Overcoming the Insurance Talent Gap

You’ve likely heard about the talent gap facing the insurance industry. The gap was detailed in a 2018 report by the Bureau of Labor Statistics; it found that there would be over 200,000 open positions in the industry by 2022 due to an aging workforce. Since that time, our industry is experiencing unprecedented change brought about by technological advancements – a digital disruption, if you will. This disruption allows myriad opportunities — for society, our industry, and for individuals entering the workforce!

We in the insurance industry know that insurance has a great story to tell. We get to study the impact of emerging topics like autonomous vehicles, drones, cybersecurity, and marijuana. We work in an industry that at its core is focused on helping individuals in their worst hour. But how do we spread the word?

Into this vacuum entered the Insurance Careers Movement, a grassroots movement to raise awareness of insurance as a desirable  path for individuals looking for a purpose driven career path. For the fourth year, February has been dubbed ‘Insurance Careers Month’ and industry professionals are being asked to spread the word about insurance as a thriving industry with limitless opportunity.

In recent years, I’ve actively volunteered with the CAS through our university engagement efforts and with the international professional risk management, insurance and actuarial science fraternity Gamma Iota Sigma to raise awareness about actuarial science as a career. I’ve also worked to broaden my message to describe opportunities that the insurance industry provides individuals interested in understanding, measuring, and ultimately managing risk that span beyond traditional actuarial work. I’ve found that sharing my story with students is incredibly rewarding and am asking anyone interested to do the same to ensure the vitality and relevancy of our industry.

If you’re looking for ways to get involved during Insurance Careers Month, here are some ideas:

  • Get on Campus
    • Speak to high school and college students and participate in career days
  • Job Shadowing
    • Host a career exploration day for a group of students in your office
  • Get Social
    • Create videos that demonstrate the innovation and technical opportunities in the industry or ask members of your company to post videos that highlight why they love insurance
    • Anytime you post on social media about the Insurance Careers Movement make sure to use to hashtags #InsuranceCareersMonth, #ICM2019 and #InsuranceCareers
  • Give Back
    • Participate in a volunteer event and highlight how the industry and your organization give back to the local community

Need more help getting involved? The CAS has several off-the-shelf resources available to assist you in talking to students about the industry, the P/C actuarial career, and the CAS. If interested, reach out to Tamar Gertner, CAS university engagement manager, for more information.

I’d love to hear how you and your colleagues are engaging the next generation of talent within our industry. Please share your thoughts and ideas by commenting below!


About Wesley Griffiths

Wesley Griffiths is an actuary at Travelers based in Saint Paul, MN. He is a strong advocate for diversity within the actuarial profession and currently serves as a member of the CAS Leadership Development Committee.