December 6, 2016
A new study that shows an increasing number of projected insurance job vacancies by 2024 will set the stage for the industry’s collaborative efforts to fill them.
Partners in the Insurance Industry Resource Council’s (IIRC) Insuring Ohio Futures initiative recently heard firsthand new numbers that project a 29,000 shortfall in the number of professionals needed to fill insurance positions Ohio-wide. The IIRC commissioned economic research firm Regionomics to conduct the study, a follow-up to a similar one in 2013.
Regionomics’ 2013 report projected a shortfall of 26,000, representing the industry’s challenge of backfilling jobs due to retiring baby boomers and raising awareness among young Ohioans concerning the career opportunities within Ohio’s sixth largest industry.
The IIRC was formed five years ago to address the impending shortfall. Since then, with the support of the IIRC, the Ohio Department of Insurance and institutions of higher learning, Ohio has seen the number of risk management and insurance students increase from only one graduate in 2012 to more than 200 in 2016.
A vote of confidence came from Lt. Gov. and Insurance Commissioner Mary Taylor, who spoke to about 40 industry and education representatives at the IIRC’s fall member meeting.
“The IIRC is unique and unparalleled in the way it engages the insurance industry to meet its current and future workforce needs,” Taylor told the group. “The work of the Ohio Department of Insurance and IIRC members will ensure the industry continues to prosper and help drive the Ohio economy forward.”
As the IIRC continues the momentum, it will tackle crucial questions, such as:
- How can industry and education best align to equip students for success in the insurance industry?
- How will the next generation of talent find their calling within the industry?
- What are the most effective ways to ensure that students and their families know about the stable, well-paying range of great careers in the insurance industry?