According to the U.S. Census Bureau, the 65-and-older population will almost double over the next 30 years, reaching 88 million by 2050. Workforces are aging quickly, and the insurance industry in particular is especially affected by this.

1. The Aging Insurance
Workforce
According to the U.S. Census Bureau, the 65-and-older
population will almost double over the next 30 years, reaching
88 million by 2050. Workforces are aging quickly, and the
insurance industry in particular is especially affected by this.
This demographic trend presents a possible insurance industry
talent crisis. Nearly 400,000 employees are expected to retire
from the insurance industry workforce within the next few
years, according to the U.S. Bureau of Labor Statistics.

2. One problem in particular is the lack of interest in insurance
industry as a career:
•Eight out of 10 millennials report having limited knowledge and
understanding of the employment opportunities available within
the insurance industry, according to a survey conducted by The
Institutes.
•44 percent of millennials do not find a career in insurance
interesting, as per Valen Analytics, despite the fact that insurance
offers great opportunities to work in a variety of avenues:
marketing, finance, data analysis, information technology – all
things that would seemingly appeal to this generation.
On top of that, the millennial generation may have also have less
experience with insurance due to the fact that many of them are
putting off homeownership or even purchasing a car – two items
that are quite important to insure. As a result, they may not be in
tune with the changing landscape of the insurance industry, which
is seeing an upward trend in adaption of advanced technology and
social media.

3. Understanding the next generation
So what does this mean, and what can help reverse this trend?
It begins with understanding the next generation. As we
examined in our previous blog post on millennials and the
insurance industry, those born between 1981 and 1996 are
generally marked by an increased use and familiarity with
communications, media and digital technologies. When dealing
with a generation marked by advanced technology that moves a
fast pace, the insurance industry will need to consider how it
may need to adjust to connect with the millennial generation.
Technology
The millennial generation came of age during the Internet
boom. The post-millennial generation, which includes many
college students and those graduating high school, is growing
up in an era of constant connectivity and communication,
having not known a time in which Wi-Fi didn’t exist. Putting an
emphasis on technology and innovation can attract a younger
generation to the insurance industry.

4. For example, many insurance carriers now offer most of their
services through mobile apps. Insurance agents utilize these apps
to give clients the ability to file claims, schedule inspections, track
their claims process, direct message an agent with questions, or
even submit video for appraisals.
Promoting the use of technology would seem to be one way to
appeal to the younger generation, perhaps through the use of
social media tools. Which brings us to our next topic
Social media
Social media can help small businesses and insurance agents
connect in very impactful way, positioning their status in the
insurance field. It can also be a means to attract the next wave of
insurance talent. According to Vertafore, millennials are more than
twice as likely as other generations to be recruited via social
media. Job fairs, such as the ones held at colleges to search for
new talent from the graduating classes, is quickly becoming an
outdated recruiting tactic.

5. When you consider that a majority of millennials are thought to
interact with organizations online, especially through social
media, it only makes sense to seize the opportunity to recruit the
same way.
Both the increased use in technology and social media show the
continuing shift in the way in which insurance business will be
conducted, as well as the recruitment techniques used to grow
the insurance industry workforce.
Check out some of our other social media related blog posts:
•4 Tips to Boost Your Brand with a Great LinkedIn Profile
•3 Twitter Tips for Insurance Agents
•6 Effective Ways to Grow Your Agency’s Social Media Presence
•Social Media, the Sweat Equity of Your Business

6. Let AmTrust be your partner in attracting a younger workforce
As a property and casualty insurer that partners with agents all
over the country, we are continually working to improve our
technology and stay on top of industry trends. Find out more
about AmTrust and how you can join our team of appointed
agents.
For more details about AMT Service Corp feel free to
visit: http://blog.amtrustgroup.com/policywire/aging-insurance-
workforce