November 10, 2009 – Courtenay, BC – Imagine an industry where nearly half of all employees are between the ages of 41 and 60. Imagine in that same industry that employees tend to retire two to three years earlier than workers in all other Canadian sectors. Current retirement projections in this industry show that 25 percent of this labour force will retire between 2012 and 2017.
This is the current reality in the Canadian insurance industry.
In its study “A Demographic Analysis of the P&C Insurance Industry in Canada, 2007 to 2017”, the Insurance Institute released the above statistics, finding that the industry�s workforce is aging, retiring younger and in droves. One-quarter of current insurance professionals could retire during a five-year span, beginning in less than three years.
As the demographics of the Canadian workforce change, the industry is finding a need for new talent.
The newly launched Canadian Insurance Scholarship Program, created in conjunction with online insurance educator ILScorp, offers Canadian high school students a chance to join this exciting industry and get their own careers started with a kick-start from current industry professionals.
Through the Canadian Insurance Scholarship Program�s website (www.theworldofopportunities.com), insurance professionals can sponsor high school students in their first steps towards their new career. A sponsorship provides the student with access to the online Level 1 video preparation course for their province, the provincial insurance exam fee and ongoing support during the studying, exam preparation and job hunting processes. One scholarship is equal to one fresh, new employee in the insurance talent pool.
“For years we�ve been hearing about the impending staffing crisis in the insurance industry,” said Shelley Ridgewell, Program Coordinator for the Canadian Insurance Scholarship Program. “The Canadian Insurance Scholarship Program is doing something about it. Through their donations, brokers and other industry members are ensuring that the industry is strengthened as more and more young men and women start their own insurance careers.”
“Quite simply,” she added, “the goal is to recruit and promote excellence in the Canadian insurance industry by having insurance companies underwrite the licensing education of future employees: high school students.”
“The Canadian Insurance Scholarship Program is the first program of its kind in Canada,” said Steve Hawrishok, ILScorp founder and long-time insurance educator. “We really wanted to do something about the shortage being experienced by the insurance brokerages across Canada. “
Companies or individuals who wish to donate a scholarship in their name can do so now through the Program’s website: www.theworldofopportunities.com. Each scholarship is $450. Further information about the sponsorship process can also be found on the Program�s website.
The application process for interested students is also available now through the site.
ILS Learning Corporation has been the leading online education provider for professionals since 2001. With interactive online video and text courses for mandatory CE and licensing requirements, ILScorp is popular with the insurance, financial, real estate and health care industries. Through the use of advanced training tools, a full and expanding multimedia library and a strong base in innovation, ILScorp is pleased to be the market expert in Canadian career development. www.ilscorp.ca.