In a recent Accenture survey, nearly 60 percent of insurers ranked hiring or training as a top priority to address customer needs, and for good reason. When it comes to talent, the P&C insurance industry is facing an uphill climb.
Consider the facts:
- The number of employees age 55 and over is 30 percent higher in the P&C industry than in any other industry.
- Insurers will need to fill as many as 400,000 positions by 2020.
- P&C insurers are competing for data management and analytics talent at a time when demand for these skills is soaring. The United States alone could encounter a sizeable shortfall of more than 260,000 analysts by 2015.
Four steps to bridging the talent gap
Where does this leave insurers caught between the coming shortfall and competing for experts in analytics? P&C insurers will have to act immediately to address this problem and should consider:
- Influencing universities to add business analytics and insurance coursework to a wide variety of programs.
- Getting the most out of existing talent, utilizing the advanced and specialized skills of analytics scientists and other technology specialists.
- Raising insurance awareness among students. Employers should work more closely with universities to make students aware of the career prospects within the industry.
- Making sure insurance jobs are appealing to prospective students. Insurers should think about developing distinct career paths for those with distinct technical skills.
Farsighted insurers are making the investments now to overcome tomorrow’s talent gap. In doing so, these insurers will achieve a competitive advantage over their lesser rivals who will face retired professionals and a shortage of talented replacements.
To learn more about the strategies I explained above, check out my latest article in Property Casualty 360.