In her 1993 book, “The Fountain of Age,” Betty Friedan used substantial science to subvert the “age-as-problem” notion, asserting, “Aging is not lost youth but a new stage of opportunity and strength.”

Today’s statistics affirm more than ever that the retirement-age U.S. population is anything but ready to retire. Their eagerness and ability to continue working in talent-seeking industries is a clear solution for the insurance industry’s talent gap.

A recent report by Deloitte Consulting, “Human capital trends in the insurance industry,” offers keen insight into how much the insurance industry has to gain by making practical changes to its employment model:

“Insurance companies need to start looking at talent differently, including embracing freelance talent and tapping into this new way of working…The Open Talent Economy encourages insurance companies to think about a new way of workforce planning and role fulfillment…Embracing the Open Talent Economy can be challenging, but it is a necessary step for the insurance industry to meet the needs of innovation and growth and remain competitive for the best talent.”

While an “Open Talent Economy” can include everything from freelance talent to talent partnerships and ventures, we look to a valuable subsector of that group described in a different report: The Longevity Economy. The Longevity Economy consists of Americans 50 and over who are still active professionals, consumers, travelers and overall societal participants. They’re described in a 2013 AARP publication by Oxford Economics, “The Longevity Economy: Generating economic growth and new opportunities for business,” as “a powerful new force…changing the face of America, composed of 106 million people responsible for at least $7.1 trillion in annual economic activity.” The publication supports, through a wealth of research, the extent of aging America’s contribution to our economy, as well as its place as innovator, asset to productivity and ultimately success for the American workplace.

What’s the solution? With less than 1 in 10 millennials (now the largest generation in the U.S. workforce) expressing interest or having education in the insurance industry, the Longevity Economy offers an unprecedented asset of skilled, experienced insurance professionals poised to fill the breach.

Retirement-age insurance employees prove their mettle statistically and demonstrate their right to stay in the workforce through their economic engagement, their affinity for technology and innovation, and their belief in the opportunity for success that’s made possible by their ongoing presence in insurance.

Economic Engagement

The Oxford Economics study for AARP projected that Americans 50 and over will easily be responsible for more than $13.5 trillion in annual economic activity by 2032, accounting for more than half of U.S. GDP. The study concludes that this consumption drives demand and thus “provides employment for nearly 100 million Americans.”

As consumers, Americans over 50 outspend the average consumer across the majority of categories, dominating spending in 119 of 123 consumer packaged goods segments. This level and breadth of consumption generates economic activity in all U.S. economy sectors and handily refutes the clichéd assumption that as people age they spend less and thus contribute less toward a healthy economy. This population is engaged in the marketplace, fueling its demand and participating robustly in its recovery and stability.

Innovation Orientation

With an increase in their longevity comes not more years of advanced age but rather a lengthening of mid-life years for Americans over 50. As Oxford Economics explains for AARP, the 30 years that were added to lifespans in the 20th century “have resulted in a longer middle age—extending the period when workers are at their most productive and creative.”

This population’s ongoing presence in the workforce not only brings the extensive, valuable professional insight born of an experienced and dynamic career but also an appreciation of evolving and current technological tools to industries like insurance.

Opportunity for Success

Historically, the older population has been dubbed a problem rather than an opportunity, but we’ve seen how inaccurate that portrait is. What isn’t inaccurate is the dire outlook in the insurance industry for retaining adequate talent. Industries like insurance facing talent gaps must capitalize on an increasing over-50 contingent, many of whom are in the best place in their life personally and professionally to continue contributing substantially in the workforce. The “Longevity Economy” summarizes it brilliantly:

“Older Americans are a vibrant group, driven to keep working and contributing to the economy either by financial need or simply the desire to stay active and feel fulfilled. Their growing presence will be not only a net gain for the overall American economy but also a crucial opportunity for businesses.”

Merrill Lynch found that “71 percent of pre-retirees would like to include some work in their retirement years.” And this is not just a passing phase. For the foreseeable future, “longer life spans will result in a consistently large over-50 population even after the baby boomer wave has crested,” reports Oxford Economics for AARP.

The Solution

The insurance industry faces the loss of nearly half-a-million retirement-age professionals in the next few years if it follows the tradition of generations past and continues to offer only continued full-time work or retirement options. Oxford Economics showed that most pre-retirees are “seeking flexible arrangements—on the job part-time, remotely or with the ability to mix periods of work with periods of leisure.” Forward-thinking insurance companies that adjust their business models to include flexible hours, remote working options and contract-based work will be able to leverage an underutilized, rich resource—the experienced, driven, engaged pre-retiree.