Last month, Avencia hosted two workshops to discuss techniques for the attraction of diverse talent. Joined by resourcing and HR professionals from across the insurance and asset management markets, we explored the challenges and opportunities presented by today's hiring landscape. One lesson rang true across the board: the notion that perceptions of a brand can breed a reality that businesses do not always see.
Today's insurance HR Leaders are strategic partners, as CEOs turn to them more than ever to design and deliver future-proof people solutions. From employee engagement and succession planning to leadership development and operational support, the road for HR is winding - and the route is uncertain. So how can the function keep pace when it comes to one of its most important strategic objectives: recruitment?
Today’s insurance models are characterised by the customer’s needs. Personalisation, speed, transparency, simplicity and the ease of digital are becoming buzzwords. And in a market still viewed by many as confusing and consumer-averse, it’s no surprise that insurtechs pose a threat, with propositions that clarify, simplify and prioritise the customer experience. But all is not lost for the traditional insurer, who can harness the power of insurtech in several ways.
With so many approaches, services and options out there, outsourcing isn’t the easiest solution to get your head around. On top of that, many providers like to baffle businesses with technical terms and unnecessary detail, when all they really want is simplicity, speed and value. In essence, MSP is the outsourcing of temporary, contract and interim hiring to support all your contingent workforce needs. Like RPO (recruitment process outsourcing), it is easily scaled up or down, and specifically tailored to your requirements.
Insurance leaders are demanding more from their hiring agendas. They want access to the best talent so they can cultivate a workforce that is diverse, inclusive and innovative. But in 2018, people strategies must respond to an ever-evolving and highly competitive set of market conditions. Where most insurers are falling down is in their failure to appreciate the magnitude of the task - as well as its importance for future growth.
The insurance industry contributes over 25% of the UK's total net worth. Yet despite accounting for a quarter of national assets, the sector is facing what PwC has called a "consumer crisis of confidence." Today, just 27% of consumers trust their insurance providers, and less than half would turn to them for advice. Many insuretech businesses are looking to exploit this lack of trust, providing a fresh approach through simplified claims processes, transparent fee structures and self-service models. Traditional insurers can't ignore the rising threat.