9Insurance Business ReviewNOVEMBER 2024inaccuracies can be changed in time, but other obstacles are far less likely to be solved. Ultimately, we sell and advise on a product that the vast majority of buyers will never use and, therefore, do not see any direct return on the value of the premiums paid. When I was a new finance graduate, everyone wanted a job in investment banking. Compensation potential was a key driver. However, what many did not realize, myself included, was that in that subset of the financial services industry, most are making substantially less on an hourly basis and doing less interesting work after a year or two than if you went down the less flashy path of insurance.The issues surrounding our industry's succession are well documented ­ the U.S. has about 10 years remaining to replace 400,000 jobs with less than 25 percent of the industry under the age of 35. Canada is not doing any better on a relative basis. Yet, this problem can also be considered an opportunity for new entrants to our great industry, whether new graduates starting their careers or those reskilling from another industry. We need as many people as possible to fill the workplace gap and use new technology/AI to alleviate administrative pain. No one solution will fix the problems, but we need to start somewhere. No matter what you're interested in, it can be found in insurance! Here's a great example: if you love sports, there is insurance for sports teams and sports facilities, protecting companies from financial consequences if a pro player gets injured, and protecting players' contracts from adverse tax consequences, just to name a few. Our industry has so much to offer. It is dynamic, purpose-filled, and interesting ­all while providing social good. We need to communicate this opportunity to bring a new diversity of backgrounds, experiences and cultures into the industry to build a more resilient sector for the future. Diversity leads to differing opinions, which means better and more balanced business perspectives and decisions. Whether you move into underwriting, brokerage, legal, IT, etc., the insurance industry is at the intersection of worldwide technological change, risk/data analytics and innovation. It is a career that offers stability and unlimited income potential in many roles and is a growing sector with constantly changing client needs, all leading to success. No matter what you're interested in, it can be found in insurance
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