Say What? The Insurance Industry Needs to Hire Older People?

July - Risky Business - Employers

Say What? The Insurance Industry Needs to Hire Older People?

Insurance employers have braced for the great retirement for the last ten years. The insurance industry workforce is indeed dominated by baby boomers (30% of the workforce is over 55). The insurance industry is taking steps to attract and retain younger workers to address this challenge. These steps include offering flexible work arrangements, providing training and development opportunities, and promoting diversity and inclusion.

The good news is insurance companies are recruiting younger workers at a record pace. 

The bad news is these same hires are not staying long, leaving for other jobs or industries. Keeping someone for five years is hard to do! Most talent acquisition departments are working overtime, not only filling new roles but replacing everyone retiring and the short-term younger workers!  

It may be time to recruit older people by accepting they will be with you for two to three years. 

However, this will allow you to buy time and concentrate on creating strategically sound recruiting strategies that focus on finding insurance career-minded younger people who you can invest and retain for the future.   


Older people are a crucial asset to any company. Here is why and how to add this to a recruiting strategy.

Tap into the insurance industry experience advantage. Older individuals often boast extensive experience in their respective fields, which can be a game-changer for any organization. Their years of work enable them to offer invaluable insights, problem-solving abilities, and industry know-how. Can you imagine getting a claims or underwriting specialist with thirty years of experience ready to give you a good three years of work? 

Promote an age-inclusive work environment. Creating an age-inclusive work environment fosters a sense of belonging and loyalty among employees of all ages. By celebrating the diverse perspectives of older individuals, insurance companies can stimulate creativity and innovation. Moreover, an age-inclusive culture attracts a wide range of customers and clients, reflecting a deeper understanding of various demographics. The bottom line is that older workers know many people and can contribute to business development or solving problems.

Utilize targeted recruitment strategies. To attract older talent, employers should consider adjusting their recruitment strategies. Tailoring job postings and outreach efforts to emphasize the value placed on experience and long-term commitment can significantly increase interest from older job seekers. A great strategy is to ask former employees if they want to return to work. 

Many insurance companies are having success hiring former employers. According to the BLS, employees aged 65 and above are projected to have the fastest employment growth rate, with an expected increase of 49.4% from 2019 to 2029. Yes, this is your sign!

You must offer flexibility and work-life balance. The workforce is changing, and insurance companies must change with it. Many older individuals seek opportunities that provide work-life balance and flexibility. Employers who offer adaptable work arrangements, part-time options, or remote work possibilities can attract seasoned professionals seeking a healthy work-life integration.


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