The workforce in the insurance industry is aging and moving into retirement. According to the U.S. Bureau of Labor Statistics (BLS), the number of insurance professionals aged 55 and older has increased 74 percent in the last ten years, leading the BLS to estimate that over the next 15 years 50 percent of the current insurance workforce will retire, leaving more than 400,000 open positions unfilled.
The result of this is a substantial knowledge gap, and as an industry, we are not recruiting new talent at the same rate. A study by the Pew Research Center found that only 4% of Millennials are interested in working in the insurance industry. A major concern is whether this will ultimately result in a talent “cliff.”
Fueled by innovations in technology, roles and skillsets have evolved — presenting companies with enormous opportunities to reevaluate and enhance their processes for attracting and retaining new talent. Third-party administrators, insurers, and risk management teams, alike, must become more creative and disciplined in their approach to generating awareness of the opportunities and interest with young talent to ensure a strong and stable future of insurance professionals.
This presentation will focus on the key drivers impacting the current insurance talent landscape, including the effect of the recent pandemic, and the opportunities that exist to support an increase and ability to maintain an industry knowledge base, through best practices centered on the promotion of entry-level positions, identification of qualified individuals, implementation of best practices for training and developing future professionals, as well as the importance of reinforcing an organizations’ commitment to developing solid career plans throughout the process.