New SMA Blog by Mark Breading, Partner, Strategy Meets Action —
The pandemic has altered life in so many ways over the past two years. And one change that will likely stick around for years to come 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 more well-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.
For more information on today’s insurance workforce trends and talent strategies in 2022 and beyond, read SMA’s recently published research report, P&C Insurance Talent and the Workforce: An Imperative for Success in the Post-Pandemic World.
About The Author
Mark Breading is known for his insights on the future of the insurance industry and innovative uses of technology. Mark consults with insurers and technology companies on forward-thinking strategies for success in the digital age. His inventive methodologies, fresh ideas, creative conceptualizations, and ability to incorporate InsurTech and transformational tech in business strategies are unparalleled. He also leads SMA’s research program, publishing 25-30 research reports per year and conducting various custom research projects for insurer and vendor clients. His thought leadership in the areas of InsurTech, transformational technologies, customer experience, and digital strategies has earned him a ranking of one of the “Top Global Influencers in InsurTech” by InsurTech News and Onalytica and a place in the ten finalists for the “Top Global IoT in Insurance Influencer Award.”
Before joining SMA in 2009, Mark spent 25 years with IBM in roles including the Global Insurance Strategist and Director of Global Financial Services Executive Conferences in addition to leadership roles in consulting and marketing. Mark co-developed IBM’s Account Based Marketing program and led the global project office to implement ABM across all industry verticals worldwide. Mark has held both technical and business roles in sales, consulting, marketing, and business strategy and has advised insurers around the world for almost 30 years.
About SMA, a ReSource Pro company
At Strategy Meets Action, our clients advance their strategic initiatives and accelerate their transformational journeys by leveraging our forward-thinking insights, deep vendor knowledge, and vast industry expertise. Strategy Meets Action is an advisory firm that works exclusively with insurers, MGAs, and vendors in the P&C market. For more information, visit www.strategymeetsaction.com.
About ReSource Pro
ReSource Pro brings integrated operational solutions to insurance organizations to improve growth, profitability and insurance outcomes. Headquartered in New York, ReSource Pro’s global service centers address client operational needs around the clock. Recognized as an industry thought leader and listed as one of Inc. 5000 Fastest Growing Private Companies annually since 2009, the company is renowned for its focus on innovation, service excellence and trusted partnerships, and its unique productivity platform for insurance operations. More than 5,000 ReSource Pro employees provide dedicated support to hundreds of insurance organizations, consistently achieving a +97% client retention rate over a decade. For more information, visit www.resourcepro.com.
SOURCE: Strategy Meets Action (SMA)