Errors and Omissions: Recruiting Talent in the Insurance Industry
Part of the challenges facing the insurance industry in the next few years is a struggle to find and develop new talent.
The insurance industry has been plagued for a while now by a lack of burgeoning talent. Nearly half of the industry leaders who took part in a CEO survey believe that the limited availability of key si One estimate reported that number of employees age 55 and over is 30 percent higher in the P&C industry than in any other industry. With a large number of insurance professionals retiring in the next decade, insurers will need to fill as many as 400,000 positions by 2020.
Part of the difficulties is P&C insurers will have to compete with other industries. Data management and analytics skills are increasingly coveted in the insurance industry- and in multiple other industries from information technology to pharmaceuticals.
Another factor that’s been discussed is an image problem that the insurance industry faces when trying to recruit talent. Candidates aren’t necessarily attracted to the insurance industry. Especially when compared to the seemingly glamour and glitz of a Silicon Valley start-up or hottest ad agency, the insurance industry dulls in comparison.
What do you think needs to be done to ensure the insurance industry continues to recruit top talent?
From an insurance standpoint, the next step after recruiting top talent is to include Employment Practicies Liability Insurance (EPLI) as part of your comprehensive insurance program. The policy provides coverage for legal fees, settlements and damage awards that result from employee claims of misconduct.
These days, even a misunderstanding or allegation can result in significant costs for companies. And with the increasing need for quality talent, you want to make sure you are hiring the best.