Insurance Innovation Reporter – by Steven Tesler and Darin Campana
Advanced technologies, like AI, ML and IoT, can support understaffed insurance companies, helping them compete in today’s market.
In the insurance industry, experienced claim professionals are retiring at higher rates than companies can fill vacancies. Many veteran insurers delayed retiring during the pandemic, but there is now a surge in departures. The U.S. Bureau of Labor Statistics notes that half a million insurance employees will retire soon. Similarly, a survey from The Institutes revealed that eight in ten millennials were unaware of career opportunities in the insurance industry.
The ongoing challenge of attracting new entrants and retaining a qualified claims workforce has been exacerbated further by mounting customer demands across the claims process, including the growing expectation among workers for remote and hybrid options. As a result, many insurers struggle to support their dispersed staff working across numerous claim types and jurisdictions, which require significant expertise to navigate the variety of cases.
Undeniably, a talent gap has emerged in today’s competitive marketplace, and it is paramount that insurance brands address it. One solution, which has had success in other industries, is digital transformation.
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