Insurance companies are facing increased threat from non-traditional players as Digital breaks the marketplace wide open. Becoming more competitive means facing squarely toward the end customer. Providing more innovative products through more channels. At lower prices.
Insurers are embracing digital as a catalyst for change.
- It’s a shame so many will likely struggle to achieve the advantages they’re hoping for.
- Many insurers are just starting to recognize the talent changes that the future will demand. To thrive in the years ahead, insurers need workforces that are lean, agile and willing to embrace change. - Advances in mobile technologies, software and analytics will change the nature of work for many employees—requiring new or advanced skills.
- Insurers that act upon the talent implications of digital disruption now will be recognized as leaders in an industry transformed.
- More than 80 percent of insurance leaders believe digital disruption will transform customer interactions, as well as the management of traditional processes.
- Industry leaders are bullish about what their digital investments will yield. P&C insurers expect premium income to grow by 5 percent on average as a result of digital initiatives. Life insurers anticipate a 7 percent boost.
- The insurance workforce of the future will need to be leaner, more agile and armed with different skills. Those skills will be in short supply. And the competition for scarce talent will be fierce.
- Only 2 percent of soon-to-be graduates express interest in working for an insurance company.
- Transform the employee experience with new technologies. Recruitment apps, game-based assessment and selection tools, mobile platforms and analytics all play a role.
- Re-invent on-the-job learning by offering customized training at the point of need. Online, virtual, mobile channels will be important. So will gamification and simulation training.
- Rethink talent acquisition and retention strategies. Innovative collaborations, certification programs, internships and apprenticeships will reshape the talent pool.