Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC) admits insurance is a challenging business, and it’s changing rapidly.

Among the contributing challenges facing the industry is technology, which is increasing the speed of change. The talent gap presents issues for companies looking to replace retiring workers while attracting a new generation of professionals. He believes millennials would be attracted to the variety of positions in the industry…meaningful jobs. Mr. Chamness believes the industry needs to translate it value proposition in a way the next generation understands it.

While some technology can be “scary”, it is enabling. Even small companies can benefit from operational efficiencies, lower costs and improved customer services supported by technology.

Mr. Chamness advises executives to “stay current.” Go to industry meetings to hear what from experts on the future. Meet with technology and other service providers to learn from them. What’s made insurers successful over the past 120 years may not serve the industry well in the future. Understand how technology can serve policyholders.

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