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Developments in technology could lead to talent shortages in the insurance industry

Technology has meant the insurance industry is changing like never before with insurers having to adapt to emerging technologies and risks to stay ahead. This, with an aging workforce, has resulted in younger more tech savvy employees. 

The challenges insurers are finding, as concluded by a panel of experts, were finding the right tech savvy junior employees with the skills needed to replace the senior members of staff who were retiring. 

An example of where technology is changing the face of insurance is in integrated apps for cars that provide real time information on a drivers driving style. By measuring a driver’s ability these apps can give insurers data that will allow them to accurately measure the risk of that individual. 

This kind of data is also changing the way insurers think about mature markets as well as emerging lines of business like cyber. Despite the range of opportunities on offer with this level of data, skill shortages restrict an insurer’s ability to maximise the value of data on offer. 

John Mulhall, managing director of Accenture Strategy said, "There is much more demand for analytics than there is talent right now." It was also highlighted that the reputation of the industry is putting off younger talent.