The insurance agency owner’s problem with changing demographics is in some ways worse than other business owners across other industries because of the highly personal and technical nature of insurance sales. (Credit: freshidea/Adobe Stock) The insurance agency owner’s problem with changing demographics is in some ways worse than other business owners across other industries because of the highly personal and technical nature of insurance sales. (Credit: freshidea/Adobe Stock)

The average baby boomer retired last year and in just seven short years, they will all be over age 65, according to the U.S. Census. This has a variety of implications for insurance agencies. How will this change their client base and their needs? What will the size of the personal lines market look like? And of course, what does all this mean for staffing?

While artificial intelligence, trends in immigration and/or a contracting economy may one day lead to decreased demand for agency employees, for now, agency owners and managers face an intractable and growing problem: Where to find enough employees.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.