Much has been made about the changes the insurance industry will be ex- periencing in the coming months as a significant number of profession- als (approximately 25% according to McKinsey & Co.) begin to retire or cut back on their hours. The world of insurance is already full of disruptors that will change how insurance is sold and priced, and how claims are reported.
Technology is changing how insurers capture information from the first notice of
loss (FNOL) to the way claims data is gathered both onsite (think drones and iPad
apps) and from policyholders who can upload information from their cell phones. As
service providers like Lemonade and Amazon disrupt how insureds make purchases,
those changes are having a direct impact in the insurance space as they change customer expectations.
Insurers have known for two decades that they would have to grapple with an employment shortage as baby boomers began to age out of the industry. And while technology can help mitigate some of the loss, the institutional knowledge walking out of
the door should be enough to encourage insurers to capture as much of that information as possible be it is too late.
Number of years survey respondents
have worked in the insurance industry
Ages of respondents