Emerging technology platforms, an aging workforce and a turbulent regulatory environment in the employee benefits field can either be perceived as problems or opportunities. Considering I sold everything that I had to start my own practice, I opt for the latter.
According to the Bureau of Labor Statistics, An aging population and changes in federal regulation may increase demand for agents who sell health and long-term care insurance. It has been widely talked about that nearly 25% of the overall insurance industrys workforce will be older than 55 years of age by 2018, and while that still leaves a considerable amount of time to grow ones business and work longer; a human capital gap will follow shortly thereafter if insurance organizations do not effectively capture the knowledge of these professionals and begin to aggressively hire younger generations and implement some succession planning. Other statistics report 50% turnover of the workforce in the next 10-15 years. Therefore, there is much to consider regarding what we need to do to capture the intellectual property, relationships, best practices and more of those expected to retire and/or leave the field.
