Why Gen Z Swipes Left on Claims Jobs
A couple months ago, I had the opportunity to speak to a group of future insurance unicorns.
What are insurance unicorns, you ask? These are folks who have a college degree in insurance and risk management. I’m starting to see more universities offer a degree program in this field, and that’s great news! Historically, a career in insurance was like going to Denny’s.
No one plans on going to Denny’s. They just end up at Denny’s.
Cal State Fullerton hosts an annual iDay event through their School of Risk Management and Insurance. The iDay event allows students to meet insurance professionals and learn about different career paths in the field. I spoke to one of the students who mentioned that he had interned with a TPA and had the opportunity to handle workers’ comp claims.
“Wow, that’s great!,” I exclaimed. “I actually started my career as a work comp claims adjuster! What did you think?”
He replied, “Um, I don’t think it’s for me. I was so overwhelmed, and I couldn’t keep up. The injured workers were always upset with me. I switched my internship to a brokerage and I think I want to be a producer instead.”
Another one bites the dust.
No shade to producers. We need you guys too. But we really need claims adjusters. So what happened, you ask? Why did a bright young student drop claims so quickly? I asked him a little more about his internship. He said they gave him a full caseload: 150 indemnity claims.
Specifically, first responder indemnity claims.
For the uninitiated: first responder claims are workers’ comp claims for police and firefighters. These are tough claims, both because the cause of injuries can often be traumatic, and because they follow specific presumption laws which require expertise.
WHY would we do this to an INTERN if our goal is to recruit more professionals into the claims field? We basically threw him into the deep end of the pool with no floaties, and then act surprised when he decided to never go swimming again.
Sadly, this isn’t the first time I have heard a similar story from a student studying insurance. From what I hear, the claims field seems to be the least sought after career path among insurance students. Providing internships to the next generation is a huge responsibility, and our opportunity to showcase the nobility of claims work. Claims professionals are helping people navigate life changing events, and we should be demonstrating this impact to students in our internship programs. We shouldn’t be using it just to fill a vacant desk, which is what happened to this young student.
I won’t name the TPA in question. To quote my mom, I’m not mad, I’m just disappointed.
Gen Z is interested in career fields that have purpose, and we have purpose in claims! But they also want work/life balance, and truth be told, that has always been our weak spot. Let’s be mindful of how we create and manage internships. They shouldn’t be cheap labor solutions to supplement our workforce. They should be opportunities for us to show Gen Z why a career in claims can be rewarding.
