Insurance Industry Numbers Show 25% Drop In Employment
The following are insurance industry numbers that should be very concerning to the insurance world. A very short but chilling article pointed out a few numbers of the upcoming insurance company personnel crisis. By 2018, 25% of all insurance company personnel will retire.
That is a hard number to believe in this article. I checked and the Bureau of Labor Statistics (BLS) and the article were correct. The average insurance professional is 45 years old. That seems to be a very stark number. This article shows the microcosm of insurance, risk management, and safety personnel in North Carolina. Even though my observation of the age gap was made in a bar, the same theory applies overall.
The insurance industry numbers do not really reflect a brain drain, but instead, an age and experience drain. One of the more interesting numbers from the aforementioned article is that only 5% of the millennials have expressed an interest in working in the insurance industry.
Usually, every crisis has a silver lining. Due to the increasing level of technology, there will be a large number of job openings in the insurance industry including:
- Customer Service Reps
- Sales agents
- Business Analysts
- Claims Adjusters
- Underwriters
- Actuaries
There will be 220,000 more jobs in the insurance industry in the next 10 years. The personnel to work in those jobs will come from an unknown source. Usually, if there are not enough qualified recruits, then a brain drain will occur which will make the insurance industry and their customers suffer through having lower quality workers.
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