Insurance Vendors’ Competition for Talent Heats Up
New SMA Blog by Karen Furtado, Partner, Strategy Meets Action —
Talent has been a front-and-center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
Recently, SMA surveyed insurance professionals to understand how companies are approaching talent in 2022 and beyond. As a follow-up to SMA’s research report focused on insurers’ talent objectives, SMA has recently released a new report that offers a fresh view of how technology/software vendors and services solution providers are shaping their talent strategies this year.
The technology sector has long attracted young professionals looking to jumpstart their careers. In fact, a study by Glassdoor found that most Gen Z job seekers are applying for tech-related positions. But when jobs are in high demand for both employers and prospective employees, it creates a hyper-competitive job market that requires a strategic approach. So, it is no surprise that insurance vendors consider attracting new talent as their number one talent objective in 2022. SMA’s study shows that vendors have found new ways to recruit talent since the pandemic’s start. Sixty percent of vendors reported recruiting from broader geographic areas as the primary change in their recruitment strategies in the past two years. This is a significant finding when considering that many technology/software vendors were ahead of the remote-worker trend when they employed personnel in various geographic regions pre-pandemic. Another 40% of vendors also stated they are using social media or are partnering with universities and associations to reach new talent pools that may have previously gone untapped. But it is not enough to simply set new talent strategies – leaders at vendor companies must ensure their organizations are allocating resources, setting clearly defined goals, and are holding themselves accountable to be truly successful in their talent acquisition.
With the current competitive talent market expected to continue into 2023, it is critically important that vendors rethink their recruitment strategies in 2022 and the roles and skills needed to deliver products and services to the industry. There is now an opportunity to reevaluate traditional processes and redefine roles to provide a quicker onboarding experience and positively impact the organization of technology talent. The key will be achieving balance within teams as the industry is driven to expand its talent search well beyond the boundaries of insurance.
For more information on insurance vendors’ talent strategies for 2022 and beyond, read SMA’s recently published research report, How P&C Insurance Vendors are Responding to the Battle for Talent.
About The Author
Karen Furtado, a Partner at Strategy Meets Action, is a well-known authority on insurance technology and how it fuels transformation within insurance companies. Her focus is helping insurers prepare for the future of the industry through the decisions they make today. Karen’s deep understanding of how to effect change guides insurers in the development and implementation of their transformation roadmaps. Her comprehensive knowledge stretches across core systems, the implications of InsurTech, and enhancing adaptability and flexibility in a changing market. Her commitment to promoting innovation, encouraging the exploration and adoption of new technologies, and developing proactive ways to plan for the future draws those seeking an edge. In a highly competitive world, Karen brings exceptional knowledge and experience to the challenges of connecting solutions to business and IT requirements.
During her career in the insurance industry, Karen has leveraged her business and technical experience to enable insurers to meet a wide variety of challenges. Many insurers have benefited from her advice that spans a broad field of expertise including enterprise application strategies and implementations, the influence of a rapidly changing business and technology landscape, and outsourcing services.
Karen’s opinions on insurance, technology, and transformation are highly regarded and often sought after by the press. She contributes to a number of insurance trade journals and is also a frequent keynote speaker at major industry conferences.
About SMA, a ReSource Pro company
Strategy Meets Action is an industry-leading strategic advisory firm delivering strategic insights, consulting services, and published research to carriers, solution providers, and InsurTech startups. The firm provides insights and guidance on business strategy, digital transformation, core systems and customer experience. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action (SMA)
