In a recent feature for Carrier Management, Dan Epstein, CEO of ReSource Pro, delves into the pressing issue of the global talent crisis within the insurance industry. With a staggering projection that 50% of the current insurance workforce will retire in the next 15 years, leaving over 400,000 positions unfilled, the sector faces an unprecedented challenge. This situation is compounded by an unemployment rate significantly lower than the national average, signaling a severe loss of insurance knowledge that could worsen if not addressed soon.
Epstein argues that the traditional outsourcing model, which fills basic support roles, is insufficient for the industry’s long-term success. Instead, he advocates for “up-sourcing,” a strategy that involves delegating complex and higher-value tasks to a global workforce. This approach not only addresses the talent shortage but also ensures the retention of critical insurance knowledge and expertise.
The feature highlights the risks insurance organizations face if they fail to adapt, including jeopardized business due to the loss of knowledgeable practitioners and increased errors and omissions (E&O) and reputational risk. Epstein presents knowledge process management (KPM) as a transformative solution, offering examples of how up-sourcing can significantly improve operational efficiencies and growth opportunities for carriers and agencies alike.
By embracing a global strategy and partnering with the right KPM provider, insurance organizations can navigate the talent crisis more effectively, ensuring their competitiveness and sustainability in the face of rapid industry changes.
Explore the full article in Carrier Management to learn Dan Epstein’s full insights on overcoming the global talent crisis through innovative workforce strategies. Read the full article here.