Insurers are no stranger to navigating evolving technology, customer expectations, and industry demographics, and reshaping their talent strategies accordingly. The past few years have been no exception. The insurance workforce has undergone a profound transformation, from the rise of remote/hybrid work models to virtual interactions to urban migration—and the changes are far from over.
To gain a closer look at property and casualty insurers’ plans for attracting, retaining, and reskilling employees in today’s challenging environment, we surveyed over 40 executives at P&C insurers across the U.S. Here are some of our key findings.
1. Diversity, equity, and inclusion is a key objective for large insurers
Among large insurers—those with more than 500 employees—diversity, equity, and inclusion (DEI) ranks just as important as talent retention. Diversity is a lower priority for small insurers; however, this could likely be attributed to their lesser resources and staff capacity. A substantial 32% of the large insurers we surveyed have appointed a dedicated leader for DEI compared to just 19% for small insurers.
2. Reskilling efforts have increased, but room for improvement remains
While most insurers report an increased effort to educate employees and provide greater career opportunities over the past three years, 25% say they have made no changes in their approach to reskilling. Meanwhile, only a small percentage have established a program to assess individuals for new roles, indicating that insurers may be underestimating the speed at which roles are evolving.
3. Outsourcing will play a key role in helping insurers fill talent gaps
Business process outsourcing (BPO) has proven an effective option for insurers looking to increase their employees’ focus on client-facing work, simplify procedures, improve effectiveness, and control expenses. In fact, 41% of executives say their organization will increase its use of BPO over the next three years, making it the number one resource leveraged by insurers, just behind hiring new employees.
Download Our Research Report
If you’re interested in learning more about property and casualty insurers’ plans for attracting and retaining talent, how key roles are evolving, and what you can do to develop a winning talent strategy, download our free research report, “P&C Carrier Talent and Workforce Strategies in 2023.”
Visit our Consulting page to find out how we can help your insurance organization gain strategic clarity and make more informed decisions.