Key questions for Agents to consider: What is the agency doing to capture the 'intelligence' of your retiring workforce? What is your agency doing to attract passionate talented professionals that will help drive growth?
According to the Department of Labor, the US job market outlook for insurance agents and brokers will increase by 13% or 56,000 additional positions by the year 2016. (http://www.bls.gov/oco/ocos118.htm#outlook) This will create the need to hire Generation X and Y to not only to fill the growth gap, but to replace the retiring baby boomer workforce as well.
This demographic shift introduces a challenge but also creates an opportunity for changing the agency business model. Many agencies are embracing this opportunity and re-designing business models and workflows. Others, however, are waiting for their staff to retire before they implement automation. They do not want to force the existing workforce to adapt to new. In general, most agencies are trying to determine the best approach to take with a blended workforce since transformation and automation require investment, time and training.
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