At insurance industry meetings across the country, one issue keeps working its way to the top of the agenda as perhaps our biggest collective challenge: How are we going to interest more young people in insurance and attract them to the profession?
Despite collegiate risk management and insurance (RMI) program-placement rates at close to 100 percent, the number of students coming into the workforce is only filling 10 to 15 percent of the industry's current need. In addition, many RMI graduates are taking jobs in other sectors, and the mobility of our younger generations appears to have stopped the age-old, insurance-sector tradition of passing an agency from one generation to the next.
A recent McKinsey and Co. report found that the number of insurance workers 55 or over has increased by 74 percent in the last 10 years—and this imbalance between supply and demand is creating a talent gap that seriously undercuts the long-term viability of the insurance industry.
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