We have a serious issue to address in the insurance industry.According to the U.S.Bureau of Labor Statistics, the industry employs 2.2 millionworkers, and that number is expected increase with 200,000 new jobsby the year 2020. This should be great news,except that nearly 50% of the industry'sworkforce will retire in the next 15 years—and there isn't enoughtalent stepping in to fill those shoes. If the insurance industrydoes not work to recruit top talent now, it won't be ableto offset the impending skills gap.

An aging workforce isn't the only driver requiring insurance torecruit new, fresh talent to the industry: Property andCasualty insurers in particular are in a period of flux as theyface significant challenges to traditional business models anddeclining investment returns. As a result, carriers are recognizingthe need to leverage data and analytics—and to hire the talent towork with these analytical tools—to improve overallprofitability.

The need to fill positions is exacerbated by timing—this problemis hitting at the same moment that carriers are retooling theiroperations to become more profitable, which will require data andanalytics talent within IT, actuarial and underwritingdepartments.