For many years now, the insurance industry has been putting up a tough fight to attract and retain new talent. At present as the vast multitude of companies, stand at the brink of retirement. The insurance industry in particular stands to address the industry’s talent crisis, which has become the talk of the town and a top priority for most insurance executives. According to expert analysis the average employee age in the US two years from now was 60 and this makes up for a quarter of the industry’s work force which is about to retire in the preset and the forthcoming financial years.
Before delving deeper into why the insurance industry is finding it hard to search locate and absorb potential talent and what steps are essential for getting a steady solution to this sticky situation it is of utmost importance to discuss the conditions that lead to the present state of affairs with respect to talent development and talent retention in the insurance industry. The reason behind such a long tenure is the lack of recruitment transformations in the insurance industry, which offered support by innovating their risk solutions to the other parallel industries.
Apparently, the insurance industry brought very few people within its career fold especially the younger generation, which led to the long tenured professionals tilting the average age upwards. This has now caught the attention of many in the industry who are now striving to make a change. Although the insurance business is a complex entity requiring insurance specific market and client knowledge as well as the ability to provide a higher level of customer interaction in order to meet the changing service levels expectations from the company, while on the other hand accurately and expediently executing all the administrative processes.