North AmericaUSA

How Insurers Can Outsmart the Talent Crisis

How did we end up here?
While the insurance industry remains one of the most resilient in the current climate, there is a critical skills gap. A shortage in suitable applicants with relevant experience and specialized knowledge – vital for effective insurance practice – has left many organizations without sufficient human capital.

Attracting well-trained employees at all levels has become increasingly difficult, with an impending deadline of Baby Boomers eyeing retirement on the horizon set to further complicate the issue. Meanwhile, a lack of traineeships and cadetships may be to blame for depleting interest from younger workers.

Technological and demographic changes have ultimately compounded to create an overwhelming talent gap, and the industry will favor the brave who look to recruit skilled professionals in a more effective and innovative way.

Why is this crisis impacting everyone?

A slew of challenges has developed as the talent crisis continues to change organizations from top to bottom, with internal operations, management, and frontline customer-facing roles all impacted. Demand for quality leaders is growing rapidly, but from senior leadership to middle management, the talent pool is looking increasingly bare.

Inability to access a wide range of event-tested staffers leaves organizations inflexible to adapting to meet surge events and may eventually become stagnant unless they can service the expanding expectations of clients and customers. Similarly, lack of diversity in demographics and knowledge may result in groupthink, minimizing the variety of expertise and ultimately impairing business growth by exposing organizations to issues around employee retention, customer dissatisfaction, and loss of market position.

Outsmarting the talent crisis

Proactive organizations who actively seek to critically analyze and manage their staffing options will emerge ahead of the industry norm. But rather than embarking on an employment frenzy and taking on the mammoth task of inhouse training and development, many are looking to outsourcing as the smart way to manage costs without impairing service quality – ensuring a win for customers and the company’s bottom line.

By outsourcing, organizations can focus on achieving their vision and remaining strong while the talent crisis places the industry in flux. Ultimately, outsourcing allows insurers to:

  • Maintain a competitive edge
  • Increase operational efficiency
  • Minimize risk and overheads
  • Capitalize on cost and resource efficiencies
  • Improve customer experience and outcomes

The insurance industry talent crisis can be seen as a problem or an opportunity. Those who are willing to create insightful strategies to navigate it will benefit from industry changes and foster more valuable connections with their existing workforce. Outsourcing is an all-in-one approach to solving skills, diversity, and specialization issues which have materialized from this talent shortage.

 

From managing new initiatives to supporting (or taking over) portfolios floundering under the weight of claims or surge events, providing the right team who understand your clients, your values, and your products is our bread and butter. With local services backed by global resources, we have the systems, infrastructure, and talent in place to provide rapid support and strategic insight when you need it.

jon winsbury

Jon Winsbury

More Posts

Insights

How To Gain a Competitive Edge in Today’s Market

The insurance industry has long been regarded as a stable and reliable sector, but it is not immune to the challenges of today’s fast-changing business landscape. Mutual and mid-market carriers are facing a confluence of factors that are impacting their bottom lines, including rising business costs, complex claimant needs, and the mounting impacts of inflation. As a result, many mutuals and mid-markets may be feeling stuck and struggling to get ahead. However, for those seeking to move forward, leaning on a strategic partner could be the answer to unlocking the tools and expertise needed to address these challenges.

Read more
Insights

GB’s Key Takeaways from the TMPAA Mid-Year Meeting

The Target Markets Program Administrators Association (TMPAA) Mid-Year Meeting took place on May 1–3, and our Gallagher Bassett Carrier Practice team took full advantage of the ample networking and educational panels while discussing opportunities to collaborate and prosper in the program business space.

Read more
Insights

Five Ways GB’s Award-Winning Luminos RMIS Suite Supports Carriers to Achieve Superior Outcomes

Carriers are constantly seeking new ways to improve their claims outcomes, and Gallagher Bassett’s (GB) award-winning Luminos platform has emerged as a critical tool in achieving this goal. Recently named the top RMIS platform for its sixth consecutive year in the 2023 Redhand RMIS Report, GB’s Luminos RMIS suite offers comprehensive risk management capabilities and cutting-edge digital features that have helped carriers achieve superior claims results.

Read more
Insights

Expert Insights: Top Insights and Takeaways from RIMS 2023

In the evolving world of risk, embracing connection, discussion, and insight is the gateway to preparing for what lies ahead and setting a foundation for future success. The array of thought leadership sessions, educational seminars, DE&I discussions, and state-of-the-art solutions at RIMS has certainly empowered risk professionals to bring innovation to the heart of their operations. Our team at Gallagher Bassett (GB) shares the top insights we will be taking back to our desks.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!