The AIRROC NextGen Group hosted the first session of the day that kicked off the 2022 Legacy Transactions & Networking Forum education program. Chris Hamphshire, Vice President – Carrier Practice at Gallagher Bassett and Global President of the CPCU Society was the moderator and session leader. The day started with a focused and thoughtful presentation by Chris on the challenges and solutions to one of the most pressing questions: how to attract young talent to the insurance industry? Conference attendees next heard from our panel of NextGen professionals, Dustin Loeffler of Aon, Sunny Liu of Swiss Re, Lee Vuu of Argo Group, and Nathan Zwick of The Hartford, who provided their perspectives on why they joined the legacy sector, their career aspirations, and how the insurance industry can contribute to attract the best talent in the years ahead.
A video replay of this informative session is available “On Demand” to AIRROC members. Also, be sure to check out two recent episodes of AIRROC’s The Legacy Life podcast, one featuring Chris Hamphshire and the second featuring AIRROC NextGen Task Force members Dustin Loeffler, together with Matt DiSanto.
The insurance industry faces a talent recruiting and retention challenge unlike anything it’s ever experience due to the “Silver Tsunami” of retirements that was exacerbated by the recent pandemic, and insufficient number of new prospective professionals, and poor messaging about the value that insurance brings to the economy and the world at large. According to a recent McKinsey study, 65% of those that left a role in the industry from April 2020 through April 2022 did not take a new job in insurance. Generation Z is seeking roles where they can make a good living and also contribute to society. The insurance industry must better message how insurance contributes to the economy and society overall to better recruit the next generation of talent.
The CPCU Society has faced similar headwinds as their membership numbers declined due primarily to retirements. In order to reverse this trend, the Society worked with major industry employers to broadcast how members will enhance their leadership, knowledge, and networking by becoming involved. This, along with several other key initiatives including direct outreach to university students involved in the Gamma Iota Sigma Risk Management Honor Society and similar groups, has led to an increase in CPCU Society membership from 2020 through today.
The competition for talent is strong and the insurance industry must continue to position itself as one that offers an attractive career, that is dynamic, stable and with plenty of growth opportunities in order to build a sustainable success future.
