contract. And the low temporality that exists among the insuring personnel favors that the average age tends to be high: 14.5 years in men and 13.2 in women. Both figures are above those of other private sectors and are only exceeded by those registered in public administrations, education and health.
In addition, the insurance sector boasts a high level of compliance with legislation on hiring people with disabilities. At this point, it is worth remembering that the “General Law on the rights of persons with disabilities and their social inclusion” obliges companies of a certain scope to generate this type of employment.
In the insurance industry, more than 87% of companies have a worker with special needs. Specifically, 1.36% of the total workforce is made up of people with physical disabilities, while the percentage of employees with mental disabilities is 0.03%. And between effective hiring, commercial contracting of suppliers and donations or sponsorship actions, the world of insurance presents a compliance level of 2.77%, thus exceeding the threshold set by the aforementioned standard.
And in the salary chapter, the surveys of the National Institute of Statistics (INE) confirm that the insurer is one of the sectors that provides better economic conditions to its workers. The latter have an annual workday of 1,678 hours and an average of 25.59 days of vacation.
Professionals most in demand by the insurance sector
Another interesting contribution of the Unespa report is related to the new needs of the insurance industry, which, increasingly, requires innovative professional profiles, as we reflected in his day in the post “Professions insurance sector: the most demanded” . A reality that highlights that employment in the world of insurance is very dynamic. Among the professionals that are most attractive and useful to integrate into it are the following:
- Computer specialists specialized in object-oriented programming and databases and with the ability to work as a team.
- Economists trained in Business Administration and Management.
- Experts in Marketing and Advertising.
- Mathematicians and statisticians with knowledge in Big Data.
- Lawyers who, among other tasks, ensure regulatory compliance or “compliance” .
It is clear, then, that, in addition to being attractive, the insurance industry is a source of opportunities. The result is quality employment that facilitates professional development beyond the commercialization of insurance. From the completion of mining projects in complex data sets to the preparation of press releases for the media or contents for their dissemination in social networks, the tasks that contribute to position an insurer in the market are many and diverse .
The world of insurance invests in training
And once a worker joins an insurance company, the latter is responsible for keeping it trained. In this section, according to the report “The training of employees in the insurance sector. Year 2016 “of Cooperative Research between Insurance Entities and Pension Funds (ICEA) , 77% of Spanish insurers have their own training department dedicated to establishing priorities and programs that allow employees to enrich their knowledge.
More precisely, the specific study that insurers invest around 615 euros annually for each worker in training. And that in the year in which the report was prepared, almost 90% of the employees of the organizations consulted received some type of training. As regards the average time dedicated to this purpose, it was 40.6 hours.
But the training is not exclusive of the personnel of the insuring entities, since these, in addition, also take care of making it extendible to their more direct collaborators: the professionals of the mediation. About them, and using data provided by the DGSFP and estimates of this activity, in Spain there are about 120,000 people who, in one way or another, participate in the process of selling insurance.
And as far as their training is concerned, the insurance sector makes a great effort to train its agents. It is estimated that, annually, the world of insurance forms more than 9,000 employees, investing between 7,000 and 10,000 euros for each of them. A policy to which must be added the five-year career plans whose objective is to make it easier for the mediation professionals to consolidate a sufficient portfolio to support their entrepreneurial project.
For all the above, the insurance sector can sleep peacefully. In addition to registering stable employment figures without ups and downs, it helps hundreds of thousands of people to work thanks to their needs. And, as reflected in the report of Unespa, it is an industry in which women outnumber men, gaining presence, increasingly, in the managerial field.
Similarly, talking about the world of insurance is an integrating activity – as evidenced by its commitment to people with disabilities – dynamic – by demanding the most diverse professional profiles – and highly interested in training – both from its own employees and of your mediation collaborators-.