Insurance industry faces talent crisis

Insurance industry faces talent crisis

Insurance industry faces talent crisis The insurance industry worldwide, but especially in the US, faces a looming talent crisis. In North America alone 25% of insurance professionals are expected to retire in three years, and 400,000 positions are projected to be unfilled by 2020. 

With less than 5% of Millennials expressing an interest in working in our industry, it’s clear that the critical role our industry plays is not fully understood, particularly among Millennials. So we need to do more to engage, educate and enlist the best and brightest to join us. This is the rallying cry issued by industry icons Brian Duperreault, Inga Beale and Dan Glaser.

In an open letter to the insurance industry, the CEOs of Hamilton Insurance Group, Lloyd’s and Marsh & McLennan Companies, announced the inaugural Insurance Careers Month, to be held over February, in a bid to bring new blood to this noble and laudable industry.

Dan Glaser, president and CEO of Marsh & Mclennan, said: “The core business of the insurance industry is to enable economic growth, the taking of risk, and innovation. Thanks to the insurance industry, lives and livelihoods are rebuilt following loss, and our people and companies supply the products that enable businesses to function and innovate, communities to grow, and individuals to thrive.” 

Glaser joined Marsh right out of university and has risen through the ranks. He said his experience with the company has “created a deep impact on the way I think about the world and my career and I want to make sure that other people have that opportunity.”

The emerging risks the world is seeing are as complex as any we’ve ever seen, and as a society, how will we address climate change, cyber security and water scarcity? And how will we deal with the rise of drones, biotechnology, nanotechnology, 3D printing, and artificial intelligence?

According to the chiefs of industry, the insurance industry must play an important role in addressing these challenges by driving economic growth by enabling the pursuit of innovation, the investment of capital and the creation of value.

A tip from Glaser for those looking to break into the insurance industry, as a broker, underwriter, actuary, or any other role: “Be an interesting person. And I’m not saying go out and grab every business book that’s ever been written. It’s the broadness of the fabric of life makes people interesting,” he said. 

  • Fred Travis 2016-02-10 3:46:18 PM
    As the Director of a new RMI Program at The University of Missouri, I see articles every week about the hiring problems of the insurance industry. However, with the exception of AIG, who recently funded the startup of a new Risk Engineering program at Clemson University, I have not seen any headlines about major brokers or insurers providing significant funding for new university programs, or for enlarging existing ones. Out of about 2,400 4-year colleges and universities in the U.S., fewer than 70 house risk management & insurance programs.
    I know the industry invests in The Spencer Foundation, The Griffith Foundation and through its many associations. But -- the bulk of that money is for student scholarships. How many students need scholarships, when there are so few universities where they can take insurance classes?
    I challenge the major brokers and insurers to follow AIG's lead and make a major funding commitment, either to start a new program at a university that doesn't have one, or to expand an existing program that is starved for funding. Of course, I would welcome a major endowment for the RMI Program at the University of Missouri!
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