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Why will so many insurers fail to achieve their digital potential?

Three ways to stay ahead of the talent curve and develop the insurance workforce of the future

Overview

Insurers are embracing digital as a catalyst for change. It’s a shame so many will likely struggle to achieve the advantages they’re hoping for.

Many insurers are just starting to recognize the talent changes that the future will demand. To thrive in the years ahead, insurers need workforces that are lean, agile and willing to embrace change. Advances in mobile technologies, software and analytics will change the nature of work for many employees—requiring new or advanced skills.

Insurers that act upon the talent implications of digital disruption now will be recognized as leaders in an industry transformed.

 

DOWNLOAD THE INSURANCE WORKFORCE OF THE FUTURE: WHY WILL SO MANY INSURERS FAIL TO ACHIEVE THEIR POTENTIAL IN A DIGITAL AGE? [PDF, 664 KB]

KEY FINDINGS

Insurers have high hopes for digital:

  • More than 80 percent of insurance leaders believe digital disruption will transform customer interactions, as well as the management of traditional processes.

  • Industry leaders are bullish about what their digital investments will yield. P&C insurers expect premium income to grow by 5 percent on average as a result of digital initiatives. Life insurers anticipate a 7 percent boost.

Yet the opportunities of digital are not easily realized:

  • The insurance workforce of the future will need to be leaner, more agile and armed with different skills. Those skills will be in short supply. And the competition for scarce talent will be fierce.

  • Only 2 percent of soon-to-be graduates express interest in working for an insurance company.

Only 2% of soon-to-be-grads express interest in working for an insurance company. Yet insurers need new skills to become “digital ready,” from the STEM skills that are increasingly competitive to hire for, to softer skills like problem solving, creativity and flexibility.

 

DOWNLOAD HOW CAN INSURERS GET AHEAD OF THE TALENT CURVE? [PDF, 69.3 KB]

RECOMMENDATIONS

The secret to success lies in taking a proactive approach to talent acquisition, development, re-skilling and retention. Insurers must do three things to stay ahead of the talent curve and develop the insurance workforce of the future:
  • Transform the employee experience with new technologies. Recruitment apps, game-based assessment and selection tools, mobile platforms and analytics all play a role.

  • Re-invent on-the-job learning by offering customized training at the point of need. Online, virtual, mobile channels will be important. So will gamification and simulation training.

  • Rethink talent acquisition and retention strategies. Innovative collaborations, certification programs, internships and apprenticeships will reshape the talent pool.

Authors

Ravi

Ravi Malhotra

Managing Director—Accenture Strategy Insurance, Asia Pacific

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Ravi Malhotra is Managing Director—Accenture Strategy's Insurance practice for the Asia Pacific region. He is based in Sydney, Australia.

He has spent most of his career helping leading insurance and financial services companies to develop and execute strategies to be more competitive. He has extensive experience with growth strategy development, business and operating model design, transformation strategy and strategic cost reduction.

Prior to joining the Accenture Sydney office in 2013, Ravi worked for Accenture in North America and was previously the management consulting insurance practice lead.

Ravi holds a Bachelor of Science from Northwestern University and an MBA with a concentration in management and strategy from Northwestern University's Kellogg Graduate School of Management.