How to Find (and Keep) Tech Talent

Most vendors have placed greater priority on their business models, such as increasing the availability of remote and hybrid work.

Tom Benton

October 1, 2023

A woman sitting at a table outside a glass building working on a laptop

The aftermath of COVID-19 has ushered in events including the Great Resignation, mass layoffs and the hybridization of the workforce that challenge technology vendors’ talent strategies today. The fast-paced world of technology demands a steady stream of top talent, especially for vendors servicing the insurance industry as insurers harness AI, IoT, data analytics and other advanced technologies.

Consider that tech employment is expected to grow 13% between 2020 and 2023, according to the Bureau of Labor Statistics. With this in mind, it is critical for vendors to be strategic in 2023 and beyond in how they grow and retain valuable talent in a market rife with competition.

A new research report from ReSource Pro examines how insurance tech vendors’ strategies are evolving in the competitive labor market. Insurance vendors are increasingly recognizing the critical role of talent retention in developing future leadership, productivity and innovation in a competitive talent market—unsurprising given that the cost to recruit and fill a tech role can run up to $30,000.

Nearly 90% of vendors stated that retention is their top talent priority this year. This is a shift from 2022, when vendors’ top objective was attracting new talent. Within the past three years, vendors have implemented many initiatives to retain employees, including investments in employee training, well-being and compensation. For example, most vendors have placed greater priority on their business models, such as increasing the availability of remote and hybrid work. Vendors are also offering more opportunities for career development, supported by education/training and initiatives to redefine roles and responsibilities.

The findings of the research report highlight the critical role that tech talent plays in enabling carriers to navigate the complexity of the current digital landscape. Looking toward the future, insurance vendors must adjust and balance their priorities for professional development.

There is every reason to expect change to continue, with the rapid acceleration of technology and demographic changes, so vendors should plan to regularly review and modify their talent strategies to stay competitive and evolve their workplace to better meet employee expectations.

Tom Benton

Tom Benton is a partner at Strategy Meets Action, a ReSource Pro company.

Benton helps insurers and their technology providers develop strategic plans to implement innovative solutions for improving customer experience, reducing risks and increasing operational efficiency. He has over 20 years of experience directing successful IT strategies at numerous organizations, including as CIO at an insurance carrier and as CIO/CTO at non-profit organizations. He also has nearly 10 years of experience providing advisory and consulting services to insurers and insurance technology providers, including major core systems vendors, IT services providers and insurtech startups. Benton's expertise includes IT capability assessment, IT strategic plan development, transformation preparedness, customer experience and vendor selection.

Prior to joining Strategy Meets Action, Benton served as VP of research and consulting at Novarica, chief information officer at Navy Mutual and CIO/CTO at two major nonprofits in the Washington, DC area. He holds a master's degree from MIT and a bachelor's degree from Cornell University.

Benton has contributed to numerous industry reports and insurance publications and has been a frequent speaker at industry conferences and webinars.