Insurance Industry Leaders Advocate for Diverse Talent Recruitment to Tackle Workforce Challenges and Drive Growth
December 20, 2023
Industry leaders in the insurance sector are facing staffing challenges as a significant portion of the workforce is approaching retirement age in the next five to seven years, according to an article in Business Insurance.
During a session at the Business Insurance 2023 Women To Watch Awards and Conference in New York, the speakers noted the need for businesses to adapt to emerging technologies to stay ahead of the competition.
- Sabrina Hart, President and CEO of Munich Re Specialty Insurance stressed the importance of attracting individuals to the industry and equipping them with the necessary skills to manage emerging risks and uncertainties. She noted that a different skill set would be crucial for the future success of the industry.
- Michelle Sartain, President and CEO of Marsh U.S., highlighted the significance of transitioning to a workforce capable of utilizing new technologies to foster growth and innovation. She emphasized the need for businesses to adapt to emerging technologies to stay ahead of the competition.
- Patrick Tannock, CEO of Axa XL Insurance in Bermuda, discussed the challenges of navigating uncertainty and continuous change, emphasizing the need for new performance metrics and organizational structures. He called for a culture based on innovation, diversity, and agility.
- Kim Wilkerson, Senior Vice President at Axa XL, moderated the panel and raised concerns about the industry’s ability to attract younger talent. She pointed out the limited representation of individuals under the age of 25 in the audience and stressed the importance of insurance executives advocating for the industry.
During the panel discussion, the importance of proactively recruiting diverse talent in the industry was emphasized. The panel emphasized the need for insurance organizations to reach out to colleges and high schools to attract a diverse pool of candidates. The speakers highlighted the significance of making new entrants feel welcome in the industry to prevent high turnover rates.
Furthermore, the speakers acknowledged the progress made in creating continuous learning opportunities, apprenticeships, and high school outreach. However, the panel emphasized the collective responsibility of insurance organizations to humanize the industry’s brand. They recommended highlighting the industry’s commitment to diversity, equity, and inclusion, as well as its role in helping people in times of need.
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