Ten years ago, I started asking myself a question: What have you done to attract talent to the insurance industry?
Executive Summary"It's no coincidence that so many insurance CEOs got their start at companies that historically were known for their training programs," write AM Best Rating Services CEO Matt Mosher, a casualty actuary who credits a Crum & Forster training program of a prior decade with putting him on the path to success. Noting the direct correlation between training and leadership, Mosher describes some of the actions AM Best has taken to recruit talent into the industry and groom the next generation of insurance leaders.
It was around that time we began hearing about the impending “talent gap,” the shortage of middle managers ready to take over when baby boomers retire. It got me thinking about my role, and my company’s role, in solving this crisis.
I’m frequently asked why AM Best, a credit rating agency, cares about talent development within the insurance industry. It’s simple: If you are not developing people and developing leaders, you are not going to have a strong insurance industry. And that’s what we’re about. Our mission is to support a strong insurance sector. So, whatever we can do to promote talent development, we will.
Insurance careers are a well-kept secret. Few students arrive at college intending to study insurance, and those who do tend to have friends or family in the industry. My sons are a case in point. All three are actuaries, not because I pushed them toward the field but because they grew up knowing about insurance.