Technology to take Big Hold on Insurance Industry in 2014
As technology becomes a top priority for insurance companies’ bottom-line, more and more insurers must become tech savvy to maintain a competitive advantage. Insurers are employing analytical and mobile technologies more than ever in 2014. According to Property Casualty 360, an overwhelming 92 percent of insurance CEO’s believe their revenues will increase over the next three years due to technological advances, specifically the impact of data analytics on underwriting. This could help drive insurance employment increases.
These technologies will help insurers attract and retain customers through an enhanced customer experience. Higher revenues mean more business for insurance firms who will likely be looking to hire experienced insurance professionals to handle the increase in business.
For now, preliminary statistics reported by the U.S. Bureau of Labor Statistics (BLS) in the January 2014 Employment Situation Economic Release , which was released on February 7, 2014, show a slight decrease in the number of jobs available to insurance professionals. The insurance industry now employs 2,398,500 workers compared to 2,398,800 in December 2013.
Contrary to the lower number of jobs, the unemployment rate among current insurance professionals has continued to move in the right direction. After reaching a yearly low of 2.8 percent in December 2013, the unemployment rate dropped yet again to 2 percent in January 2014.