The insurance industry continues to face a crisis and this oneis not due to the deluge of recent hurricanes affecting theSoutheast or devastating wildfires out West. What the insuranceindustry faces — from large corporation to Main Street independentagent — is a talent drought. 

As with most industries, property & casualty insurers aredealing with huge numbers of professionals leaving the workforce asthey reach retirement age and job descriptions evolving withtechnology. Fueling the problem is attrition. A 2010 report fromMcKinsey & Company found that the number of workers in theinsurance industry over age 55 increased 75% during the previousdecade – leaving 20% of the insurance workforce approachingretirement. Meanwhile, the report also found that those graduatingfrom risk management and insurance programs met only 10% to 15% ofthe industry's need. And the situation has only gotten worse.

Moving into 2018, we are at a critical point. The excessivenumber of people retiring from the industry coupled with a lownumber of young people signing on to insurance as a career presentsa great risk for each organization in the industry — big orsmall.