Attracting, hiring, and retaining Insurance talent requires a well thought out process and a deep understanding of the market and its unique challenges. But what are the current challenges Insurance firms are facing right now?
“Main challenges in recruiting in GI is it’s such a small world, often clients and candidates may know each other. So for us, it’s about building trust to make an honest case for why a role is right for a particular candidate.” – Jessica Wilkinson
“It’s never been better to be an insurance recruiter” – James Toth
Jessica Wilkinson and James Toth from our Insurance recruiting team dig deep into the challenges teams face to bring onboard the best talent…
- It’s not a always a priority career choice for Australians. Working within the Insurance sector is not always considered to be the most aspirational career choice. However in London, for example, it’s a much more appealing career choice. The presence of Lloyds of London, for example, drives a higher candidate interest rate in the UK insurance sector.
- The small size of the market, which means as a recruitment consultant we need to align ourselves with the best in the industry. Otherwise, we’re not living up to our responsibility as knowing the best opportunities available for candidates.
- Educating clients on the changing environment and matching remuneration for clients. A small talent pool creates a flow-on effect where employers need to offer a higher package to attract and retain talent.
- Mergers and acquisitions. The consolidation of the industry sees the talent pool get smaller as the big players join together, you lose two very large and different headhunting pools.
- Recruiters need to think outside the box to attract the right talent such as market mapping the industry. Profusion has invested significant time and energy in knowing where the best talent is already working, what their current company’s values are, who they report to, who reports to them etc.
- Market places like SEEK and LinkedIn only attract active candidates. So Networking is key. Building a large network of GI& Broker candidates is vital to sourcing the best talent.
- The flow-on effect of mass automation. The insurance industry is one of the industries being most affected by automation, particularly for underwriting, this also has a knock-on effect with reducing the number of entry-level roles and therefore reducing new talent in the market.
Insurance Brokers are working harder in the current market and insurance premiums are going up but that said there are many career gains to be had within the Insurance industry.
#Didyouknow? In the US, only 2% of university alumni plan to work in insurance. Young prodigies are choosing consulting, finance, or technology companies instead. This means that many insurers lack the skilled staff required to follow, apply, and develop new innovations.
Those that have built long term careers around insurance already know this, it’s about educating clients and candidates about the amazing opportunities and challenges within the Insurance talent market.
Want to keep the conversation going? Connect with James or Jess today!