Given the current challenges of a tech-centered world, insurers should consider taking a more holistic approach to bolster their ability to hire and retain talent, especially those with general IT and more specialized technology-related capabilities such as machine learning, analytics, digital marketing, and cybersecurity. This includes upskilling existing staff as well as improving recruiting by communicating the advantages of working specifically in tech at insurance companies.
They might start by emphasizing the industry’s unique value proposition as the economy’s financial first responders, protecting consumers from unforeseen risks and catastrophic losses with respect to their life, health, retirement, personal property, and businesses. The industry is also playing a leading role in combating climate change
And taking on other sustainability challenges— elements that could resonate with and appeal to more socially conscious candidates entering the job market.
In addition, offering the opportunity to build and launch a more advanced digital insurance organization may whet the appetite of those starting out and looking to immediately impact their work. This is especially so if insurers offer an attractive career path for technology specialists, so they not only join a company but stick with the job in anticipation of greater responsibility and faster promotions.
Concurrently, a robust skill enhancement program offering similar paths for rapid advancement to those already working in insurance IT, cybersecurity, or other tech-related functions could stem attrition, creating a more attractive landing spot for future insurer recruits by demonstrating ongoing learning and capability growth.
Strategize hiring and retention of talent with requisite skill sets
Look for talent with adaptable skills
• Identify positions where talent can be trained to do the job rather than seeking immediate 100% skills match. (For example, when hiring for a data analytics post, seek those with STEM backgrounds who can be quickly upskilled rather than limit the search to established data scientists.)
Upskill existing employees
• Not all employees need to be entirely tech-ﬂuent at ﬁrst. Training to adapt to speciﬁc work with emerging technologies can help accelerate the pace of innovation.
• Automation can free employees from routine manual and administrative processes and allow manpower to be diverted to more challenging tasks that enrich jobs and careers.
Develop a compelling value proposition
• What could carriers oﬀer prospective employees that might convince them to choose insurance over technology companies?
• What might be beneﬁcial for recruits with tech ﬂuency to start their career at an insurer? (Chance to build a new
digital model, integrate emerging technologies into processes, achieve quicker promotions, or work for the economy’s ﬁnancial ﬁrst responders?)