Digital offerings are continuously transforming industries – and the insurance industry is not immune. There are dramatic workforce changes taking place as advances in technology significantly alter the insurance business. The result is a more specialized workforce in which technological advances open the door to new and exciting types of work requiring entirely new skillsets.
For example, video damage reports submitted by policy owners could replace the need for many appraisers’ site visits. And several large insurance companies have received approval from the FAA to use drones to photograph homes and businesses damaged by natural disasters or fires.
This new nature of work will require insurance workers to possess different or enhanced skills, and employers will need to work on attracting and developing the right talent to address these needs.
Only 2% of grads want to work in insurance
Millennials are soon to be the largest generation in the workforce, and in order to be successful, insurers will need to work on attracting these digital natives to their workplace. What’s troubling is that only two percent of recent college grads are interested in working at an insurance company, according to Accenture Strategy’s 2015 U.S. College Graduate Employment Study.
Large insurance corporations have extra reason for concern – only 15 percent of grads want to work for a large company. Large companies across the board need to create fresh tactics to attract new talent and develop the old.
But there is good news! According to the same Accenture Strategy study, interesting and challenging work are among the top values new graduates are looking for in employers. And as new insurance jobs are created, insurance companies will increasingly look to fill roles such as data scientists, claims agents and product developers, providing greater potential to attract this younger, hipper and more technically savvy workforce.
To succeed in this, insurance companies must work to communicate these new and exciting roles in their recruiting efforts.
Insuring interest from millennials
To seize on these opportunities, insurance companies need to identify the skills required, and pinpoint where the gaps are to bring on new talent, or train current employees to learn new skills.
This will require insurers to take a proactive approach on talent acquisition, development and retention. Here are three things they can do to stay ahead of the curve: