A Talent Gap is coming in Insurance – Is Your Pipeline ready?

According to Insurance Business Magazine 59 is the average age of an insurance agent. A recent LIMRA survey pegged the average Employee Benefit producer at 56 years old, while a white paper from McKinsey & Co. puts the average age of a Commercial Insurance Agent at 59. Within the next ten years one fourth of the commercial insurance work force will be retiring. This means that hiring managers will need to have a stronger push at the college level to fill entry level roles and build “bench strength”.  One problem that companies may experience when working to fill these openings, will be with the Millennial Generation. The millennial generation just doesn’t seem to be that interested in the insurance industry. A survey by the Institutes indicated that only 5% of millennials and 2% of overall students said they were interested in an insurance career.

Those numbers might feel daunting to a hiring manager, but the same survey indicated that 61% of students would like a job that analyzed risk and recommended solutions. So it sounds to us, that the industry has just done a poor job of promoting the sector to college graduates. In short, the industry needs to pivot and speak to a younger audience in a way that connects them. 

Well how do you connect to an audience that has grown up in a world that looks completely different than it did just 30 years earlier? Online of course! According to Vertafore millennials are more than twice as likely as other generations to be recruited on social media. That means that attending a virtual college fair or connecting on LinkedIn, particularly in the wake of Corvid-19, may be a more powerful recruitment tool than an in person fair could ever be.

While our search firm focuses on senior service staff, production and management roles within the distribution channel of insurance, the following universities offer Insurance and Risk Management programs and can be a good place to start a search for entry positions.   

1. University of Pennsylvania

2. St. Joseph’s University

3. University of Georgia

4. Georgia State University

5. University of Wisconsin — Madison

6. Temple University

7. Florida State University

8.  University of Texas — Austin

9.  New York University

10.Pennsylvania State University — University Park

According to the U.S Census Bureau by 2050 the retired population will have doubled reaching 88 million. Approximately 400,000 of those will be in the Insurance industry. Is your pipeline prepared to fill that need? If not and you’re interested in recruitment services, please visit our website at: rogangroup.com  or reach out to Dan Rogan at 800-440-0082 /drogan@rogangroup.com

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