PriyaPatel
TLDR:
- The insurance industry is facing a major risk due to a shortage of graduates and a retiring workforce
- To tackle the war for talent, companies must recruit, retain, and retrain employees, focusing on digital literacy and innovation
At the RISKWORLD2024 conference, it was highlighted that the insurance industry is facing a significant challenge in attracting and retaining talent. With a shortage of graduates entering the field and a large portion of the workforce set to retire in the next decade, it is crucial for companies to adopt a three-pronged approach to talent management.
The industry must recruit the digitally literate workforce of tomorrow, retain existing employees, and retrain retiring employees to ensure their knowledge and expertise are not lost. It is essential to integrate the older workforce with new technologies and provide progressive training programs to prepare talent for a more dynamic and digital industry.
Companies are already leveraging technology like AI, cloud, and data analytics to optimize processes, reduce bureaucracy, and offer innovative products. By showcasing the exciting digital dimensions of insurance and providing leadership-based training, companies can attract the next generation of talent and promote insurance as a desirable career choice.
Diversity, both in terms of gender and thought, is also crucial for driving change and attracting Gen Z talent. By recognizing emotional and cultural intelligence as valuable assets, companies can create a more inclusive and competitive working environment.
Overall, the insurance industry must embrace the digital revolution, showcase its innovative potential, and invest in talent to secure a successful future.
