It is my pleasure to introduce a guest blogger for this latest post. Kylee Lacson is assistant vice president and practice lead for our life and disability subject matter experts and temporary staffing team. Her insights into the underwriting profession are worth a read. Enjoy…
Now more than ever, we are living in a talent-led economy. Increasingly low unemployment rates, rising retirements and a tightening labor pool have created a candidate’s market. Building a positive candidate and employee experience amid this evolving economy is becoming increasingly critical. Only those organizations that focus on building effective interactions will be able to successfully attract and engage the best and brightest professionals.
For years, the insurance industry has stood as a virtual island amid a sea of growing technological changes. While innovations and advancements transformed industries from banking, commerce, travel and more, insurers maintained business as usual.
But the industry can no longer silo itself against transformation. In fact, more than 80 percent of CEOs identify technological advancements as the top trend expected to transform the industry in the coming years. Today’s organizations are increasingly embracing the opportunities brought by technological advancements—driven by rising innovations, emerging disrupters and evolving business needs.
The 2018 healthcare open enrollment period is on the horizon. Unlike previous years, this year’s enrollment season will last only 45 days—spanning from November 1 through December 15, 2017. This shortened period is concerning for healthcare providers who continue to face an increased demand and influx of new customers during open enrollment.
The insurance industry’s “war for talent” continues to heat up. No longer just a long-range concern, insurance organizations are now face-to-face with a perfect storm of labor market challenges—from an aging workforce and impending wave of retirements to an increasingly shallow talent pool. In fact, recent estimates show that the insurance industry will need to add 400,000 open positions to its bench by 2020 in order to remain fully staffed.