The insurance industry has strived hard to attract and retain people in the industry. The present scenario is witness to a lot of pioneers taking retirement. As such addressing the industry’s talent need has become one of the top set priorities for most of the insurance executives. According to the latest reports it has been found that an average age of an insurance agent as of the year 2017 was 60 years, given this it is visible that almost one-fourth of the insurance industry’s work force in the retirement phase, creating a great void for experienced talent to fill.
This is a critical situation and the insurance industry is finding it hard to search, hire and retain talent that is suitable for the industry. However, steps are being taken to solve this issue. One of the main causes for such critical emergency in the insurance industry is the fact that a quarter of the workforce is in its retirement age and surely when the rest of the world underwent transformation in logistics, manufacturing, supply-chain, communications and technology, the insurance workforce quietly adapted to these by innovating the risk solutions offered by the industry. The industry however brought fewer people into the insurance careers each year and these long tenured professionals tilted the average age up too.
This natural progression has found favor in the industry already faced with the challenges of bringing new talent into an age-old business. This needed insurance specific knowledge and client knowledge as well as the ability to constantly meet the changing levels of expectations based on the service provided. All this while very precisely and expediently performing a range of administrative procedures. Although similar to other professional services such as law, accounting and taxation, these fields encompass the operations of the insurance macro business environment.
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