Insurance Needs Analytics Talent, But Can It Compete With Big Tech?

Current labor shortages are now impacting almost every sector of the U.S. economy, and commercial insurance is no exception.

‘It’s probably the worst that I’ve seen in the last 30 years,’ Tom Veale, president, TRISTAR Insurance Group, said of the shortage.

‘It’s everything from underwriters to loss control reps to claims professionals. It’s pretty much across the line. IT is the hardest hit, followed by claims adjusters.’

Insurers are increasingly relying on technologies like automation, machine learning, and artificial intelligence to bridge the gap, transforming the industry in a variety of ways, and causing a race to find the best analytics talent to manage and interpret all that data.

‘The technology is being used to replace a lot of the clerical functions, but it’s also being used to augment the jobs of our claims professionals,’ Veale said.