CHART Exchange published “The Insurance Industry Can Reposition to Appeal to Digitally Savvy Youth” written by our insurance experts John Rodgers, Rajeev Aggarwal, and Brian Nordyke.

“As massive shifts to workplace operation and culture continue beyond the pandemic, the insurance industry finds itself facing a crisis of talent. While some carriers are evolving to meet today’s myriad challenges – a workforce that’s shifted to online, a talent market that favors “cool” factors and startup culture, and disruptive new sources of market competition-many other companies find themselves struggling to catch the tailwinds of a movement that’s well underway. Indeed, a self-assessment designed to appraise companies’ digital maturity showed 42 insurance companies lagging behind 700 other cross-sector survey participants on metrics related to culture, agility, testing and learning, collaboration, and external orientation.

Across all industries but notably in the insurance sector, technology and digital enablement are rapidly shifting both internal processes and customer interaction models and experience, changing the fundamental types of people required to run a leading carrier. This has led to the need for a realignment of resources, governance, and infrastructure to accommodate employees in these new working environments- and strongly affects talent acquisition, from recruiting to managing that talent.

Historically, competition for talent in the industry has been focused on traditional insurers and brokers; now, however, a new type of talent, one that’s more digitally savvy and speaking ‘omnichannel’ as a second language, is required. The good news is that some carriers have discovered they can address these new needs by tapping into non-traditional talent pools and re-branding to attract millennials, digital natives, and undergraduates. The not-so-good news is that, as the skills needed in insurance increasingly shift toward digital and analytical capabilities, the real competition vying for those needed recruits is actually coming from tech companies such as Amazon or Google, or supercool insurtech startups.“

Read the full article here.