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It’s no secret the insurance industry is aging—along with the entire American workforce. According to U.S. Census data, there are about 79 million American baby boomers, with an increasing percentage of them older than 65 years. Meanwhile, population growth in the youngest age brackets is stagnant.

This opens companies to the perils of a leadership gap when boomers retire. For the many family businesses that comprise the insurance agency sector, filling that gap can be an issue fraught with political, emotional and familial issues. Further complicating matters for insurance entities are the inherent challenges in recruiting millennials. All of this combines to create an emerging crisis for the industry.

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