Everyone in the property-and-casualty sphere—and the insurance universe more generally—knows that of all the problems we face, one of the gravest centers around the question of succession.
With so many Baby Boomers on the verge of retirement, how is the industry going to replace all that talent and experience—especially when attracting the best-and-brightest of the new Millennial generation to this often-misunderstood field is proving something of a challenge?
The good news is industry leaders are not only talking (a lot) about this looming crisis—but are actively taking steps to address it.
You can read about a sample of some of these efforts starting on page 32 of this issue, where we explore what the Chartered Property Casualty Underwriters Society and the Independent Insurance Agents & Brokers of America are doing to expand the pool of young people who are both educated in—and excited about—insurance issues.
But I also wanted to describe an encouraging scene I witnessed firsthand at the Council of Insurance Agents & Brokers' recent Insurance Leadership Forum in Colorado Springs, Colo.
The Council's “FAME” scholarship (Foundation for Agency Management Excellence) was a frequent focus of discussion, and the value of the five-year-old program was brought home when a current FAME scholar, Brian Wingfield from Temple University, spoke to a roomful of attendees.
Wingfield described how while seeking a career choice, he stumbled onto the insurance industry and was immediately attracted to its career prospects.
Coming from a fractured home with an absent mother and a father in prison, he faced an uphill climb trying to get the education he needed to become successful in the industry. His prospects seemed to dim as he faced the financial realities of attending college, but that changed when he learned about FAME.
The scholarship enabled him to continue his education and also opened doors to the insurance professionals who will be his mentors and whose ranks he looks forward to one day joining.
Julia Kramer, senior vice president of leadership and management resources for the Council and director of FAME, is right in saying that Wingfield is exactly the type of student the industry needs to attract and retain for the future.
In addition to its scholarship efforts, the Council also plans to develop a website that will reach out to the younger generation and offer career consulting and advice on such basics as resume writing and interviewing.
Kramer says the interest in attracting the new generation is growing among established producers, and she is seeing a lot more requests for support and information about reaching out to the younger generation than she has in the past.
“The young labor force is the hot issue for the leadership in our world,” Kramer points out. “There is nothing else at the top of the list.”
Mark E. Ruquet
Associate Editor
[email protected]
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