Insurers Warn of Looming Talent Gap

By 2025, 75% of the workforce will be Millennials;
The time to win this talent is NOW

OLDWICK, N.J., June 25, 2015—A recent episode of A.M.BestTV highlights the Insurance Industry Charitable Foundation’s (IICF) Women in Insurance Global Conference, New York, NY, where insurers said the insurance workforce is aging without an adequate influx of younger management talent.

Attendees at IICF believe that the future of insurance is in simpler offerings and a talented workforce. Bo Young Lee, global diversity and inclusion leader at Marsh, Inc., spoke about the challenges facing the insurance workforce.

“By 2025, the prediction is 75% of the workforce will be millennials, and the insurance industry has to start winning that talent now,” said Lee. “Millennials are looking for a lot of flexibility and space to innovate, as well as mobility in their careers; and unfortunately, they are not seeing these opportunities in the insurance industry.

Talking about innovation

Therefore, the challenge for the industry is to create an environment where they want to come to us.” Another challenge for the industry is to provide simpler, groundbreaking products.

“Everyone in the industry is talking about innovation,” said Mary Forrest, president and chief executive officer at Munich Re North America Life. “Consequently, companies are looking not only at innovation, but what kind of simpler, easier to sell products their can offer, which consumers will find easier to understand.”

All believe having a diversified environment of all sorts, which is in line with customers, will encourage millennials to take a second look at the insurance industry.

Other people who appear in this episode include:

  • Brian Duperreault, chief executive officer at Hamilton Insurance Group;
  • Betsy Myatt, executive director at IICF Women in Insurance Global Conference;
  • Mario Vitale, chief executive officer at Aspen Insurance; and
  • Inga Beale, chief executive officer at Lloyd’s.
By 2025, the prediction is 75% of the workforce will be millennials, and the insurance industry has to start winning that talent now


Recent episodes of A.M.BestTV include:

Cyber Coverage Continues to Evolve: This recent Best’s Review webinar focuses on cyber and data breach risks and how these are changing and expanding.

Insurers Look to Close the Global Coverage Gap: Highlights from the International Insurance Society’s Global Insurance Forum in New York, NY, where insurance executives said they can expand coverage through innovation and private-public partnerships.

Ace-Fireman’s Fund Deal Targets High End Personal Lines: Personal lines insurers have turned their focus to high net worth and ultra-high net worth insureds by offering specialized personal lines coverages across borders.

Don’t Lose Perspective in Reinsuring “Acts of God,” A new book on the reinsurance industry, titled, “Making a Market for Acts of God,” states that the expanding role of alternative capital runs the danger of turning reinsurance coverage into a commodity that undermines traditional safeguards that have relied on a deeper understanding of localized risks.


A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv. A.M. Best Company is the world’s oldest and most authoritative insurance