The insurance industry world-wide is set to undergo a significant talent shift, with many existing positions filled by managers and executives with decades of knowledge set to fall vacant in the coming years.

It is a common perception that insurance policies are complex, challenging, and designed to skew in favor of carriers.

Cultural competency is critical for carriers wishing to grow and progress, as it will lead to better financial and claims outcomes, high-quality talent retention and many other benefits.

With talent pools vanishing and quality personnel seeking long-term employment, Gallagher Bassett’s Stacey Williams – Chief Client Officer, Australia – explains how carriers can overcome these challenges to deliver better claims outcomes and talent retention.

Some workplaces have emerged victorious from 2020 having achieved greater talent retention, employee offerings, and a flexible approach to effectiveness.

Critical for employee management, performance reviews have always been an important conduit for leaders to guide teams toward mutually rewarding outcomes. COVID has been a catalyst to reinvent the future of work – especially for those managers committed to taking the opportunity to make things better than they were before. Along with work practices and priorities, people management has had to adjust to meet the evolving work landscape, particularly where leaders are engaging remote and isolated teams.

Here are our top tips for performing in a challenging, changing, and virtual insurance landscape.

Mr Hessling is North America’s Chief Executive Officer for the global provider of risk and claims management services after being appointed to the role in February this year from Chief Client Officer, and has been a driving force behind the company’s burgeoning Carrier Practice, focused on the unique needs of serving carrier clients with outsourced solutions.

The “war for talent” sees carriers, especially of the mutual and mid-market type, battling to remain competitive and retain their access to top talent. Read on for our deep dive into these challenges and how your entity can overcome them.

So, how will this fast-tracked movement towards digitization impact the industry? Here are three key trends we expect to see expand into 2021:

Earlier this year, we had the opportunity to put questions to the global leaders of Gallagher Bassett, capturing their thoughts on the challenges – and tactical solutions – facing the insurance industry. Our panel consists of:

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.