A recent study highlighted in this Insurance Journal article says that 25% for insurance agency owners or principals plan to retire or otherwise sell their agencies in the next five years. This is significant turnover in a key role in the industry. There are certainly other roles in the industry that will experience significant turnover as well in the next few years.
All of this change and need for new talent highlights the need for training and encouragement to go into the insurance industry. In Nebraska, Northeast Community College in Norfolk is now offering both a certificate and an Associates Degree program in Insurance Services. As a partner to many insurance companies we are encouraged by this development along with the support this program has received from local companies and industry groups such as the State Association of Mutual Insurance Companies – Nebraska. It is critical to continue to provide training for future insurance professionals.