How European Insurers Rethink the Future of Talent Management?

By Insurance CIO Outlook | Monday, August 10, 2020

European insurers are ensuring that any investment in technology is complemented by an investment in talent and creative means to engage their employees continually.     

FREMONT, CA: In today’s transforming world, the only constant is change. Businesses that are unable to adjust to the pace of change while adapting to disruptive innovation leaves them vulnerable. The insurance sector is no different. Facing disruption from insurtech, the insurance industry is changing its demographics and talent models. With this, the future of insurance needs new blood to fulfil the new roles within the workforce. There is the right opportunity to capitalise on developing skills that are unique to people and can generate real value for insurers. Here is what European insurers are doing.    

  • Developing Leadership Skills

Technological advancements are transforming the nature of work, forcing European insurers to change to keep pace in the rapidly evolving environment constantly. Leadership is consistently rated as a human capital priority in insurance. European insurance firms today are focused on identifying, retaining, and developing digitally savvy and people-centric leaders who can successfully execute the organisation’s strategy and vision. Developing leadership skills will instil a culture of collaboration and cross-organisational teamwork.

Reward is the most crucial aspect for millennial when choosing to work for an organisation. European insurers carefully follow this with flexibility and positive workplace culture. Insurance companies are changing the way industry is viewed and building awareness of attractions that the sector has to offer. Insurers are increasing emphasis on brandings, such as a multi-disciplinary career and the opportunity to innovate within the industry. Firms also understand the needs of employees and reframe the employee value proposition to meet those needs. 
  • Reframing Employee Value Proposition
  • Leveraging the Workforce Ecosystem

As alternative work arrangements gain popularity, insurers are trying to appeal to, engage with, and drive value through workers of all types. With the scarcity of talent, European insurers are ensuring that their employees are positioned to utilise the non-traditional workforce ecosystem. Insurers are developing a workforce plan to understand and plan for future workforce needs strategically. Firms are also considering new policies they need to manage responsibilities within the workforce ecosystem.

With insurtech, the future of the workforce has arrived, and insurers are embracing this transformative opportunity. European insurers are rethinking how they attract, retain, and lead talent to drive productivity, innovative products, and services. 

See Also :- Top Insurtech Startups

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