Transforming the Insurance Industry: Innovate to Alleviate Staff Shortages

The insurance industry is currently grappling with a significant challenge: staff shortages The Hong Kong Insurance Authority reported it was understaffed by around 10% in 2022 while in the US, insurance carriers are employing 85,000 people less since 2020.

The decline in employment, however, is not due to lack of hiring efforts, but instead the struggle to replace workers leaving the industry at an increasing turnover rate.

Fermion’s Chief Solutions Orchestrator, Lawrence Yeoh writes in The Edge Singapore about the causes for shortfall in recruitment, recommended solutions and short-term challenges in implementing them.

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