Insurance Industry Set To Experience A Major Talent Gap
In less than a decade, the insurance industry is set to experience a major talent drought when a large portion of baby boomers retire. According to Insurance Business America, one-quarter of the insurance workforce is set to retire by 2018.
The Bureau of Labor Statistics anticipates over 200,000 new jobs within the insurance industry by 2022, with unemployment in the sector at less than half the national average.
The insurance industry, however, is struggling to meet the job demand. The average insurance professional is 45-years-old, and only 5% of students within the millennial generation describe themselves as “very interested” in working in the industry, according to a 2012 study from the Griffith Insurance Education Foundation.
Experts anticipate the advancement in technology to further demarcate the talent gap, creating a significant need for skilled workers within technology-based insurance jobs such as customer service representatives, insurance sales agents, business analysts, claims adjusters, insurance underwriters and actuaries. IT professionals and employees who are very comfortable with a variety of technology are expected to benefit from the upcoming insurance boom.