Garret Gray, the president of Global Insurance Solutions at CoreLogic, believes that the insurance industry needs to change the perception of insurance careers to attract more qualified talent, especially as the industry is predicted to lose approximately 400,000 workers by 2036 due to attrition. The loss of experienced professionals means a loss of institutional knowledge, making it crucial for the industry to focus on bringing in and retaining new talent.
Although the impact of the Great Resignation has lessened in the property insurance industry, competition for skilled employees remains a significant concern. Property insurance companies are struggling to fill gaps and anticipate losses, emphasizing the need to attract younger individuals to the industry. Companies must focus on shifting perceptions and highlighting the impact insurance professionals have on people’s lives to encourage more individuals to pursue careers in insurance.
Insurance companies can make a difference by leveraging technology such as artificial intelligence (AI) to streamline workflows, automate tasks, and analyze data, allowing employees to focus on the human element of their jobs. By emphasizing the use of AI in improving work experiences, insurance companies can attract candidates with the soft skills required to be successful in the industry. This technology can also help address the workforce challenges faced by the industry.
To attract candidates with long-term goals, insurance companies need to meet them where they are by building an engaging online presence that resonates with Millennials and Gen-Z. Utilizing websites, social media, and videos to showcase the impact of insurance professionals’ work, community outreach initiatives, and company culture can help attract prospective employees. By creating a digital presence that aligns with the values and interests of younger generations, insurance companies can increase the popularity of insurance careers.
The insurance industry must deploy meaningful strategies and resources to keep employees fulfilled in their day-to-day working lives and overcome workforce challenges. By focusing on the heart of insurance and emphasizing the impact professionals can have on people’s lives and communities, organizations can attract a more extensive and highly qualified pool of talent. It is essential for the industry to shift the external perception of insurance as a mundane career to a desirable and impactful profession to build more resilient and thriving communities.
Overall, the insurance industry needs to work together to promote insurance careers as exciting and impactful opportunities to attract and retain qualified talent. With the right communication strategies, technology, and a focus on the human side of the industry, insurance companies can successfully address workforce challenges and create a more positive perception of insurance careers. By highlighting the meaningful impact insurance professionals have on people’s lives, the industry can continue to attract new professionals and build a diverse and resilient workforce for the future.
