The Great Insurance Exodus: Who Will Fill Your Talent Pipeline?
It’s no secret our industry is not a young one, and the number of folks retiring far exceeds those coming up behind them. When most young people dream about their future career, I suspect "insurance" sounds about as exciting as watching paint dry. Those of us IN IT know that’s not the case, but let's break down why insurance is a super underrated career path AND how we can convey that to attract (and retain) up-and-comers to our industry.
💰 Financial Impact and Stability
Average starting salaries range from $50,000 to $70,000
Consistent job security (hello, recession-proof industry!)
Clear path to six-figure incomes within 5-7 years
Diverse roles = multiple career trajectory options
💗 Purpose-Driven Work That Actually Matters
Insurance isn't just about policies – it's about:
Protecting families during their worst moments
Supporting businesses through crisis
Creating safety nets for communities
So, with this in mind, how do we attract and retain young talent?
Consider a More Modern Approach
Supplement traditional job postings with other platforms and formats
Create LinkedIn, TikTok, Instagram recruitment content
Use storytelling that highlights real impact and what it’s like to work for your company
Showcase young professionals already killing it in the industry
Young professionals want a forward-thinking field…Showcase Technology!
Highlight the roles technology plays at your company
Show how insurance tech is solving real-world problems
Create tech-focused internship and rotation programs
Offer a Healthy, Balanced Work Environment
Offer hybrid/remote work once someone is trained
Consider perks like four 10-hour work days or half day Fridays
Embrace an approach of “output” over “hours worked”
Encourage (insist on!) time off
Create a Culture of Growth
Skill development workshops/courses
Leadership development tracks
Transparent career progression maps - what does it take to get from A to B?
Regular feedback and coaching
Emphasize Financial Wellness
Stock options or profit-sharing - give key team members skin in the game to keep them incentive to stick around long-term
Competitive salaries and performance incentives
Robust 401k matching
Student loan repayment assistance and reimbursement for insurance designations
Paint a picture of the earning potential that’s possible with various career tracks
If we want to attract a new kind of talent, we have to think in new ways.
Most young professionals think of insurance as walking door-to-door with a briefcase selling life insurance, or a desk job where you’re wasting away for 8 hours bored to tears. But the reality is that there are a multitude of roles in a variety of areas for every skill set - outgoing, introverted, analytical, people-centric… you name it!
Today’s young professionals have grown up with attraction marketing - it’s part of their DNA. Why not showcase what our industry has to offer through those same channels? Let’s also encourage them to bring their skills and talents to the insurance industry. How?
Have them build your company’s presence on social media beyond just reposting carrier industry update articles
Show real life examples of the impact the broker/carrier had in making an insurance client whole again after a loss
Follow an insurance producer along for “a day in the life of” - this will show clients the white glove services that the agency provides, as well as give prospective producers a feel for what that job is like
Consistent, relatable posts on TikTok, LinkedIn, Instagram can build rapport over time and drive business in, rather than sales only generated from outbound efforts (i.e. cold calling)
“There’s so much talent walking out the door in the next 5-10 years. Let’s leverage it by mentoring the next generation before a huge chunk of industry knowledge sails into retirement!
If we showcase what our industry has to offer and properly train newbies so that their early experiences are good, they’re more likely to stick around for the long term.”
