As the business world adapts and flexes its collective muscle in the Age of COVID-19, there’s an increased focus on risk, data and communication. Chief risk officers and risk managers are emerging as in-demand and essential positions, and risk expertise is actively sought in the boardroom. Functions within the realm of risk management, such as data analytics, enterprise risk management and actuarial are also moving up many organizations’ “must have” priority lists.
The insurance industry stands amid a rapidly evolving talent market. Insurers are now face-to-face with the rise of innovation, emphasis on corporate culture, push for inclusivity and growing temporary workforce. Is your organization prepared?
Now more than ever, we are living in a talent-led economy. Increasingly low unemployment rates, rising retirements and a tightening labor pool have created a candidate’s market. Building a positive candidate and employee experience amid this evolving economy is becoming increasingly critical. Only those organizations that focus on building effective interactions will be able to successfully attract and engage the best and brightest professionals.
For years, the insurance industry has stood as a virtual island amid a sea of growing technological changes. While innovations and advancements transformed industries from banking, commerce, travel and more, insurers maintained business as usual.
But the industry can no longer silo itself against transformation. In fact, more than 80 percent of CEOs identify technological advancements as the top trend expected to transform the industry in the coming years. Today’s organizations are increasingly embracing the opportunities brought by technological advancements—driven by rising innovations, emerging disrupters and evolving business needs.
The insurance industry’s “war for talent” continues to heat up. No longer just a long-range concern, insurance organizations are now face-to-face with a perfect storm of labor market challenges—from an aging workforce and impending wave of retirements to an increasingly shallow talent pool. In fact, recent estimates show that the insurance industry will need to add 400,000 open positions to its bench by 2020 in order to remain fully staffed.