A program called MyPath was unveiled last week by The Institutes. It’s aimed at “educating students and young professionals about the insurance industry and its limitless career opportunities.”
The Institutes — the operating name of the Insurance Institute of America and the American Institute for Chartered Property Casualty Underwriters — and its concern is a huge number of people retiring now and in the near future with no one to replace them.
The Institutes CEO Peter Miller noted what we all already know, “Attracting talent to this industry has been a common concern.”
Miller said an advertising campaign to introduce young people to insurance will soon come. “A large number of [insurance industry] people are likely to retire in the next 10 years. Estimates vary, but it is in the several hundreds of thousands of people. Millennials, who will be the future of this industry, really don’t know much about insurance, and that is really the problem we are trying to solve, so they will consider insurance as a career option,” he said.
To be more exact close to half of the industry is over 45 and 25% of those working in the industry are expected to retire by 2018. That results in 400,000 openings by 2020.
A national advertising campaign will target Millennials via Pandora and other online radio channels, through rich media, Facebook and other social media advertising and through paid research.
Sources: Insurancejournal.com, Business Insurance