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7 things the insurance industry needs to know about the looming talent gap

How will the insurance industry meet the challenge of losing up to a quarter of its workforce in the next 3-5 years?

By Patricia Harman | Updated on August 07, 2015

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.

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