Following are excerpts from an AM Best interview with Jill Mraz, Business Development Executive at Munich Re US.

Jill Mraz said the company is looking to spread the word about insurance careers “starting young and expanding the concept of Take Your Child to Work Day by including children, other than a son or daughter, with a relationship to the employee. We don’t stop there and in fact offer programs at key stages of a person’s life, such as high school, college, graduate, entry career and mid-career levels, to attract and maintain key insurance talent.”

What does the insurance job market look like? 

According to the U.S. Bureau of Labor Statistics, research predicts that positions for insurance professionals will likely grow by 6% from 2021 to 2031. That translates to about 33,000 new jobs per year. There’s so much opportunity right now, and that’s the good news. The bad news is that there are many individuals in the industry who are retiring. There are about 400,000 individuals who will be retiring in the upcoming years. That is a significant shortage for this landscape, and it is a concern. A recent survey by The Institutes reports eight in ten millennials have limited knowledge of our industry. To me, this is a meaningful opportunity that we must take advantage of.

What opportunities do you see in the industry? 

Let me answer that with a story. My niece is a senior in high school, and she was deciding which college to attend and what major she should pursue. She asked me, “What do you do? You’re always in a suit. Are you a lawyer?” I said, “Interestingly enough, I’m in reinsurance. Is it something you would ever consider?” She asked, “What is it?” I explained the purpose of reinsurance and how there are endless opportunities in this field. I mentioned that regardless of what your major may be, or what you’re looking to do in the future, there’s a potential role for you in the industry. It’s fascinating to me, and I get excited and passionate about it because you can have a diverse background and be integrated in this industry very seamlessly.

How can the industry engage future talent? 

As an industry leader, Munich Re strives to educate future talent about the positive impact our industry has on society. We develop educational programs that start at a very early age. We target a diverse talent group on a global scale. We also offer opportunities and benefits that make the industry attractive and emphasize that this is an industry you would want to pursue as a long-term career.

What types of programs does Munich Re offer? 

We have programs like “Dare to Dream” internships that provide hands-on opportunities for young, diverse members of our communities to learn about careers within the insurance industry and that help them build skills for the future. We also offer job shadowing programs. We welcome high school seniors to shadow an individual for a few weeks. Beyond that, we have a phenomenal Summer Leadership Development Program. It’s similar to an internship, where we take a handful of students to develop leadership skills and collaborate with our experts from all disciplines and backgrounds to find answers to today’s most pressing issues. After college, we have an international graduate trainee program. It gives individuals a two-year global experience in a variety of roles. Recently, we conducted a talent exchange with mid-level employees who demonstrate leadership potential from other industry organizations. The purpose of this exchange is twofold. One is to have individuals understand the intricate workings of what a reinsurer does and two, network with reinsurance leaders. The feedback for this talent exchange was phenomenal. Finally, we have an advanced program. This is an intense six-week leadership training held annually in Munich, for high-potential individuals from client companies around the globe. This is considered a “mini-masters” program on insurance/reinsurance issues.

Watch Jill’s entire interview with AM Best’s John Weber.