The insurance industry has faced a multitude of changes in the last few years, including a fast-changing workforce landscape because of trends like The Great Resignation that result in high turnover rates.
Executive SummaryAs the insurance industry has experienced many changes recently, Jim Sorrells, property/casualty insurance subject expert at Shift Technology, writes that automation can help insurers navigate the decision-making process and better manage claims. This comes as intelligent decision engines use artificial intelligence and machine learning models to bring operational efficiency to core systems and analyze large amounts of data. Sorrells says using this technology efficiently is becoming increasingly important for insurers as they face the many challenges of an industry weathered by change.
A Jacobson Group/Aon study from early 2022 revealed that 79 percent of insurance companies planned to increase their staff over the next year. The two leading reasons? Understaffing and business expansion. A majority of this understaffing has come as a result of long-term, experienced employees chasing new opportunities or reaching retirement, leaving knowledge gaps across organizations that are not being replaced fast enough.
Adding to this workforce friction is a technology gap. The reality is that many insurers are still using disparate systems that may not be interoperable, creating unnecessary workflow gaps and redundancies. Compounded with the post-pandemic remote workforce models, insurers are facing a major operational dilemma.
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