Many baby boomers remember the Pete Seeger song that became an anthem of the 1960s peace movement, "Where Have All the Flowers Gone." Unless insurance executives take steps today to address the inevitable future talent crunch, they might as well dust off their old Peter, Paul and Mary albums and start singing, "Where Have All the Young Adjusters Gone/Gone to Retirement, Everyone."
Every insurance carrier is facing the reality of a shortage of talented, experienced workers as the nation's 79 million baby boomers reach retirement age. It is widely estimated that up to 30 percent of claims adjusters leave carriers every year. The result is a dearth of experienced adjusters, who traditionally brought new recruits up to speed in the complex world of claims processing.