New Research Finds 55% of Insurance Brands See Talent Shortage

In its latest whitepaper, gamified training firm Attensi reveals that 55% of insurance executives see talent acquisition as a key barrier to growth. Despite the recruiting crisis, the insurance sector has transformed dramatically in recent years, proving its adaptability in a world where change has been hard and fast. Workforce transformation and continuous innovation is at the heart of developing and motivating employees.

The report, Accelerating change in the insurance industry, brings together research and industry trend data alongside expert opinion from senior leaders at Attensi. The paper offers insights on the challenges facing the sector, tips to future proof your organisation, including practical examples of how to tackle the skills shortage, and identifies the work trends that will define the next five years.

Forward-thinking organisations are using innovative training and learning solutions to upskill their employees and build trust with consumers, all whilst working in an increasingly regulated environment.

Huw Newton Hill, GM Attensi US & Head of Financial Services at Attensi, said “Many insurance organisations have shifted their focus towards customer centricity in order to be competitive. We are now seeing a growing trend within the industry to invest in talent and development capabilities as executives recognize the risk talent shortages pose to their businesses.”

In speaking to international professional services firms and through global research, the whitepaper reveals:

• 55% of insurance executives said that talent acquisition challenges and retention could prevent growth in 2022.
• 88% of people agreed that technology and automation will become more important in the coming years.
• the need for digital skills will increase by 55% for insurance executives by 2030.

Conversations with contributing firms highlighted that competition has intensified for the best talent. In response, firms have partnered with Attensi to make onboarding and training core elements of modern talent strategies.

Attensi’s compelling corporate learning solution creates training simulations through game-based app technology and online interaction, allowing insurance firms to drive staff engagement and motivation. One of Attensi’s key clients in the sector is Hiscox, which partnered with Attensi to create gamified training for its underwriters. The results showed:

• 85% of participants agreed the training had helped them understand how to undertake reviews to identify areas of improvement for account and portfolio analysis.
• 85% agreed the training had helped them understand how to apply technical concepts across the underwriting cycle.
• The post-programme failure rate was reduced by over 70%.

Newton Hill said: “People strategy can no longer be pushed down the agenda. The businesses that will thrive post pandemic are those which address the changing face of talent in the sector, accept the ever-shifting demands of the modern employee for greater flexibility, and act now to prevent stagnating with out-dated skills which haven’t evolved to make the right impact in a digital world.”

Attensi’s whitepaper aims to help businesses not just survive the current climate but thrive in a digital world. To find out more, download Attensi’s whitepaper, ‘Accelerating change in the insurance industry’: https://attensi.com/whitepaper-insurance-industry/