NEW YORK, Jan. 31, 2022 /PRNewswire/ — The Insurance Information Institute (Triple-I) and the HBCU I.M.P.A.C.T. Initiative, Inc.® (IMPACT) today announced a partnership and a career-building campaign aimed at recruiting students at historically Black colleges and universities (HBCUs) to the insurance industry.
To kick off February’s Black History Month, which is also Insurance Careers Month, Triple-I-produced and released a video series titled “Insuring Success.” HBCU IMPACT ® launched today its new website.
“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 Sean Kevelighan, CEO, Triple-I. “We are thrilled to be a part of this dynamic program to help young and diverse talent discover the benefits and opportunities available through insurance careers.”
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.
Even before “the great resignation,” the insurance industry faced a burgeoning talent gap. A growing segment of the workforce is reaching retirement age and the median age of insurance company employees is higher than in other financial sectors. The availability of insurance-related jobs is expected to grow for the foreseeable future.
But this growing talent gap is even more prevalent in the underrepresented groups that help to make up the insurance industry, particularly as it relates to Black professionals. The U.S. Bureau of Labor Statistics reports that, as of 2019, African Americans made up only 12.4% of the insurance industry’s employees. A study conducted by the Independent Insurance Agents & Brokers of America (IIABA) in 2018 found that only 2% of established agencies had at least one African American principal. These stats demonstrate the industry’s challenges around recruiting and retaining Black talent.
“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. “For some disciplines, industry opportunities begin even before college. Not all rising stars will decide to go to college. We are developing programming to address the hidden Black talent in that demographic, as well.”
“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 among Black students that insurance is the place to be for successful, fulfilling careers.”