Like many tech-enabled industries, insurance talent acquisition is experiencing rapid transformation. Technological advancements, evolving customer expectations, and a dynamically changing workforce are shaping the future of talent in the industry.

As an industry, we’re tasked with navigating these changes to stay competitive and relevant to the modern workforce. From the growing importance of customer-centricity and diversity to the adoption of emerging technologies and the need for digital fluency, it’s critical to explore the skills and attributes that are becoming vital for insurance talent. 

Here are five trends to consider when plotting your talent acquisition strategy: 

• Workforce dynamics – The insurance sector is evolving with significant changes in customer expectations and workforce dynamics. A notable trend is the shift towards a more customer-centric business model. Insurance professionals are now expected to have strong relationship-building skills, active listening abilities, and the capability to offer innovative solutions.
• A global view of talent – The globalized workforce is a key factor influencing talent acquisition. Insurance companies are now looking for talent with international experience and cross-cultural competencies, adding to the diverse thoughts, experiences and composition of teams and companies.
• A new set of skills – Digital fluency and data-driven decision-making are becoming essential skills across all roles in the insurance industry. Insurance companies are actively reskilling their teams on technologies like automation, advanced analytics and AI.
• Adapting talent acquisition strategies – To stay competitive, companies will need to focus on elevating their employer brand, offering competitive compensation, and investing in talent development. Promoting work-life balance and embracing technology to streamline processes are also important strategies.
• Tech-driven talent – The insurance industry anticipates a significant transformation with the integration of Generative AI. This technology is expected to revolutionize operations, streamline claims processing, and enhance communication with policyholders. Addressing the talent shortage, particularly in technology expertise, is another critical area for companies to remain competitive. 

The insurance industry is likely to continue to experience a pivotal point of transformation, driven by technological advancements, changing customer expectations and a globalized workforce. Companies that successfully adapt their talent acquisition and development strategies to these trends will be well-positioned for success in the dynamic landscape of 2024 and beyond.