The inaugural Insurance Careers Month will take place in February. This initiative aims to bring awareness about bringing in the next generation of insurance industry professionals.
A collaborative effort helmed by Hamilton Insurance Group, Lloyd's of London, Marsh & McLennan, the Institutes, MyPath, Valen Analytics, the Jacobson Group, InVEST and PCI, the first phase of this campaign is promoting insurance as the "career trifecta," because it is stable, rewarding and limitless.
Industry leaders, including Brian Duperreault, CEO of Hamilton Group; Inga Beale, CEO of Lloyd's of London; and Dan Glaser, president and CEO of Marsh & McLennan, published an open letter to the industry lending their support to Insurance Careers Month, and in which they call for brokers, carriers and business partners to get involved. Excerpted from the letter, they write:
"Together, we provide important strategic benefits to society and drive economic growth by enabling the pursuit of innovation, the investment of capital and the creation of value.
"Without insurance, there is no investment, there is no innovation, and there is no growth.
"Despite our essential role, the insurance industry in the U.S. faces a looming talent crisis. 45% of management executives will retire in three years, and 400,000 positions are projected to be unfilled by 2020. Less than 5% of Millennials express interest in working in our industry.
"What's clear is that the critical role our industry plays is not fully understood, particularly among Millennials. We need to do more to engage, educate and enlist the best and brightest to join us."
The letter in its entirety can be read at insurancecareertrifecta.org.
"Our industry is at a critical juncture, with new risks fueled by rapidly evolving technology," Duperreault said in a statement. "It's an exciting time to work in companies that help keep individuals, families, communities and governments safe. If a young person wants a purpose-driven career, he or she will find it in insurance."
Individual companies and organizations interested in participating in Insurance Careers Month are encouraged to visit the Insurance Careers Month website, broaden their local outreach and share what makes the industry an ideal place to work and the opportunities available.
"We're at an exciting crossroads in our industry where innovation and growth are propelling organizations to new levels, and we need an influx of top talent to provide support and bring new perspectives to the table," said Peter Miller, president and CEO of the Institutes, in a statement. "We're proud to be working with such great organizations in uniting the industry to tell the world how terrific it is to work in risk management and insurance."
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