It is my pleasure to introduce a guest blogger for this latest post. Patricia Strange is a Fulfillment Director leading our executive search team here at Jacobson. Patty’s expertise provides strong insights that are definitely worth a read. Enjoy…
Recently, I had the pleasure of attending a Women’s Insurance Networking Group (WING) luncheon with guest speaker Kelley Buchanan of PwC’s Insurance Advisory Practice. Kelley spoke on a topic that everyone in insurance is buzzing about: analytics and big data. In her presentation, entitled “Game On: How Information is changing the rules of Insurance,” she offers an example of how underwriters are using analytics to expand sales and augment new business capacity. Data is creating competitive advantages for insurance companies that are differentiating organizations and driving success. It’s clear that it’s no longer optional for insurers to build a cutting-edge strategy that incorporates data and analytics – it’s a requirement.
So it begs the question – with the world of insurance analytics changing so rapidly, how will insurers keep up with the demand for talent?
According to Jacobson and Ward Group’s 2013 Insurance Labor Market Study, for the first time ever, the demand for actuarial talent was surpassed by – you guessed it – analytics. Jacobson has seen firsthand that the demand for analytics talent has sky-rocketed – at all levels including entry-level and staff roles, as well as middle management and executive posts. And, our forward-thinking clients also consider bringing in top analytics talent on a contract basis for special projects or interim roles. Those innovative companies that have begun to dig into advanced analytics beyond that of just traditional business intelligence will have the advantage in the marketplace and will be particularly compelling to prospective talent. Organizations must have an exciting and earnest “analytics story” to share with candidates – what they have done, what they are doing and what they plan to do – so top talent can envision their role as a star player in analytics within said organization.
How is your organization planning to compete for talent in the analytics and big data arena?