The insurance industry is struggling with a myriad of talent issues, putting additional strain on adjusters and other claims professionals — and they’re not all caused by the Great Resignation. A wave of baby boomers left the industry when they retired, leaving a sizeable gap in experience and domain knowledge. Many property and casualty insurers and claims administrators (collectively, payers) have been finding it difficult to attract and retain younger generations.
“Even before the Great Resignation, the property and casualty industry was experiencing challenges recruiting younger generations,” said Gail Koza, director of product management, business intelligence solutions for Conduent Casualty Claims Solutions LLC.
The Great Resignation may not have caused the insurance industry’s talent problems, but it certainly compounded them. Between April 2020 and April 2022, sixty-five percent of people who resigned from jobs in the insurance and finance sector left for jobs in other industries or exited the workforce all together, a recent McKinsey study found.
Given the talent shortage, many claims departments are turning to technology to help manage their increased workloads with process automation, online self-service, and tools that provide next-step support to enable faster and more effective decisions.