The insurance industry continues to face a crisis and this one is not due to the deluge of recent hurricanes affecting the Southeast or devastating wildfires out West. What the insurance industry faces — from large corporation to Main Street independent agent — is a talent drought.
As with most industries, property & casualty insurers are dealing with huge numbers of professionals leaving the workforce as they reach retirement age and job descriptions evolving with technology. Fueling the problem is attrition. A 2010 report from McKinsey & Company found that the number of workers in the insurance industry over age 55 increased 75% during the previous decade – leaving 20% of the insurance workforce approaching retirement. Meanwhile, the report also found that those graduating from risk management and insurance programs met only 10% to 15% of the industry’s need. And the situation has only gotten worse.
Moving into 2018, we are at a critical point. The excessive number of people retiring from the industry coupled with a low number of young people signing on to insurance as a career presents a great risk for each organization in the industry — big or small.
What can independent agents, in particular, do to combat the looming talent drought?
Read the full article, written by Matt Masiello, Executive Vice President and COO of SIAA, published November 29, 2017 on PropertyCasualty360.