PriyaPatel
TLDR:
Key Points:
- Insurance industry facing talent shortage with almost 400,000 professionals set to retire
- Factors contributing to the labor shortage include the Great Resignation, lack of awareness, skill misalignment, and competition from other industries
Article Content:
In the next few years, almost 400,000 insurance professionals will retire, leading to a serious talent shortage in the insurance industry. Factors contributing to this shortage include the Great Resignation, lack of awareness or interest in the industry, skill and knowledge misalignment, and competition from other industries.
Companies are finding it difficult to attract and retain talent, as other industries offer higher salaries and more attractive perks. To compete in the talent race, insurance organizations can upgrade their insurtech as a strategic move. Embracing born-in-the-cloud insurance management platforms can help streamline operations, improve efficiency, and enhance the employee experience.
By investing in advanced technologies like automation, artificial intelligence, and data analytics, insurance organizations can attract tech-savvy employees and navigate the talent shortage. Additionally, improving customer experiences through self-service features and streamlining processes with automation can help reduce operational costs and provide more opportunities for growth.
