The Insurance Industry's Talent Gap and Where We Go from Here

10 Pages Posted: 28 Mar 2012

See all articles by Cassandra R. Cole

Cassandra R. Cole

Florida State University - College of Business

Kathleen A. McCullough

Florida State University - College of Business

Date Written: Spring 2012

Abstract

There is concern among insurers and related firms in the United States and abroad that there will be a shortage of skilled insurance professionals in the next few years as current workers retire. Though there have been discussions among insurers, organizations, and academics as to how to address this issue, until recently, each group has been primarily working in isolation. The Insurance Education & Career Summit, which took place in September 2011, brought together 110 individuals across these groups for the purpose of creating a unified strategy to both attract and retain skilled workers to the insurance industry and work to create the next generation of insurance executives. This article provides a brief background on the talent gap issue. We also discuss its potential impact on the insurance industry. Finally, we summarize the main obstacles identified by Summit participants to both attracting and retaining skilled workers as well as the strategies developed to overcome these obstacles.

Suggested Citation

Cole, Cassandra R. and McCullough, Kathleen A., The Insurance Industry's Talent Gap and Where We Go from Here (Spring 2012). Risk Management and Insurance Review, Vol. 15, Issue 1, pp. 107-116, 2012, Available at SSRN: https://ssrn.com/abstract=2030148 or http://dx.doi.org/10.1111/j.1540-6296.2011.01212.x

Cassandra R. Cole (Contact Author)

Florida State University - College of Business ( email )

423 Rovetta Business Building
Tallahassee, FL 32306-1110
United States

Kathleen A. McCullough

Florida State University - College of Business ( email )

Department of Risk Management and Insurance
150 Rovetta Business Building
Tallahassee, FL 32306-1110
United States
850-644-8358 (Phone)
850-644-4077 (Fax)

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