Tackling the ‘Silver Tsunami’: Angela Lee on Building an Inclusive Insurance Workforce
The insurance industry faces a significant challenge: a rapidly aging workforce. As seasoned professionals retire, the sector must address the looming “silver tsunami” of talent leaving the industry. According to a Lightcast report, around 50% of the insurance workforce is expected to retire in the next 15 years, leading to over 400,000 vacant positions. This is a serious challenge, but it also represents an opportunity for industry leaders to reshape the workforce.
Beyond the immediate need to replace retiring workers, the industry also faces the issue of attracting younger talent. Less than a quarter of insurance professionals are under the age of 35. This demographic shift demands proactive solutions to ensure long-term innovation and resilience.
Angela Lee, National Claims Director at Marsh McLennan Agency (MMA) and co-founder of the Asian American Insurance Network, is at the forefront of these efforts.
Lee will speak at the Women in Insurance Summit Atlanta on April 25.
Building Trust Through Leadership
Lee believes that effective leadership hinges on the right balance of authority and approachability. Fostering an environment where team members feel comfortable sharing ideas is vital for collaboration and innovation.
“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.”
Lee emphasizes that leadership goes beyond setting expectations. It involves recognizing and empowering team members, ensuring they work effectively together. “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 particularly crucial for engaging and retaining Generation Z professionals, who value 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.
Inclusion as a Business Imperative
For the insurance industry, simply filling vacancies isn’t enough. The sector must create an environment where young professionals want to stay, grow, and lead. Lee underscores that representation isn’t merely a numbers game; it’s about fostering innovation and ensuring sustained 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 stated. Studies have shown that teams with diverse backgrounds perform 35% better than homogeneous ones, underscoring the business case for inclusion.
True inclusion goes beyond hiring, according to Lee. “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 explained.
Redefining Claims Advocacy
As the workforce evolves, so do industry demands. AI, machine learning, and data analytics are transforming claims management, but technology alone isn’t the solution. The key lies in aligning these advancements with the needs of a younger, more diverse workforce while preserving institutional knowledge.
“The rapid advancement of technology is profoundly reshaping the claims landscape,” Lee noted. “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 significant investments in AI-driven tools and advanced analytics, but Lee emphasizes strategic deployment. “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 includes developing advanced analytics platforms, leveraging client data to gather insights into client needs and preferences. The main goal is empowering the next generation of claims professionals, enabling them to anticipate and mitigate risks proactively.
“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.”
