Everyone in the property-and-casualty sphere—and the insuranceuniverse more generally—knows that of all the problems we face, oneof the gravest centers around the question of succession.

With so many Baby Boomers on theverge of retirement, how is the industry going to replace all thattalent and experience—especially when attracting thebest-and-brightest of the new Millennial generation to thisoften-misunderstood field is proving something of a challenge?

 The good news is industry leaders are not only talking(a lot) about this looming crisis—but are actively taking steps toaddress it.

You can read about a sample of some of these efforts starting onpage 32 of this issue, where we explore what the Chartered PropertyCasualty Underwriters Society and the Independent Insurance Agents& Brokers of America are doing to expand the pool of youngpeople who are both educated in—and excited about—insuranceissues.

But I also wanted to describe an encouraging scene I witnessedfirsthand at the Council of Insurance Agents & Brokers' recentInsurance Leadership Forum in Colorado Springs, Colo.

The Council's “FAME” scholarship (Foundation for AgencyManagement Excellence) was a frequent focus of discussion, and thevalue of the five-year-old program was brought home when a currentFAME scholar, Brian Wingfield from Temple University, spoke to aroomful of attendees.

Wingfield described how while seeking a career choice, hestumbled onto the insurance industry and was immediately attractedto its career prospects.

Coming from a fractured home with an absent mother and a fatherin prison, he faced an uphill climb trying to get the education heneeded to become successful in the industry. His prospects seemedto dim as he faced the financial realities of attending college,but that changed when he learned about FAME.

The scholarship enabled him to continue his education and alsoopened doors to the insurance professionals who will be his mentorsand whose ranks he looks forward to one day joining.

Julia Kramer, senior vice president of leadership and managementresources for the Council and director of FAME, is right in sayingthat Wingfield is exactly the type of student the industry needs toattract and retain for the future.

In addition to its scholarship efforts, the Council also plansto develop a website that will reach out to the younger generationand offer career consulting and advice on such basics as resumewriting and interviewing.

Kramer says the interest in attracting the new generation isgrowing among established producers, and she is seeing a lot morerequests for support and information about reaching out to theyounger generation than she has in the past. 

“The young labor force is the hot issue for the leadership inour world,” Kramer points out. “There is nothing else at the top ofthe list.” 

Mark E. Ruquet
Associate Editor
[email protected]