The insurance market continues to prepare for changes associated with new federal government regulations and any possible “repeal and replace” scenarios. However, they are also on the cusp of another significant event that will greatly impact the industry. According to the U.S. Bureau of Labor Statistics approximately 400,000 positions will be available in the insurance field by 2020.
Insurers need to get ready for a looming talent strategy that is fast approaching. A recent McKinsey & Company study found that one quarter of insurance professionals are expected to retire next year. Yet, there will not be enough graduates of risk management and insurance programs to fill more than 10%-12% of those openings. Continue reading