Roughly two-thirds of property-casualty underwriters in a survey expect an “experience gap” in the industry's future if steps are not taken in the areas of recruitment and training.
According to the poll conducted by the Malvern, Penn.-based Chartered Property Casualty Underwriters Society late last year, a total of 66 percent of the 181 members surveyed expressed concern about the readiness of their industry to deal with the upcoming wave of baby boomer retirees.
Combined with the projected shortfall in the number of new entrants with the necessary technical and subject skills, the survey participants foresee an “experience gap” very likely to form if nothing is done.
Among those polled, measures suggested to counter the trend include more recruitment and training efforts and retaining personnel by way of mentoring and flexible scheduling.
In addition, more competitive compensation and benefits with enhanced positive visibility for the industry will aid recruitment efforts, they said.
“It's become very clear that the education of its employees will be critical to the success of the industry's future,” said CPCU President Betsey Brewer.
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