The insurance industry is facing a significant challenge as many experienced professionals prepare to retire. This wave of retirements, often referred to as the “silver tsunami,” is expected to leave over 400,000 positions open in the next 15 years. A recent report from Lightcast highlights that half of the current insurance workforce will retire, creating a gap that the industry is struggling to fill.
Angela Lee, the national claims director at Marsh McLennan Agency, is at the forefront of addressing this issue. She emphasizes that the solution goes beyond simply replacing retirees; it’s about building a diverse and inclusive workforce that can drive innovation and ensure the industry’s future success. Lee co-founded the Asian American Insurance Network and co-chairs MMA’s Enterprise Asian Colleague Resource Group, showing her commitment to representation in the industry.
Lee will be speaking at the Women in Insurance Summit in Atlanta on April 25, where she plans to discuss these pressing issues.
For Lee, effective leadership is about balancing authority and approachability. She believes in creating an environment where team members feel comfortable sharing their ideas. Regular check-ins and feedback sessions are part of her strategy to build trust within her team. “I think this approach has helped in demonstrating a commitment to continuous improvement,” she said, noting that aligning her values with her leadership style has fostered respect among her colleagues.
Attracting and retaining younger professionals, especially Gen Z, is critical for the industry. This group values open communication and frequent feedback, with many preferring interactions at least once a week. Lee understands that simply filling positions won’t solve the underlying issues. The industry must create a workplace where young professionals want to stay and grow.
Lee believes that diversity is essential for fostering innovation. Research shows that teams with varied backgrounds perform significantly better than those that are homogenous. “Attracting and retaining talent from all backgrounds is crucial for driving growth,” she stated. She stresses that true inclusion means creating an environment where everyone feels valued and has a sense of belonging.
As the industry evolves, technology is also playing a vital role. Advances in AI and data analytics are changing claims management. However, Lee emphasizes that technology should be used strategically to empower the next generation of professionals. “We’re not just digitizing processes; we’re creating smarter ways to approach risk management,” she explained.
Lee’s focus is on ensuring that new talent has the right tools and training to succeed. Her role involves collaborating with stakeholders to develop analytics platforms that provide deeper insights into client needs. “We aim to equip our workforce with the ability to anticipate and mitigate risks,” she said, highlighting the proactive approach MMA is taking in claims management.
The insurance industry stands at a crossroads. Addressing the impending talent shortage and fostering an inclusive environment will be key to its future success. As Lee prepares to share her insights at the upcoming summit, her message is clear: the industry must adapt to attract and retain the next generation of leaders.