Finding the right talent
Digital capabilities need digitally trained staff, but that does not mean that the era of the traditional insurance agent is coming to an end. Instead, insurers need to focus on up-skilling their existing workforce while simultaneously attracting new talent into the industry.
A key challenge is that a career as an insurance agent is not as attractive as it used to be. Many family-run agencies that have operated for generations no longer have their children following in their parents’ footsteps. In addition, enhanced digital capabilities mean that entry-level paperwork and data entry roles are becoming rarer, with advisory and digital expertise becoming increasingly important as a result.
This is creating a talent shortage that is making it hard for many insurers to thrive. Insurers need to demonstrate the appeal and potential of careers at their firms in their job advertisements, including an emphasis on training opportunities.
Insurers also need to take advantage of market developments that could be laying the best talent right at their feet. The COVID-19 pandemic has not only created financial hardships for individuals, but it has also put pressure on businesses, including InsurTechs and FinTechs. Under this pressure, many businesses have been forced to lay off staff and reduce the size of their workforce. This means that insurers currently have access to a wealth of digital talent that may not usually have considered the industry for a career.