In the last several years there has been a great deal of buzz in the insurance industry about the need for top talent as Baby Boomers enter into retirement. In fact, according to a 2013 survey conducted by Accenture, the number of employees age 55 and over is 30% higher in the Property & Casualty industry than in any other industry. Moreover, it\u2019s estimated that insurers will need to fill as many as 400,000 positions by 2020. Additionally, some estimates have about 50% of insurance agents retiring over the next 10 years. According to a study conducted by the Independent Insurance Agents & Brokers of America (IIAA), the average age of principals with 20% or more ownership in their agencies is 54, and 72% of these principals are older than 60.<\/p>\n
The industry is well aware of the talent gap and is looking to fill positions as they become available in addition to needing more staff to meet their revenue projections. In fact, a survey of carriers earlier this year indicated that more than half (62%) had planned to increase their staff in 2014.<\/p>\n
But hiring strong talent is difficult in a competitive market. Insurers and agencies are struggling to find experienced individuals to fill important positions. Some of this, unfortunately, has to do with the insurance industry\u2019s reputation among young recruits. They don\u2019t see it as an exciting and rewarding career, although the reality is quite the contrary. Perhaps we haven\u2019t done a good job of selling the industry as a career path for individuals \u2013 one that is made up of risk advisors who provide asset protection and have significant specific industry expertise, business acumen, risk assessment and other skillsets in order to write and service complex accounts. Moreover, it\u2019s an industry that offers a career with flexibility, security and opportunity.<\/p>\n
In an interview with Art Betancourt, Vice President and Senior Search Consultant for MarshBerry, in the industry publication, Insurance Unplugged<\/i>, this very issue is underscored. Art is on the front line looking for producer talent for agencies and spoke about the need to enhance the insurance industry\u2019s reputation and brand. \u201cOne of my biggest challenges in attracting talent is that insurance is a dirty word in the job market,\u201d he noted. \u201c[But] in fact, the insurance industry is the best-kept secret if you\u2019re looking for a sales position. There are a number of differentiating benefits, including residual income, personal satisfaction in serving as a trusted advisor to clients, and the flexibility you gain as an entrepreneur building a business within a business.\u201d<\/p>\n
This sentiment is also echoed in an article in Property\/Casualty 360<\/i> in which the author writes: \u201cFew would say that the industry has positioned itself as an exciting or attractive place for recent college graduates to work. Although P&C companies suffered less through the economic crisis than their banking or capital markets counterparts, the industry does not exert much pull on Millennials or on their younger siblings and cousins\u2026\u201d<\/p>\n
Several recommendations have been made to address the talent challenges in the P&C industry both in the Accenture report and in findings based on a survey by McKinsey. These recommendations include focusing on improving the industry\u2019s reputation, increasing the awareness and understanding of career opportunities among high school and college students, and enhancing the training of young professionals. Accenture suggests that insurers begin influencing universities to add business analytics and insurance coursework to their programs. Some of this is already being done at risk management schools around the country with the support of insurers. For example, the School of Risk Management, Insurance & Actuarial Science at St. John\u2019s University in downtown Manhattan, in 2012 adopted an \u201cIntroduction to Risk & Insurance\u201d course as a mandatory part of its core curriculum for all business majors. This represents a significant change, according to school officials, to fuel the insurance industry\u2019s talent pipeline. The school brings in featured speakers from the industry to discuss their roles at the insurance companies and the career opportunities available. In addition, some insurers are sponsoring university programs to help position themselves within MBA programs.<\/p>\n
These recommendations need to continue to take place in order for young graduates to view the insurance industry as a viable career choice and for insurers, MGAs and agencies to bring in new blood as individuals look to retire. In addition to undertaking these measures and rebranding the insurance industry as a whole, those throughout the distribution system can focus more of their time and resources to find and cultivate the talent needed on the front line by shifting their back-office operations. This can be accomplished by outsourcing business processing tasks<\/a>. By so doing, agency owners, MGAs and carriers can zero in on getting the right talent to help generate income by expanding their footprint geographically and in certain niche markets and developing new products while positively impacting growth, productivity and the bottom line.<\/p>\n Based in New York, ReSource Pro is the premier provider of business process outsourcing services for the insurance industry, working with retail agencies, Managing General Agents (MGAs), and regional carriers. Our processing centers in Qingdao and Jinan, China are wholly owned subsidiaries of the U.S. corporation.<\/i><\/i><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" There are several recommendations from the 2013 Accenture survey for the Property&Casualty industry that are worth taking into consideration!<\/p>\n","protected":false},"author":6,"featured_media":11826,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"news-category":[],"insurance-segment":[],"services":[],"type-of-content":[38],"resource-type":[],"class_list":["post-11825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","type-of-content-blogs"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-04-19 17:51:17","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/11825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/comments?post=11825"}],"version-history":[{"count":1,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/11825\/revisions"}],"predecessor-version":[{"id":13540,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/11825\/revisions\/13540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/media\/11826"}],"wp:attachment":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/media?parent=11825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/categories?post=11825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/tags?post=11825"},{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/news-category?post=11825"},{"taxonomy":"insurance-segment","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/insurance-segment?post=11825"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/services?post=11825"},{"taxonomy":"type-of-content","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/type-of-content?post=11825"},{"taxonomy":"resource-type","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/resource-type?post=11825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}