A poor image in the eyes of young jobseekers and looming staff shortages as baby boomers finally retire mean that re/insurers need to put more energy into recruitment. Intelligent Insurer examines how US companies are rising to the challenge.
The re/insurance industry in the US is facing a crisis. As the children of the 1950s reach retirement age, the need for new recruits has never been greater—and yet there is a distinct lack of interest in the insurance industry from the younger generation.
The issue was broached earlier this year at the Philly I-Day conference, an educational and networking event for insurance industry professionals and students, where Peter Miller, president and CEO of The Institutes, a provider of knowledge solutions and professional qualifications to the insurance industry, said that the number of employees aged 55 and over is 30 percent higher than any other industry—and that with retirements, the industry will need to fill 400,000 positions by 2020.
A joint report by The Institutes and The Griffith Insurance Education Foundation highlighted the difficulty with attracting new recruits. It found that the millennial generation in the US, especially students, are not familiar with the insurance industry and the types of careers available within it. Fewer than one in 10 said they were very interested in working in the insurance industry, including just 5 percent of students. The top reasons that people gave for not wanting to work in the insurance industry were that they did not want to sell insurance (52 percent) and that the insurance industry sounds boring (44 percent).
Intelligent Insurer, Insurance, Reinsurance, US, Recruitment