How the Vermont Captive Insurance Emerging Leaders Program Is Attracting New Talent to the Industry
Like much of the insurance industry, the captive segment is struggling to recruit and retain new talent.
Industry retirements coupled with younger generations’ limited knowledge of career opportunities in insurance at large could create a potential shortage of 400,000 workers, per data from the U.S. Bureau of Labor Statistics.
In the captive segment, this talent gap has been exacerbated by an increase in demand for these types of insurance solutions. In 2021, the demand for captives increased across industries, and lines like D&O, property and cyber saw particularly large increases as insureds tried to manage hard markets, per Aon’s Captive Benchmarking Survey.
“Not only are there not many people coming into the industry, but the big challenge that really amplifies this issue is that many people are retiring out of the industry at the same time, combined with a rapid growth of the industry,” said Brittany Nevins, captive insurance economic development director for the State of Vermont’s Department of Economic Development.
To address these shortages, a number of captive professionals in Vermont have come together to create Vermont Captive Insurance Emerging Leaders (VCIEL), an initiative in partnership with the Vermont Captive Insurance Association (VCIA), designed to educate people about opportunities within the industry. They’re helping young and new professionals see how innovative the industry is while also offering them a career with the potential for growth, great pay, and a strong work-life balance.
“People don’t necessarily know that the captive industry is an option for them. They don’t know the job opportunities that are there in the industry,” said captive auditor Elyssa Nagle, principal with Johnson Lambert LLP.
To learn more about State of Vermont, please visit their website.