Attracting talent remains biggest challenge for insurers. According to Matt Masher, EVP and COO at A.M. Best, the need for talent is greatest in the information technology (IT) area. The industry has done a lot to attract underwriting and claims professionals. But attracting the industry struggles in attracting IT talent needed to deal with insurtech issues, efficiencies in distribution and claims, cutting expenses using technology, and data analytics.

Insurtechs are providing an avenue into the industry for some of the more tech savvy professionals. Legacy systems continue to burden the industry as well. Insurers need a sound platform in order to be innovative and develop new products.

Mr. Mosher sees opportunities for insurers in the wide array of risks emerging. Aside from cyber, insurers can develop new products that respond to the changing risk environment and shared economy, such as Uber and Lyft. Solving problems for society present opportunities to grow outside the mainstream. Grow by solving problems.

 

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