As more and more insurers find the value in leveraging data analytics throughout their organizations, the demand for high-quality, experienced data and analytics professionals is on the rise. Alas, the insurance industry is not the only one looking to expand its analytics presence. With a shallow pool of qualified analytics talent, insurance organizations are facing an increasingly challenging recruiting climate as they attempt to address their analytics and big data needs.
As mentioned in our recent analytics blog post, the demand for actuarial talent in 2014 was surpassed by analytics for the first time in the history of The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study. In addition, analytics ranks in the top five most in-demand job functions, as well as in the top five areas where companies are planning to increase staff throughout the year.
Globally, insurers are expected to add nearly 24,000 new analytics jobs by 2015, with more than 15,000 of these jobs located within the United States. As companies add analytics positions at a rate more than five times faster than the overall national employment growth rate, the talent supply is struggling to keep pace. Across all industries, as early as next year the U.S. could see a shortfall of more than 260,000 analytics professionals.
The talent crunch is on. What can insurance do to compete?
Create a compelling story. Highlight what the industry has already done using analytics, what is currently underway and what the future has in store for insurance analytics. Showcase how analytics is creating exciting changes within insurance. Promote the role of data and analytics in achieving success.
Showcase the innovative role analytics is playing within the industry. Insurance organizations are embracing the potential that analytics provides, leading the industry to streamline or rethink many of its current processes. Focus on analytics and big data as the drivers behind these exciting and forward-thinking changes.
Spotlight your company culture. Today’s analytics professionals are looking for a company culture that supports technology, utilizes data in decision-making and has analysis embedded throughout its functions. Insurance offers that. The industry must highlight this leading-edge culture when reaching out to potential analytics candidates.
Promote the dynamic opportunity insurance analytics offers. Analytics is permeating throughout all areas of the insurance industry, from claims and risk management to marketing. Focus on the opportunities the industry offers for professionals to utilize their highly specialized skills to the fullest extent across multiple job functions.
Highlight the support of industry leaders. Due to the relative novelty of analytics as a career opportunity, job security plays a large role in attracting candidates. Leaders in the insurance C-suite should consider providing executive sponsorship to highlight the industry’s commitment to its analytics initiatives.
In order to keep pace with the competition and ultimately get a leg up, insurers must focus on attracting and securing analytics professionals. With these talented individuals on the team, the insurance industry is sure to thrive in today’s dynamic, global marketplace.
What is your organization doing to attract and engage analytics talent?