The last couple of years have been abuzz with the news of the insurance industry pressed with the demand of finding new and budding talent in the field as many of the baby boomer category enters into the retirement phase of their career cycle. In fact, according to a recent survey conducted by a popular company revealed that the number of employees over 55 yrs of age is almost 35% higher in the Property and Casualty industry than in any other industry. In addition to this, it is also anticipated that as many as 400,000 positions will be required to fill in by the year 2020. More so, some estimates have calculated around 50% of the insurance agents to be retiring in the decade to come.
A study conducted by IIAA (Independent Insurance Agents & Brokers of America) revealed that the average age of principals with ownership of 20% or more is 57 yrs and 75% of them are more than 65 right now. The insurance industry is also well aware of the talent gap and is looking ahead to fill positions in addition to sourcing new staff for meeting their revenue project needs. Yet another survey of carriers focused that more than 65% of them have plans to add new staff.
However, hiring a robust insurance work force is tough in a highly competitive market and insurers and firms are struggling to locate experienced candidates to fill strategic positions. One of the greatest drawbacks to finding the apt potential here is that the insurance industry has a laid-back repute among young recruits who do not find this career much promising. The truth however is quite contrary to the common belief as it is quite a challenging career as risk advisors and asset protection solution providers having crucial industry specific expertise, risk assessment talent and skills to write and service complicated accounts. A career that provides not only work flexibility but also growth, security and multiple opportunities.
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