The pandemic has altered life in so many ways over the past two years. One change that will likely stick around for years is the new workforce dynamic. The competition to attract top talent is as fierce as ever, as industries contend against the Great Resignation, the remote workforce, urban migration and a labor shortage. While talent challenges are nothing new to the insurance industry, new research shows that insurers are prioritizing talent strategies now more than ever before.
SMA’s new research report, “P&C Insurance Talent and the Workforce: An Imperative for Success in the Post-Pandemic World,” examines how the insurance workforce has evolved in recent years and how insurers are developing their talent plans for the future. The survey of industry executives reveals interesting differences in 2022 talent objectives between insurers with under 500 employees and over 500 employees. Large insurers are framing strategies to both attract new talent and retrain and retain existing employees, with four in five executives indicating these as primary talent objectives. However, small insurers are more interested in attracting new employees, highlighting the need for smaller carriers to be strategic with their hiring plans to stand out among better-known employers.
The evolving nature of insurance careers driven by digital transformation is also influencing insurers’ approaches to talent. There is very little doubt that transformational technologies like artificial intelligence will change industry roles over the next five years, with 72% of professionals expecting new jobs to emerge in business areas like underwriting and claims. In fact, signs of this are already being seen in the market as insurers seek talent with more technological skill sets.
As the competitive talent market continues, talent and the workforce will become more significant focal points for insurance companies across industry segments. But, for insurers to thrive and become employers of choice, they must show commitment to meeting the changing needs of current and potential employees.