Xchanging plc. released its 2014 Insurance Technology and Spending Trends Report, a survey encompassing responses from 75 insurance industry practitioners. The 15-question survey was designed to explore insurance industry technology and spending tends, but the findings reveal a number of opportunities and challenges for insurance professionals.
According to the Bureau of Labor Statistics, nearly half of the industry's workforce is age 45 or older, pointing to a shrinking talent and labor pool. However, only 11% of respondents ranked attracting qualified talent as a top challenge for their agencies. Approximately a third of survey respondents stated that talent acquisition is lower on their list of priorities.
Fewer than half of respondents have the "strategic sourcing of talent" ranked as their second highest priority in order to increase efficiency, cost savings and competitiveness.
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