The insurance sector is facing a significant talent drain, often referred to as the “silver tsunami,” as experienced professionals retire. This presents not only a challenge but also an opportunity for industry leaders to proactively address the situation. According to a Lightcast report, half of the insurance workforce is expected to retire within the next 15 years, creating over 400,000 vacant positions. Compounding this issue, the industry struggles to attract younger professionals, with less than a quarter of insurance employees under the age of 35.
Angela Lee, the National Claims Director at Marsh McLennan Agency (MMA), is at the forefront of addressing this critical issue. Lee leads initiatives to improve claims management and advocacy. She is also a strong advocate for representation, having co-founded the Asian American Insurance Network and co-chairing MMA’s Enterprise Asian Colleague Resource Group. For Lee, mitigating the workforce crisis extends beyond simply replacing retirees; it involves building an inclusive environment to foster long-term innovation and resilience.
Lee is scheduled to speak at the Women in Insurance Summit in Atlanta on April 25. The summit’s focus will be on the insurance workforce and how best to attract and retain talented employees.
Leadership Built on Trust
Lee’s leadership philosophy emphasizes a balance between authority and approachability. She believes in creating an environment where team members are comfortable sharing their ideas, which is essential for collaboration. “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.”
Leadership goes beyond setting expectations; it also involves understanding and empowering individuals. Lee focuses on recognizing her team members’ strengths and career aspirations to enhance their collective effectiveness. She explained, “I think [it] helped to demonstrate commitment to continuous improvement, 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, who value consistent feedback and open communication. Statistics show that over 66% of Gen Z employees prefer frequent feedback, ideally at least once a week, with 40% seeking daily interaction.
Inclusion as a Business Imperative
Creating a welcoming and inclusive environment is essential. Simply filling open positions will not address the industry’s core problem. The sector must cultivate an environment that attracts, retains, and encourages young professionals to grow and lead. According to Lee, representation isn’t just about numbers; it’s about supporting innovation and ensuring enduring 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,” she said.
Research indicates that teams with diverse backgrounds perform 35% better than homogenous ones, reinforcing the business benefits of inclusion. Lee strongly supports 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.
Inclusion must go beyond simple hiring practices. Lee emphasizes the importance of “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.”
Redefining Claims Advocacy in a Changing Landscape
The industry is also undergoing significant change. AI, machine learning, and data analytics are reshaping claims management, but technology alone is insufficient. The key is to align these advancements with the requirements of a younger, more diverse workforce while retaining the institutional knowledge that is at risk of being lost due to retirements.
“The rapid advancement of technology is profoundly reshaping the claims landscape,” Lee stated. “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 considerable investments in AI-driven tools and advanced analytics, though Lee stresses the importance of leveraging technology 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 noted.
Lee’s role as national claims director involves working closely with stakeholders to develop advanced analytics platforms, utilizing extensive client data to better understand client needs and preferences. The priority is equipping the next generation of claims professionals with the skills to anticipate and mitigate risks. “We don’t just respond to claims,” Lee concluded. “We take a proactive approach, equipping both our clients and our workforce with the tools they need to navigate the complexities of risk management.”
