The financial industry is facing a significant talent shortage, particularly in the surety sector. A recent episode of the podcast "What’s Brewing," featuring IAT Insurance Group’s Associate Underwriters Brianna Arevalo and Ryan Pappas, sheds light on this growing issue and the opportunities it presents for new professionals.
According to a report from Insurance Journal, nearly half of the current workforce in insurance and surety is expected to retire in the next 15 years, leading to over 400,000 job openings. This situation creates a promising landscape for young people and those looking to switch careers, offering strong job security, growth potential, and competitive salaries.
Surety is often misunderstood. It functions as a financial guarantee rather than traditional insurance. Surety bonds ensure that contractual obligations are fulfilled, particularly in construction projects that involve public investments like roads and schools. Unlike insurance, which anticipates losses, surety assumes that obligations will be met, making the underwriting process more detailed and careful.
During the podcast, Brianna and Ryan shared their personal journeys into the surety field, noting that neither initially planned to work in this area. They emphasized the variety of tasks involved, such as financial analysis, contract negotiations, and relationship management. Every day brings new challenges, making the work both engaging and rewarding.
A career in surety comes with several benefits. The industry boasts a low unemployment rate and a high demand for skilled professionals. There are also ample opportunities for mentorship and professional development, along with chances for travel and networking. Building strong relationships with clients, agents, and colleagues is a crucial part of the job.
For those interested in starting a career in this field, companies like IAT offer structured training programs. New underwriters are paired with mentors who provide guidance and support as they grow in their roles.
If you are drawn to a career that blends finance, law, and relationship management, surety underwriting could be the right fit for you. IAT is currently hiring, and interested candidates can explore job openings on their website to embark on this promising career path.