The actuarial profession continues to face a period of drastic changes. From market evolutions— including the introduction of more stringent regulations—to talent transformations, including the increased popularity of science, technology, engineering and mathematics (STEM) degrees, these shifts are having a drastic impact on the supply and demand of actuarial professionals.
The search is on for qualified underwriting talent. Amid a growing number of positive labor trends—including low unemployment rates and positive staffing increases—a number of key insurance functions are feeling the pinch. Underwriting positions, in particular, are becoming more and more difficult to fill. As a result, the war for insurance underwriting talent is heating up.
Even if you aren’t playing the game, there is no doubt you have heard its name or seen someone else engrossed in it. With more than 15 million players downloading the popular app, Pokémon Go has swept the nation. It has quickly become a phenomenon that has changed the gaming world in just a few shorts weeks. Gone are the days when gaming kept players confined to their couches for hours on end. With the introduction of Pokémon Go, the outside world has evolved into a virtual reality that everyone wants to explore.
The insurance industry talent crisis has finally come to a head. Despite years of warning and research, many organizations viewed the talent crisis as a long-range concern on the distant horizon. Unfortunately, they are now coming face-to-face with a real war for talent. The insurance industry, in particular, is feeling the impact of the tightening labor market.
A gold medal is arguably one of the greatest rewards athletes can earn in their careers. Many individuals have gone to great lengths to achieve this esteemed prize, embodying the phrase “with great risk comes great reward.” The 2016 Summer Olympics are just a few short weeks away and this year, the reverse “with great reward comes great risk” rings just as true.
Risk is at the forefront of this summer’s games due to Rio de Janeiro’s unnervingly high crime rates and various disease epidemics. The usual risks that accompany any large event are amplified by the current state of the city. In order to combat any potential dangers, insurance has become more important than ever. Preparing for more than 16,000 athletes and approximately 600,000 visitors in addition to the city’s 6.2 million inhabitants has resulted in the most heavily insured games in history. From start to finish, insurance will play an integral part in the overall success of the Olympics.