By Tanya Krochta | EVP, COO & acting CEO of ACORD
As we celebrate the professionals who drive our industry forward during Insurance Careers Month, we must also reflect on the challenges ahead, particularly with respect to attracting talent. It’s a known fact that the insurance industry is facing a rapidly accelerating talent shortage. Amid an aging workforce, a lack of diversity, and a widening skills gap, companies are finding it harder to attract and retain younger, tech-savvy professionals that are the key to the industry’s future. It will take organizations committed to building more entryways into the industry and redefining its image to turn the tide.
According to data from the National Association of Mutual Insurance Companies (NAMIC), 50 percent of insurance professionals are expected to retire within the next 10 years, leaving a significant knowledge and experience gap. Simultaneously, younger generations show limited interest in the industry, citing perceptions of it being outdated, lacking career growth opportunities, and seeming overly complex. To secure the industry’s future, we must reimagine talent acquisition, development, and retention strategies.
A Shared Vision for the Future
The solution cannot come from isolated efforts alone. It requires a collective reimagining of talent strategy, one that positions insurance as a hub of innovation, data intelligence, and societal impact. This means:
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Embedding technology at the core of talent development: AI, analytics, and automation are reshaping underwriting, claims, and customer engagement. Tomorrow’s professionals must be fluent in these tools.
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Redefining the industry’s narrative: Insurance is not paperwork—it’s predictive modeling, risk intelligence, and global problem-solving. We must tell that story boldly.
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Building inclusive pipelines: Diversity must not be seen as a series of boxes to tick, but as an engine of innovation. Expanding access and representation will unlock new ideas and perspectives.
How ACORD Is Leading the Way
ACORD, the standards-setting body for the global insurance industry, recognizes the need to provide opportunities for the next generation to gain experience and learn about the insurance industry. As a member-driven Standards Development Organization (SDO), our focus is facilitating the efficient flow of information between insurance industry stakeholders through the setting of data standards. But we also understand that it’s crucial for the industry’s future to communicate how it relates to the world around us.
This year, we launched the ACORD Student Challenge to give university students exposure to a real-world insurance industry topic: underwriting pet insurance. Participants were tasked with leveraging AI tools to compile and analyze data required for underwriting policies. This was a great opportunity for prospective talent to engage with the type of work that contributes to the development of data standards across the industry.
At the same time we are undertaking initiatives to cultivate future insurance professionals, we also believe in developing the industry’s current workforce. That is why we also recently partnered with St. John’s University—a leading institution for insurance, risk management, and actuarial science—to offer discounted executive education programs for ACORD members. This is an opportunity for existing industry talent to not only develop necessary skills for the future, but also to be prepared to lead in addressing the challenges ahead.
We also recognize that seeking multiple perspectives from other organizations is essential. To promote industry collaboration, we recently hosted a panel on the workforce crisis during our annual conference ACORD Connect 2025.
Here are some key takeaways from the session:
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Seeing diversity draws in diverse talent: Organizations must ensure diverse representation at the first point of contact in order to connect with more individuals from diverse backgrounds. But this must be part of a larger effort to expand diversity at all levels, especially leadership roles, so diverse individuals can better envision a path for career growth.
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Dispense with industry jargon to better connect with younger generations: The insurance world is filled with technical terminology that can make it harder to understand the industry’s societal impact, which has greater potential to appeal to younger generations.
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Cooperative messaging has greater potential to shift industry perceptions: Organizations should seek opportunities where they can collaborate on PR campaigns that address shared concerns around diversity, social impact, and technological innovation. This messaging can redefine the industry’s image on a greater scale, which ultimately expands the talent pool for all organizations involved.
Beyond ACORD: A Movement Across the Industry
Various initiatives have different focal points, each tackling critical dimensions of the problem—from perception and education to diversity and inclusion. Across the industry, several organizations are leading transformative efforts that align with this shared vision:
The Big “I” (Independent Insurance Agents & Brokers of America)
The Big “I” is confronting one of the most pressing issues: industry perception among younger generations. Through initiatives like the Big “I” Virtual University and local education programs, they are reframing insurance as a career of impact and growth. By showcasing the profession’s vital role in communities and its adaptability in a tech-driven world, they are helping to attract Millennials and Gen Z.
The National Invest Program
The National Invest Program, a non-profit administered by the Big “I,” deserves a special callout. It focuses on broadening access to the industry by partnering with high schools and community colleges. By reaching talent earlier in their educational journey, the program is helping to reshape perceptions and create entry points for individuals who might never have considered insurance, particularly those from underrepresented communities.
Spencer Educational Foundation
The Spencer Educational Foundation tackles the skills gap by funding scholarships and educational programs that prepare students for specialized roles in risk management and insurance. Their work ensures that the next generation enters the industry with the technical expertise and leadership capabilities required to thrive in a rapidly evolving landscape.
Women in Insurance Initiative
Gender diversity remains a critical gap in the industry’s leadership pipeline. The Women in Insurance Initiative is dismantling systemic barriers by providing mentorship, professional development, and networking opportunities. Their work ensures that women not only enter the industry but rise to positions of influence, bringing fresh perspectives and driving inclusive decision-making that fuels innovation.
RISE (Rising Insurance Star Executives)
RISE addresses the early-career exposure problem head-on. Many students and young professionals simply don’t encounter insurance as a viable career option. Through internships, mentorship programs, and industry awareness campaigns, RISE is building a diverse talent pipeline and emphasizing that inclusion is not just a moral imperative, but a strategic advantage for innovation.
Building the Workforce of Tomorrow
The insurance industry’s talent crisis is a complex challenge, but it also presents an unprecedented opportunity. Through a collective effort by ACORD and other organizations like the ones above, we can build a workforce that meets the demands of a rapidly changing world.
This transformation requires intentional action in reshaping perceptions, investing in education and development, and cultivating inclusive environments. Doing so not only ensures the industry’s resilience, but also positions insurance as an attractive and impactful career choice for generations to come.