A contributed article by Jim Sorrells, P&C Subject Matter Expert
Out of all the obstacles posed to the insurance industry in the past few years, the largest hurdle the industry has yet to solve for is the fallout from the fast-changing workforce.
According to a recent Jacobson Group/Aon study, over half of insurance companies planned to expand their staff throughout 2022. The two reasons cited? Planned business expansion and current understaffing challenges. While most of these understaffing issues are due to long-term, experienced employees chasing newer opportunities or feeling the impact of the Great Resignation, there are unexpected knowledge gaps across organizations that are not being filled fast enough to keep up with current customer demand.
Making this workforce predicament worse is the growing gap in the insurance industry’s technology stack. Many insurers are still using incongruous systems that are not interoperable with one another, which makes for unnecessary workflow gaps and redundancies. This, combined with the post-pandemic boom in remote workforce models, means that insurers are facing a major operational dilemma.