2016 Insurance Industry Talent Trends – Jacobson Group Report
Article Synopsis :
Emerging technologies like mobility, analytics, telematics and IoT along with the rise of innovative business models such as smart contracts and p2p insurance place new human capital demands on insurers.
Digital talent helps insurers achieve differentiation in commoditized markets
The Jacobson Group’s report “2016 Insurance Industry Talent Trends” offers insights into emerging talent trends impacting the insurance industry. The report also suggests talent acquisition strategies in light of the following:
- Understanding how alternative solutions can have a positive impact on your organization
- Discovering new industry perspectives to evaluate and engage emerging talent sustainably
- Learning how modern business strategies are providing a competitive advantage in the looming “war” for talent
Eight trends, per the report, are going to impact insurers hiring strategies in a big way:
- The insurance industry talent shortage is intensifying
- Emerging talent is understood as key to a successful future
- Insurers will look beyond the industry
- Interim talent will close the gap
- Flexible work options are becoming the business strategy of the future
- Hiring and staffing is going mobile
- Gamification is taking training to the next level
- The analytics revolution is early stages
Companies must hire for the future. Although aging employees have industry experience they simply don’t have the knowledge and skills with data and technology to meet future industry needs. Based on this reality, hiring strategies should include the following considerations:
- Update engagement and retention strategies to bridge the talent gap attracting the younger generation.
- Look beyond the industry identifying base skills and growing them into valuable employees.
- Use interim talent to close gaps due to retirement (old technologies)
- Telecommuting offers flexibility; flesh out the benefits of such strategies.
- Be more digital savvy to attract young tech-savvy employees.
- Deploy gamified training programs to increase engagement.
- Invest heavily in analytics. Moneyball isn’t just for sports anymore.
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Digital Insurer's Comments
Technology is transforming the insurance sector as insurers rethink core operations, distribution and customer service. The bad news is other industries – such as entertainment and retail – are transforming at a faster rate putting intense pressure on insurers to ‘catch up’ especially in the area of digital customer experience.Insurers must focus on attracting young, tech-savvy graduates who not only know how to use digital but also how to design it. What actuarial and underwriting talent was yesterday, digital talent is today. Unfortunately demand outstrips supply and insurance isn’t exactly perceived as a sexy career choice.
Carriers able to differentiate themselves in the quest for talent will be that much closer to differentiating themselves in the quest for customers.
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About the Author
Hugh Terry
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Hugh Terry
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