Even before the pandemic and 'the great resignation,' insurance faced a 'talent gap'. Part of the challenge has been finding replacements for a rapidly retiring workforce, as the median age of insurance company employees is higher than in other financial sectors.
The industry also needs new talent skill sets to tackle rapidly evolving risks and accelerate digital progress.
Insurers employ nearly 3 million people in the United States, many with uniquely insurance-specific jobs, such as claims adjusters, underwriters, risk managers, and agents. Many other workers -- like accountants, human resources managers, or data analysts -- could work in many different industries.
Filling insurance-specific roles has been a particular challenge. When Triple-I's Chief Insurance Officer, Dale Porfilio, worked in personal lines for major carriers, companies routinely had staffing shortages in both claims and underwriting -- two of the largest staff populations in a property/casualty company.
The shortages were due mainly to companies struggling to replace retiring adjustors. A similar need existed in underwriting, as people early in their careers commonly used their insurance positions as a stepping stone to other opportunities.
