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5 Ways to Bridge Impending Talent Gap

The industry is recognizing the need to leverage data and analytics, and must hire the talent with analytical know-how to improve profitability.

By Dax Craig | Updated on February 18, 2014

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.

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Dax Craig

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