The times they are a changing… and nowhere is that more truethan in the insurance industry. Technology is constantly evolvingand will significantly impact every aspect of the industry fromadjusting to claims management, fraud and subrogation, as well ashow new products are developed in the future. That's the good news.The bad news is that there will be significantly fewer insuranceprofessionals to use all of this new technology.

For years analysts have been forecasting a significant loss ofindustry talent and now that loss will occur in the immediatefuture. According to a study by McKinsey and Co., 25 percent of theprofessionals in the insurance industry will retire by 2018,leaving an enormous talent and experience gap in an industry thatis already experiencing a worker shortage.

Insurers face several challenges. Industry consolidation hasrequired the blending of technology, employees, cultures and otherindustry resources, and successfully meshing those factors takestime, effort and capital. As baby boomers begin scaling back theirhours and adjusting to retirement, capturing the decades ofknowledge they have and passing it onto the next generation ofworkers takes on new significance. And then there is the issue ofeven finding employees to train and fill the huge gaps left byretiring workers. In addition, millennial workers have differentpriorities and work styles, which will force insurers to rethinkhow they provide service to their policyholders in a 24/7world.