Talent Trends in Today’s Insurance Industry

Talent Trends in Today's Insurance Industry

Leaders in the insurance industry are still facing lingering challenges around remote and hybrid work, as well as pushback on return-to-office plans. They’re making an effort to focus on the employee experience, professional development and innovative talent strategies as they plan for success in the evolving business climate. They are striving to reach a balance that meets organizational needs while also respecting individuals’ priorities.

While 2023 didn’t see the level of job-hopping that occurred in 2022, insurance professionals continue to explore opportunities that better meet their personal and professional goals, say MRINetwork recruiters serving the industry. The labor market may appear to be slowing, yet the demand for insurance talent remains high – especially in areas such as technology, claims and underwriting.

As new priorities and challenges come to the forefront, flexible talent solutions will be invaluable. This may include employing interim executives to fill leadership gaps or to carry the company through a specific challenge or growth initiative, according to MRINetwork. It could also mean creatively leveraging skill sets to expose current employees to future opportunities and lateral moves. Those who are most innovative and future-focused with their human capital strategies will see the greatest long-term returns.

With employees working across various locations, the ability to effectively collaborate has been a struggle for some organizations in the past few years. While a decline in communication and camaraderie has become a risk, savvy insurance leaders are working hard to recreate and reestablish a culture of collaboration. Defining clear expectations and guidelines for collaboration, while providing the right tools and support, is essential. For those with remote teams, it is also critical to bolster working relationships by facilitating connections and visibility throughout the company, while encouraging ongoing listening and knowledge-sharing at all levels

In this environment, leaders also need to carve out time for candid conversations around employees’ career aspirations and goals to ensure their needs are being met to the best of the company’s ability, while identifying any flight risks. Along with individualized retention plan development, succession plans should also be revisited on a frequent basis. The pace of change has accelerated while lengths of tenures have shortened, making active succession and contingency planning key for preventing severe gaps in service and workloads.