Insurance companies faced a growing labor shortage before the pandemic, but now the challenge of hiring and retaining skilled workers is even more significant.
Filling these roles is increasingly difficult. According to Everest Group, nearly a quarter of the tech role vacancies in insurance went unfilled in 2021. Adding fuel to the fire, recent data shows younger generations are less attracted to the insurance industry. According to Ronak Doshi, Vice President at Everest Group, only 4 percent of millennials are interested in working in insurance technology roles because they perceive the industry as slow to adopt innovative technologies.