The insurance industry is staring down a massive talent drain as seasoned professionals retire. The so-called “silver tsunami” presents a challenge, but it’s also a wake-up call for industry leaders to step up and take action.
According to a Lightcast report, 50% of the insurance workforce is expected to retire within the next 15 years, leaving over 400,000 positions vacant. Compounding the issue, the industry has struggled to attract younger talent, with less than 25% of insurance professionals under the age of 35.
As the national claims director at Marsh McLennan Agency (MMA), Angela Lee (pictured) leads initiatives to optimize claims management and advocacy. Beyond her technical expertise, she is a strong advocate for representation, co-founding the Asian American Insurance Network and co-chairing MMA’s Enterprise Asian Colleague Resource Group. For Lee, tackling the industry’s workforce crisis isn’t just about replacing retirees – it’s about creating an inclusive workforce that ensures long-term innovation and resilience.
Lee will speak at the Women in Insurance Summit Atlanta on April 25. Register here to secure your spot and join the discussion.
“To navigate this, I really concentrated on defining my leadership style and fostering an environment where my team felt comfortable coming to me and sharing their ideas,” Lee said. “I prioritized regular check-ins and feedback sessions, which I really think were instrumental in building trust and encouraging collaboration.”
However, leadership is more than just setting expectations – it’s about understanding and empowering people. Lee made a conscious effort to recognize her team members’ strengths and aspirations, ensuring that they worked together more effectively.
“I think [it] helped to demonstrate commitment to continuous improvement,” she said. “Which helped to enhance my skills and create credibility as a leader, and by aligning my core values with my leadership approach, I felt like I was able to cultivate the trust and the respect within the team.”
This approach is especially critical for attracting and retaining Gen Z professionals, a demographic that places a high value on consistent feedback and open communication. Over 66% of Gen Z employees prefer frequent feedback, ideally at least once a week, with 40% seeking daily interaction.
For Lee, representation isn’t just about numbers – it’s about fostering innovation and ensuring long-term industry growth.
“It’s so important to be able to attract and retain talent from all backgrounds and perspectives, and not just to fill those gaps for those that are retiring, but also really to drive innovation and growth,” Lee said.
Studies show that teams with different backgrounds perform 35% better than homogeneous ones, reinforcing the business case for inclusion, and Lee is a firm believer in the power of inclusion.
“While we’ve certainly made notable strides, there’s still a lot of work to do, and we know that creating an insurance industry that fosters inclusion truly directly influences the bottom line by creating multiplying opportunities for revenue generation and enhancing client retention,” she said.
However, true inclusion goes beyond hiring practices.
“It’s about creating an environment where everybody feels empowered to share their ideas and their experiences, and it’s critical that we ensure that all employees are feeling valued and that there’s a genuine sense of belonging for everyone,” she said.
As the workforce undergoes a generational shift, so do industry demands. AI, machine learning, and data analytics are reshaping claims management, but technology alone isn’t the solution. The key is ensuring that these advancements align with the needs of a younger, more diverse workforce while also preserving the institutional knowledge that’s at risk of being lost with retiring professionals.
“The rapid advancement of technology is profoundly reshaping the claims landscape,” Lee said. “We’re seeing innovations in artificial intelligence and advanced data analytics that are not just enhancing efficiency but also changing how we think about claims advocacy itself.”
MMA has made substantial investments in AI-driven tools and advanced analytics, but Lee emphasizes that technology must be leveraged strategically.
“We’re not just digitizing processes – we’re creating smarter ways to approach risk management that help future-proof our workforce and ensure that incoming talent has the tools and training to thrive,” she said.
Lee’s role as national claims director involves working closely with stakeholders to develop advanced analytics platforms, leveraging extensive client data to gain deeper insights into client needs and preferences. But the real priority is making sure these tools empower the next generation of claims professionals, giving them the ability to anticipate and mitigate risks instead of simply reacting to them.
“We don’t just respond to claims,” Lee said. “We take a proactive approach, equipping both our clients and our workforce with the tools they need to navigate the complexities of risk management.”
