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.