Insurers talk a lot about attracting more high-quality talent to the industry. In particular, carriers worry about the aging of their workforces – especially in areas such as claims processing and adjusting – and the difficulties of convincing Millennials that insurance offers an interesting career path for them.
Better use of digital technologies in the recruitment process – including social media, mobile applications and analytics – can help insurers target, reach and attract the right people; more importantly, analytics can help determine who among applicants should be hired. Once onboard, employees can be trained in the skills needed for the job, but the right attitude isn’t as easy to teach.
One of the reasons that insurance does not draw more Millennials might be their perception that the industry isn’t technologically sophisticated. Data-intensive, yes, but “cool,” in terms of progressive use of digital technology, not so much. Millennials grew up, not only with the Internet, but with mobile and social media as part of their lives. Insurers need to make themselves as least as sophisticated technologically as the people they want to hire.
Talent is the ultimate competitive differentiator and insurers should be doing all they can to make sure they are hiring the smartest and most motivated people around.