3 Ways Insurance Can Take Advantage of the Great Resignation

By Kirstin Marr
Kirstin Marr, Head of Insurity Analytics, looks at three solutions to the Great Resignation crisis in the insurance industry and how to recruit new talent

Nearly 50% of currently employed young people are likely to be seeking a new job in 2022, according to a 2021 Fidelity study. This means more technologically savvy and highly motivated individuals are going to soon be flooding the talent pool as part of the Great Resignation of 2021. The Great Resignation refers to the 33 million-plus adults who have already quit their job in search of something better.

The insurance industry should quickly capitalize on this recruiting opportunity. As the industry itself undergoes rapid technological and digital transformation, insurers are now competing against tech behemoths and flashy new startups for the next generation of innovators.  

The Insurance Careers Movement (ICM) is here to help. It is a grassroots push to inspire young professionals to choose insurance as a career that is stable, rewarding, and limitless in potential. Every February, insurance professionals and leaders unite to share stories and celebrate their professions, painting a picture of what it is truly like to work in the insurance industry. What once may have been seen as a “boring” industry to work in has become much more cutting-edge when it comes to technology, from geospatial analytics and AI solutions to expanding cloud capabilities and new innovations to enhance the policyholder experience.

Here are three best practices for how HR recruiting teams and C-level leadership can work together to attract the best and brightest talent to the insurance industry in the year ahead. 

1. Promote the Purpose

For the young professional looking to build a purpose-driven career, there is no better industry to be a part of than insurance. Insurance impacts every facet of our personal and professional lives, and it is about protecting people when they need it most. Ask yourself this: Who would buy a home if they didn’t have a safety net of insurance? Working in insurance enables you to help people to do just that, take risks and buy their first homes, start businesses, and more. 

Building a career in insurance also allows you to be there in times of need. With the rise in natural disasters causing record-breaking property damage and levels of business interruption, the insurance industry is there to be that safety net for families and businesses. You can feel confident that the work you do every day in insurance is helping impact real, tangible change for people. 

2. Give Them a Voice 

Another best practice for attracting young, top talent is? Let them know that they have a platform of support to speak up. The insurance industry has a reputation for being risk-averse. But with the help of ICM, that reputation is changing. 

The insurance industry has upped its game in social media and letting its younger employee base be the voice of their organization. Platforms like Insurance Careers Month have helped insurance organizations get comfortable with the fact that bringing young people and technology professionals on board is a major advantage, and helping them share their experiences and ideas is highly valuable. 

3. Leverage the Opportunity to Reinvent  

It’s tremendously exciting for young professionals to be on the ground floor and a part of something new. In many other industries, however, like housing, travel, and entertainment, the digital transformation has already happened. The insurance industry offers the perfect opportunity for young professionals to come in and help this industry, so key to our entire economic foundation, reinvent itself. We are just beginning our technological transformation in insurance. Not a lot of other critical industries still have that untapped potential. 

Seizing the Moment

The insurance industry is in lockstep with our customers, helping them invent and innovate new products, make them relevant to the sharing economy, and create technological advancements. Now is the time to recruit and elevate your organization with new talent that can bring new ideas to the table. 

As one of the top cloud software providers to the insurance industry and co-founders of ICM, Insurity is a huge champion of the movement and is invested in the success of technology and digital transformation for the insurance industry. We are excited to be able to provide the software support for these organizations to innovate and excel in the marketplace while also promoting the next generation of talent and career professionals. 

To learn more about ICM and how your organization can participate, please visit here.

Share

Featured Articles

Top 10 Scaling Insurtech Startups to Watch in 2022

As insurtech gains momentum across the industry, we take a look at the top 10 scaling insurtechs disrupting the industry through technology and innovation

Why Cybercrime is Driving Change & Innovation in Insurtech

As demands for better cyber insurance increases, we look at how the insurtech space is tackling the problem of hacking and security

Three Key Trends for Insurtechs Driving Innovation in 2022

The marketplace is changing - and technology is now the key to scaling and updating legacy insurance companies

Noam Shapira, President of Pattern on Embedded Insurtech

Insurtech

FIVE Key Strategies to Help Insurtechs Scale in 2022

Insurtech

How Technology is Driving Big Data & the Insurance Industry

Technology & AI