Perspectives Q4 2022 Perspectives Q4 2022 | Page 54

NAILBA CHARITABLE FOUNDATION

Meeting the future head-on

Our industry is retiring and dying . I don ’ t think that is news to anyone . However , did you know :
There are more sales reps over the age of 80 , than there are under the age of 30 . Average age of a life insurance agent is 59 in the U . S . 1 Nearly 400,000 industry employees are expected to retire in the next few years . 2 Average age of worker in the insurance sector is 45 ; this is the highest , second only to one other industry . 3 Eight out of 10 millennials report having limited knowledge and understanding of the employment opportunities available within the insurance industry . 4 25 % of all insurance professionals are within a decade of retirement . 5 Financial services will hit a deficit of 3 million professionals globally by 2020 . 6 Older professionals now form more than one-quarter of the financial workforce in the United States , with 19 percent age 55 to 64 and 7 percent age 65 or older . 7
The problem of replacing those lost in the life insurance industry , due to retirement and / or death , is a decades-long dilemma . The NAILBA Charitable Foundation has formulated a program that has the possibility of making a significant difference in bringing new people into the life insurance industry .
Sheryl Moore is President and CEO of the life and annuity market research firm of Wink , Inc . Her company provides competitive intelligence , market research , product development , consulting services and insight to select financial services companies . sjm @ intelrockstar . com .
1 Deloitte : https :// www . propertycasualty360 . com / 2020 / 03 / 31 / 2020-agent-survey-todays-insuranceagent-demographics /? slreturn = 20220306002448
2 AmTrust Financial : https :// amtrustfinancial . com / blog / agents / the-aging-insurance-workforce
3 U . S . Bureau of Labor Statistics : https :// www . bls . gov / cps / cpsaat18b . htm
4 The Institutes : https :// www . theinstitutes . org / doc / Millennial-Generation-Survey-Report . pdf
5 U . S . Bureau of Labor Statistics : https :// www . bls . gov /
6 Korn Ferry : https :// www2 . deloitte . com / us / en / insights / industry / financial-services / aging-workforces-babyboomers-financial-services . html /# endnote-sup-2
7 Centre for Ageing Better : https :// www . bitc . org . uk / system / files / research / age-friendly-employer _ report . pdf
Changing the trend The demand is there , but not the people to fill the roles . Introducing the Future in Financial Services — an initiative offering a combination of scholarship and internship programs in the profession .
Scholarships
The NAILBA Charitable Foundation ( NCF ) will prepare more young people for a career in financial services by awarding scholarships to students within colleges and universities that have insurance and financial services classes and programs .
Internships
NCF also aims to invest in the future of the life insurance industry by providing internships . This will set students up for success , by giving them real-world experience working in an insurance setting , and ultimately aid in identifying which area of the financial services industry the student wants to enter .
The Ask The NAILBA Charitable Foundation is dedicated to making a meaningful difference in the number of young people entering the life insurance industry . All of this is possible because of the generosity of people like YOU . With your support , we can not only get more young people involved in the life insurance business , but we can prepare them for success in a lifelong career . What questions might you have as we begin this mission ? We want to hear from you . We are looking for your financial support to make the Future in Financial Services a reality . Please feel free to reach-out to me or Jim Sorebo , President of the NAILBA Charitable Foundation , for more information .
Help us , help life insurance .
54 Perspectives Q4 2022