We have a serious issue to address in the insurance industry. According to the U.S. Bureau of Labor Statistics, the industry employs 2.2 million workers, and that number is expected increase with 200,000 new jobs by the year 2020. This should be great news, except that nearly 50% of the industry's workforce will retire in the next 15 years—and there isn't enough talent stepping in to fill those shoes. If the insurance industry does not work to recruit top talent now, it won't be able to offset the impending skills gap.
An aging workforce isn't the only driver requiring insurance to recruit new, fresh talent to the industry: Property and Casualty insurers in particular are in a period of flux as they face significant challenges to traditional business models and declining investment returns. As a result, carriers are recognizing the need to leverage data and analytics—and to hire the talent to work with these analytical tools—to improve overall profitability.
The need to fill positions is exacerbated by timing—this problem is hitting at the same moment that carriers are retooling their operations to become more profitable, which will require data and analytics talent within IT, actuarial and underwriting departments.
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