As insurance professionals continue to retire in large numbers, how is the industry responding and what roles are needed most? Four key trends, along with recent Strategy Meets Action (SMA) research, offer insight into the industry’s battle for talent.
‘
Direct distribution models in personal lines have gained traction and market share over the last two decades. The insurtech movement has now presented new options for digital distribution, such as direct digital via web/mobile.
As the effects of the pandemic continue to play out, Strategy Meets Action (SMA) research indicates that commercial lines insurers are reprioritizing their tech-oriented projects, with some plans continuing to move forward while others have slowed down.
The insurance industry has shifted its priorities in response to changing consumer demands, altered business patterns, and the ongoing workforce revolution. Recent Strategy Meets Action research revealed business drivers pushing commercial insurers’ technology investments forward in 2022.
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
In a recent webinar sponsored by ReSource Pro, Strategy Meets Action’s Mark Breading moderated a panel discussion with several insurance industry leaders, who spoke about the talent challenges facing their companies and the strategies and solutions they have implemented.
‘
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic. Personal line insurers were poised to meet the new digital needs of customers and employees when other industries struggled to adapt to the virtual era.
ReSource Pro Consulting’s recent research report revealed that although there is a strong effort by insurers to provide true digital payment experiences, many continue to operate with outdated processes that don’t meet the needs of today’s consumers.
Although the pandemic helped accelerate innovation in some areas of the business, many commercial lines insurers also came to realize how unprepared they were for the digital demands resulting from the global crisis.