Triple-I and HBCU IMPACT have joined forces in a career-building campaign aimed at recruiting students at historically black colleges and universities (HBCUs) to the insurance industry.
The acronym, IMPACT, stands for “Insurance Mentoring Program Advance Career Track”. The organization’s co-founders say they are aggressively sharing the “good news” of insurance career opportunities with students from all disciplines.
“The war for talent in our industry is indeed real, but it is also an extremely exciting time of corporate transformation and technological advancement,” said Triple-I CEO Sean Kevelighan. Even before the “Great Resignation,” the insurance industry faced a talent gap. Much of the workforce is reaching retirement age, and the median age of insurance company employees is higher than in other financial sectors.
The U.S. Bureau of Labor Statistics reports that, as of 2019, African-Americans made up only 12.4 percent of the insurance industry’s employees. A study conducted by the Independent Insurance Agents & Brokers of America (IIABA) in 2018 found that only 2 percent of established agencies had at least one African-American principal.
“We are going around like evangelists, letting the next generation of black talent know that insurance is a place where you can build a career, learn skills that are transferable, and you can make a lot of money,” said Rebekah Ratliff, mediator/arbitrator, founder of CCM Consulting Associates, LLC and HBCU IMPACT co-founder.
“Ultimately, we want to achieve an increased representation of black talent in the industry – not just at the entry level, but we are also looking to groom our next black executives,” said Ngozi Nnaji, founder of Ako Insurance Consulting, LLC and Ako Brokerage Services, LLC and an HBCU IMPACT co-founder. “HBCU IMPACT is proud to join forces with Triple-I to spread the word.”
Triple-I isn’t alone among organizations seeking to increase diversity and inclusion in insurance.
Zurich North America in January launched its Zurich Fellow Scholarship to help “diverse talent” pursue advanced degrees in insurance fields, Jessica Aguilar, head of talent acquisition for Zurich, told Business Insurance. The American Property Casualty Insurance Association (APCIA) and its members helped launch the Insurance Careers Movement (ICM) in 2015 to focus on workforce development and diversity as key industry priorities. More than 1,000 insurers, agents and brokers, trade associations, regulators, media organizations, and others are currently working together as part of Insurance Careers Month, according to ICM managing director Marguerite Tortorello.
#Insurancecareersmonth #ICM2022 #blackhistorymonth #insuringsuccess