There's a crisis unfolding within the insurance industry, and it will touch nearly every carrier and agency, large or small. It's an issue that will impact operations and profitability — it's the retiring workforce.
In fact, data from Insurance Business America reveals that 25% of the insurance workforce is expected to retire in 2018. The Bureau of Labor Statistics (BLS) predicts more than 200,000 open positions in the insurance industry will go unfilled. The crisis will deepen, as well. BLS estimates that almost half of today's insurance industry workforce will head off to retirement in the next 15 years.
Replacing these retiring professionals with millennials will be difficult. Just 4% of millennials expressed interest in an insurance career, according to The Hartford's 2015 Millennial Leadership Survey. So where will the talent come from, and how will the industry fill so many open positions?
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