Insurance Industry Talent Trends 2015 – Jacobson Group Report
Article Synopsis :
With 25% of the insurance workforce nearing retirement by 2018, and only 27% of insurance employees under the age of 35, is the insurance industry on the brink of a talent crisis?
In the report “Insurance Industry Talent Trends 2015”, the Jacobson Group highlights
- The key metrics pointing to a skills shortage in the insurance sector
- Identifies the most relevant skills for insurers in the digital age; and
- Offers a roadmap for successful skills development to thrive in the digital world
The report discusses seven key areas for talent acquisition, development and retention in 2015 and beyond:
1. Emerging Talent
Key Takeaway: Organizations must focus on attracting recent graduates and young professionals to weather the impending wave of insurance retirements.
2. Talent Branding
Key Takeaway: Branding is not only essential in attracting customers but high value knowledge workers. Nurturing brand image is vital.
3. Tech Talent
Key Takeaway: The demand for analytics and big data talent continues to skyrocket. Insurers need to rethink their hiring plans to attract this in-demand talent to the industry. A special approach may be required.
4. Increased Industry Turnover
Key Takeaway: With the number of employees voluntarily leaving organizations on the rise, insurers must focus on revamping employee engagement strategies to retain skilled, in-demand professionals.
5. Growth of Non-Traditional Employment
Key Takeaway: Non-traditional employment is growing as employees opt for more flexible work options and employers search for cost-efficient term solutions. Insurers need to expand flexibility for certain job classes.
6. Technology Impacting Required Job Skills
Key Takeaway: Companies are looking for employees with a strong quantitative skill sets to tap big data for competitive advantage.
7. Climate Risk
Key Takeaway: Insurers must rethink their current staffing strategies to better prepare for global climate change and its impact on disaster events.
Analytics, big data and technology are taking the insurance industry by storm. To find professionals to meet this growing need, the report suggests that organizations must look outside the box and consider hiring non-insurance individuals.
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Digital Insurer's CommentsIn analytics alone the numbers seem daunting: Insurers in the U.S. are expected to add nearly 15,000 new analytics jobs by the end of 2015. Companies in all industries are adding analytics positions at a rate more than 5x faster than the overall national employment growth rate. The U.S. is expected to see a shortfall of more than 260,000 analytics professionals as early as this year.
Demand far exceeds supply on cloud, mobile, social media, automation and performance monitoring skill sets as well.
For as much as we talk and write about digital technology it’s a people-based transformation at its core. Insurers who used to compete with each other for actuarial talent must now compete with everyone for digital knowledge workers. Digital talent optimisation is a challenge for all insurers irrespective of size and profitability and we believe winning the digital talent war will require a multi-pronged approach including:
1. Anticipating the next big technology trends
2. In-house talent incubation
3. Skill building through external partnerships
4. Tactical acquisition to build and seed in-demand talent pools
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