The times they are a changing…and nowhere is that more true than in the insurance industry. Technology is constantly evolving and will significantly impact every aspect of the industry from adjusting to claims management, fraud and subrogation, as well as how new products are developed in the future. That’s the good news. The bad news is that there will be significantly fewer insurance professionals to use all of this new technology.
For years analysts have been forecasting a significant loss of industry talent and now that loss will occur in the immediate future. According to a study by McKinsey and Co., 25% of the professionals in the insurance industry will retire by 2018, leaving an enormous talent and experience gap in an industry that is already experiencing a worker shortage.
Insurers face several challenges. Industry consolidation has required the blending of technology, employees, cultures and other industry resources, and successfully meshing those factors takes time, effort and capital. As baby boomers begin scaling back their hours and adjusting to retirement, capturing the decades of knowledge they have and passing it onto the next generation of workers takes on new significance. And then there is the issue of even finding employees to train and fill the huge gaps left by retiring workers. In addition, millennial workers have different priorities and work styles, which will force insurers to rethink how they provide service to their policyholders in a 24/7 world.
To read the full article go here
No comments:
Post a Comment