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Cover the Gap: Talent shortage amidst massive layoffs

Insight Dec 07, 2022

Over the past few months, Silicon Valley has seen a record number of mass layoffs and hiring freezes as tech companies try to navigate their way through the economic slowdown. In contrast, the insurance industry is facing a chronic talent shortage, struggling to retain and find enough skilled workers to do what needs to be done.

Recent discussions offer insights into how the industry could do things differently.

🔙 A Quick Look-Back

Before insurers can figure out how to best maneuver the current labor market, one of the main challenges the industry needs to tackle is its lackluster reputation. Insurers will need to work harder together to properly communicate the value proposition and potential of the industry if they are serious about attracting talent.

The Wall Street Journal suggests that in order to create an irresistible work experience, a mature sector like insurance needs to rethink its work and career parameters.

On the other hand, leveraging technology as a strategic asset can also help close the insurance workforce gap and holistically improve core operations, according to Accenture.

For instance, addressing the claims talent gap through digital transformation will allow a claims professional’s role to evolve from a reactive manager to that of a risk advisor. It is worth noting here that insurtechs have usually been able to better appeal to younger employees, as well as a more diverse talent pool from outside insurance, compared to traditional insurers. So, there are lessons to be learned from the dynamism within insurtech organizations, structures, and culture to attract and retain talent.

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Insurers: Winning the cyber insurance tug of war

The number of cyberattacks is skyrocketing. But the insurance industry, presumably one that should be helping protect businesses against these risks, continues to face difficulties in providing satisfying solutions. Some insurers have even stopped offering coverage altogether.

In this article, we list three tips for insurers to better address cyber risks, increase insurability, and improve resilience:

  • Focus on collaboration: Work together with key stakeholders to develop a shared understanding of cyber risks, determine the best course of action for minimizing risks, and devise technology-based solutions.
  • Take a preventive approach: Preventing a cyberattack in the first place is the best way to keep costs down. Insurers, with their risk management expertise, could advise policyholders on handling cyber security vulnerabilities as well as enforcing good cyber hygiene.
  • Leverage the right data, processes, and talents: A holistic approach aimed at targeting cyber risks from all angles while fostering a culture of cybersecurity is indispensable in the present-day cyber climate.

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