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An aging insurance industry embraces flex workers

Older employees may be ready to cut back on hours but not retire completely. With a little flexibility, they can help employers fill the talent gap.

Twenty five percent of the insurance workforce is expected to retire in 2018. (Photo: Shutterstock)

There’s a crisis unfolding within the insurance industry, and it will touch nearly every carrier and agency, large or small. It’s an issue that will impact operations and profitability — it’s the retiring workforce.

In fact, data from Insurance Business America reveals that 25 percent of the insurance workforce is expected to retire in 2018. The Bureau of Labor Statistics (BLS) predicts more than 200,000 open positions in the insurance industry will go unfilled. The crisis will deepen, as well. BLS estimates that almost half of today’s insurance industry workforce will head off to retirement in the next 15 years.

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Emily Payne

Emily Payne

Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.

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