Anyone hiring in the insurance industry right now understands the challenge of finding qualified talent. According to The Hartford, just 4 percent of millennials surveyed in 2015 showed interest in working in the insurance industry. Not a lot has changed since that time: Idex Consulting, a business growth consultancy for insurance and other financial services, reported in January this year that while 76 percent of employers planned to hire in the next 12 months, 52 percent said their biggest challenge was a shortage of suitable applicants.
Executive Summary
Executive Viewpoint: For the insurance industry, finding new talent is an ongoing challenge. Here, WAHVE CEO Sharon Emek discusses two different solutions: AI tools and retired humans with the desire and skills to help supplement the industry workforce. Emek, who leads a staffing firm that matches retiring insurance professionals to insurance positions, also suggests that insurers can use both solutions in concert.
The shortage of talent is real.
Organizations are looking for solutions. Many are turning to automation and artificial intelligence to help improve the productivity of their existing workforce while others are looking for more nontraditional avenues for filling empty positions.
The AI Bridge
Technology is one tool to help improve productivity and get the job done. AI is being utilized more to not just augment staff but in some cases to operate as staff. According to a McKinsey survey of C-level executives across various industries in late 2024, over the next three years 92 percent of companies plan to increase their AI investments.
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