A new report highlights the evolving strategies insurance technology vendors must take to attract and retain talent in a changing employment landscape, and finds that many have shifted their focus from attracting to retaining talent.
Almost nine out of 10 (88 percent) view retention as a top workforce objective for 2023, according to a survey of 33 P/C insurance technology vendors conducted by ReSource Pro, and summarized in the research report, “Talent and Workforce Plans for Insurance Vendors.”
An increasingly competitive job market, coupled with more open positions and changing global dynamics relating to offshore hiring, has forced vendors to reexamine their talent retention and acquisition strategies, the report says. In 2022, attracting new talent was the top priority for 94 percent of vendors surveyed, but in 2023, only 69 percent said new talent acquisition is a top focus.
The cost of acquiring new talent is another consideration, as the expense of hiring new talent has now increased.
According to ReSource Pro, a global provider addressing clients’ operational needs, other top workforce strategies include additional education and training for current employees to keep up with evolving technology.
Additionally, another retention objective relates to ensuring current, interested employees can work their way up the ladder through career development opportunities, with the potential to assume leadership roles.
The report provides survey insights into approaches for retaining talent and reskilling, planned workforce growth and usage of offshore and gig workers, and offers ReSource Pro recommendations for assessing and operationalizing workforce strategies. In addition, a section of the report offers possible explanations for a drop in the percentage of vendors identifying Diversity, Equity, and Inclusion as a workforce objective, comparing that with a separate ReSource Pro survey showing that DEI tied with retention as a top priority for insurance carriers.
The report suggests talent hiring and retention initiatives should be reviewed regularly to keep up with property/casualty carriers’ evolving use of technology.