The Data Behind Insurance's Retirement Wave with Matt Rigsby
Description: Matthew Rigsby is a Principal Researcher for Enterprise Research at The Institutes, where he supports education and professional development through market research and business intelligence projects. His recent work includes a white paper called "Talent Transformation: Key Metrics for the Insurance Workforce," which explores the impact of the demographic shifts facing the industry. In this episode of In the Know, Chris Hampshire and Matt discuss the findings from this paper about the aging workforce and the loss of institutional knowledge from retirement and technical positions. He also shares how companies see these challenges manifesting in today's work environment, and the steps they are taking now for a promising future in the insurance industry.
Key Takeaways
● Matt's career began with teaching in South Africa and South Korea.
● His work at The Institutes married Matt's business and teaching degrees.
● An overview of the "Talent Transformation" white paper.
● Strategies for approaching the loss of talent in the aging industry.
● Company demographics that Matt approached for the white paper.
● Out-of-the-box approaches to the Silver Tsunami.
● The role of AI in filling the talent void.
● Positive and negative impacts of the retirement wave.
● Changing the traditional model of ranking and seniority.
● Matt's 5-year look to the future of the industry.
● Surprising findings from Matt's experience with research in the industry.
● Matt's insights for anyone considering a career in the insurance industry.
● Upcoming generational research at The Institutes.
● Matt's advice to his early-career self.
In the Know podcast theme music written and performed by James Jones, CPCU, and Kole Shuda of the band If-Then.
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Quotes
● "I love education research, and The Institutes offers a great way to be doing that."
● "The aging workforce is the number one thing that professionals are worried about across the industry."
● "Many respondents could see the positive impact of the retirement wave."
● "There is a lot of knowledge that needs to be passed on, and if it could be integrated into a career pathway, that would be great."
