insurance industry aging news article 07 Aug 2024
By: Tyrel McAllister
Comments: No Comments

On July 21, 2024, President Biden formally resigned from running for re-election, passing the torch to a Gen Xer.

Biden will be the first president to not seek two terms since LBJ in 1968. There is a lot of speculation as to what thoughts passed through his mind to make the decision. But one indisputable fact is that he would have been the oldest president to run for re-election.

Age is a funny thing. It is like gravity, there is no fighting it and slowing it does not stop it (based on current science). It is also something we are keenly familiar with in the insurance industry.

The average insurance broker is: 59 (McKinsey)

And many of the industry stalwart CEOs are older:

This is compared with the average Fortune 500 CEO age of 57, and Magnificent 7 CEO of 54.

A lot can be learned from experience. Having executives that have lived through hard and soft markets is crucial. However, for an industry necessary to global resilience, having perspectives from all generations in the C-suite matters.

Together we make better and more relevant products if we know the needs and experiences of young customers (those under 60), first hand.

So next time you can consider a younger or inexperienced candidate, challenge your thinking. Can you train and support that person? What is stopping you from making the hire? Similarly, if you have the chance to work with an InsurTech or younger startup. Can you make it happen? Will that partnership attract younger people to your company?

 

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InsurTech East Coast Deals, Opportunities, and Partner Events

InsurTech News and Deals

  • Gradient AI ($36M): MA-based provider of artificial intelligence solutions for the insurance industry
  • Slide Insurance ($175M, Regions Bank): Tampa-based Insurtech company specialising in homeowners insurance
  • Planck Data ($300M, acquired): Underwriting data platform acquired by Applied
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Best,
David and Tony
InsurTech NY Team