Did you know the vast majority of agency principals and producers are over the age of 55?
That was part of the impetus behind a collaborative group of insurance carriers, trade associations and industry partners inviting the insurance community to join them in supporting the first-ever Insurance Careers Month to be held February 2016.
The reasons are three-fold:
- The workforce is aging. There are numerous studies on this issue, such as the Independent Insurance Agents and Brokers of America's 2014 Agency Universe Study, which showed 54% of principals/producers are older than 56, and 36% of principals/producers are 61 or older. In addition, the carrier side of our industry is feeling the pain of this issue.
- There will be hundreds of thousands of jobs available. According to the U.S. Bureau of Labor Statistics (BLS), by 2022 the insurance industry will need to replace more than 295,000 actuaries, agents, analysts, claims adjusters, claims/policy clerks, software developers and underwriters.
- There's a shortage of candidates. The unemployment rate in the insurance industry is 2.3%. With only 40 colleges and universities offering degrees in risk management and insurance, graduates from these programs can only fill 10% to 15% of the need.
Threat to the insurance industry
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