The last three years have exposed a growing challenge for insurance carriers: attracting, hiring and retaining young talent. Despite the passing of the so-called “Great Resignation,” the insurance industry continues to face significant workforce challenges.
The Bureau of Labor Statistics projects that while the total number of claims professionals will decline by 5%, the industry will face approximately 21,500 job vacancies each year over the next decade. If current trends persist, the rate of new hires simply cannot keep pace with retirements and other departures.
This growing talent shortage is compounded by a rise in the severity of claims and by the industrialization of plaintiff litig