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New Year, new rules? Insurers are beginning to break every rule in the book, leaving behind the traditional restraints of the industry. Innovation and digitalisation within the insurance industry is being driven by pricing pressures, regulatory changes, low interest rates and the need to diversify ‘product’ offerings. Insurers are understanding the importance of delivering modern, agile services using ‘big data’ to take a robust look at the risks across all areas of the business. Customer expectations have increased too and insurers are realising that in some respects, their digital offerings are not meeting these.
As insurers continue to increasingly rely on technology to do business, how can they find or grow the digital talent they need as the competition heats up?
Quite simply, attracting digital talent is one of the toughest recruitment challenges facing the insurance industry right now. The negative perceptions of the industry being resistant to change and lacking innovation and creativity are all common reasons why insurers are pioneering change within their digital arena. With there being no better time for digital talent to truly transform the insurance industry, there is unrivalled opportunity to spearhead change.
What initiatives do insurers have in place to attract digital talent? Well, Aviva has recently launched a ‘Digital Garage’ in Shoreditch, one of two sites set up by the insurer to explore and develop all things digital. This ‘start-up’ concept enables staff to co-locate on specific projects to generate digital functionality across the business and encourage customers to engage with the insurer in a faster, more agile way. Similarly, in 2015, Allianz announced the formation of a unit called ‘Digital Transformation’ and US insurers, most notably MetLife and MassMutual have invested millions on digital projects with tech start-ups. In comparison to other industries though, insurers are undoubtedly playing catch-up. With the Fintech industry thriving, start-ups are attracting heavy investment through business partnerships alongside appealing to leading digital talent as they explore new, exciting technologies.
Insurers need to place considerable focus on their recruitment strategies in order to attract the right talent to drive digital transformation with the business. Millennials are soon to be the largest generation within the workforce and in order to be successful, insurers need to work on enticing these digital natives to their workplace. The implementation of these digital units is a great stepping stone for the insurance industry. The key now is to continue to develop fresh tactics and communicate them well.
The digital team at Oliver James Associates are highly skilled in advising on the best way to approach attracting digital talent for the insurance market.
For an open and confidential chat, contact Mohammed Chaudhry - Senior Consultant - Digital Mohammed.Chaudhry@ojassociates.com / 0203 675 6834.
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