The crunch is on! As analytics and big data shape the future of the insurance industry and the demand for high-quality talent continues to grow, insurance organizations are faced with the difficult task of finding experienced data and analytics professionals amid a challenging recruiting climate. Already, the U.S. is expected to see a shortfall of more than 260,000 analytics professionals as early as next year.
As more and more insurers find the value in leveraging data analytics throughout their organizations, the demand for high-quality, experienced data and analytics professionals is on the rise. Alas, the insurance industry is not the only one looking to expand its analytics presence. With a shallow pool of qualified analytics talent, insurance organizations are facing an increasingly challenging recruiting climate as they attempt to address their analytics and big data needs.
As mentioned in our recent analytics blog post, the demand for actuarial talent in 2014 was surpassed by analytics for the first time in the history of The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study. In addition, analytics ranks in the top five most in-demand job functions, as well as in the top five areas where companies are planning to increase staff throughout the year.
From analytics to big data, red-hot technology buzzwords are sweeping across the insurance industry and companies are beginning to realize the significant value of these trends. Progressive insurance organizations are embracing these groundbreaking applications of technology and changing the way the industry does business.
For many insurance organizations, the use of analytics has become a tool allowing them to differentiate themselves, stay ahead of the curve, build their brands, enhance profitability and gain a leg-up in today’s competitive market.
With its ruling released on June 28th, the Supreme Court has, absent an unexpected legislative repeal, cemented the Patient Protection and Affordable Care Act (PPACA) into U.S. law. Now that the judicial challenges have run their course, there is some clarity around the impacts this law will create.
In the short term, I view this development as moderately positive for the health Insurance industry and perhaps even stimulative for the health insurance labor market. Over the past several months, as the uncertainty around the Supreme Court decision grew, I have seen countless health insurance decision makers put developmental projects on hold until some clarity emerged.