Report: Is the Insurance Talent Gap Real?

• Author: Brown, Mike

If you're keeping tabs on the insurance industry then you've likely seen, heard, or read about the "insurance talent gap."

Insurance is dealing with a rapidly aging and retiring workforce, while simultaneously being unable to lure the next generation of talent.

Is this real?

An industry that's been around for thousands of years and recently had record funding levels is facing a staffing crisis?

Breeze, an insurtech ourselves, put this theory to the test.

We surveyed 1,000 college-graduated and actively-employed adult Americans between the ages of 22 and 30.

Amongst current insurance professionals in this group, 92% see themselves remaining at their current insurance job for the next year. 78% expect to remain in insurance at their next job. 61% want to be in insurance for the next 20 years.

Insurance professionals gave their current jobs higher ratings for "opportunity" and "sexiness" compared to non-insurance professionals. Both groups gave equal ratings for "satisfaction" and "stability."

Amongst non-insurance professionals, 65% are still open to working in insurance. 57% from this group would rather work at a traditional insurance company over a newer insurtech.

COMPARED TO OTHER INDUSTRIES, YOUNG INSURANCE PROFESSIONALS FEEL JUST AS GOOD (SOMETIMES BETTER) ABOUT THEIR CAREER CHOICE

Note: If you'd like to see the raw data or data broken down by state, race, age, etc., please email me at mike@meetbreeze.com

Our 1,000 college-educated, actively-employed adult Americans between the ages of 22 and 30 were segmented into two groups - those who currently work in insurance and everybody else.

Both groups were asked the same set of four questions. On a scale from 1 (least) to 10 (most), they were asked to rate their current job for satisfaction, stability, opportunity, and sexiness.

This side-by-side looks good for the insurance industry.

Young insurance employees are just as satisfied and just as stable as their counterparts in other industries.

And they're actually more bullish about their growth opportunities in insurance.

Perhaps most surprising, insurance received a higher score for sexiness compared to the other aggregated industries. Traditionally seen as a mundane necessity, insurance has rarely been mistaken as "sexy" so this is certainly a positive sign for the future of insurance hiring.

Insurance winning the "opportunity" and "sexiness" categories could possibly be attributed to the booming rise of insurtechs, who are well-funded...