Insurance talent landscape is shifting in response to advances in automation and AI
April 18, 2023
- Sarah Bouzarouata
- The insurance industry in the United States currently employs just over 3 million people, an increase of 3.2% since 2019. But continued advancements in technology, namely automation and artificial intelligence, are driving a shift in the occupational landscape within the industry.
- As insurance companies further implement automation of services such as underwriting, filing claims, customer service, and fraud detection, associated occupations are declining. Despite accounting for a combined 26% of the industry workforce, office clerks, claims and policy processing clerks, customer service representatives, and claim adjusters, examiners, and investigators have all seen a decline in total employment since 2019.
- However, automation is driving stronger demand for more technologically skilled professionals within the industry. The number of software developers has spiked over the past 3 years, as have jobs within management fields in the industry.
- As insurance companies refine their long-term workforce strategies, they will also have to reassess their portfolios to meet the needs of their talent. In 2022, insurance was the third-largest sublessor industry in the U.S., behind tech and finance with nearly 6.5 m.s.f. put on the market.