While digital transformation is on everyone’s mind these days, whether or not insurers have the right talent to accomplish that transformation remains unclear.

In my last post, I discussed how today’s multi-speed operating models demand more than a single, inflexible talent strategy. In this post, I will look into some of the related issues incumbent carriers face when trying to find the right talent needed to accomplish their goals.

Where is the right talent for your business goals?

When asked in an Accenture Strategy survey about the challenges their company needed to overcome to succeed in its digital transformation, the top response—given by 34 percent of surveyed executives—was, “acquire, develop and retain talent.”1

Their concerns are valid. Specifically:

  • Digital disrupters—digital-born companies launched in the era of cloud, social, analytics and mobile—are generally more adept than incumbents at partnering across a broad ecosystem of companies to source the talent they need for a particular initiative.
  • Accenture’s analysis of Glassdoor data found striking disparities in the perceptions workers have of digital disrupters and traditional Fortune 50 companies (see Figure below).2

These results are alarming, especially as digital disrupters continue to muscle into the insurance industry.

Workers’ ratings of traditional companies versus digital-born companies

Source: Accenture Strategy analysis of Glassdoor data, 2017.

A “one-size-fits-all approach” is no longer enough

Since many companies today are developing more sophisticated capabilities in areas such as automation, analytics and artificial intelligence, they would need to attract different kinds of employees with different skill sets and unique outlooks.

But with a monolithic or single-speed talent strategy, it is hard to tailor the right kind of employee experience that helps engage, recruit, develop and retain new types of talent. Your workers, especially millennials, are accustomed to personalized consumer experiences.

Why should they expect less at work?

As discussed above, our research has shown that workers prefer more nimble digital disrupters over incumbents across several dimensions. But with a multi-speed talent strategy, any insurer—from a large incumbent enterprise to a digital-born disrupter—can tailor its talent approach to the unique needs of different groups and workforces.

In my next post, I will offer some suggestions on how you can develop a multi-speed talent strategy.

Find out more in these reports:

References:

  1.      Accenture Strategy Digital Operating Models research, 2016.
  2.      Accenture Strategy analysis of Glassdoor data, Feb 11–12, 2017. Access at www.glassdoor.com.

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