Hiring the next generation of insurance professionals
Executives from Pennsylvania Lumbermans Mutual Insurance Co, Zurich Insurance and The Jacobson Group discuss the challenges and solutions for attracting new talent in this edition of Insurance Speak.
Many businesses are facing what has been called the “Great Resignation” as workers reconsider their career paths and responsibilities amidst the ongoing pandemic. Insurance is one of the industries affected, and it’s created almost a perfect storm for a business affecting every area of daily life.
For more than a decade, Claims magazine and other industry news outlets have been forecasting a significant shortage of insurance professionals, particularly in the area of claims. Retirements, some hastened by the pandemic, and the loss of significant industry knowledge have not been completely offset by technology or an influx of new people into the industry.
This employee shortage means agents, brokers, carriers and adjusting firms need to be creative in recruiting new talent and the latest edition of PropertyCasulaty360.com’s Insurance Speak podcast features a conversation with three individuals with significant expertise in recruiting professionals into the industry.
John Smith, president and chief executive officer at Pennsylvania Lumbermens Mutual Insurance Company (PLM); Tony Cañas, a property and casualty client advisor with The Jacobson Group; and Paul Horgan, head of U.S. national accounts for Zurich North America discussed what they see for the industry today and the future insurance offers those interested in a dynamic career that directly impacts the lives of thousands of individuals.
Horgan says that industry has a great reputation to attract talent, but that “the challenge today is insurers are competing for talent” against other industries. He says potential employees want to know “How will this job and career fit into my life? What’s the commitment to the greater good? And how can they spend part of their job giving back?”
Smith believes that the “great resignation” has provided his company with “a great opportunity to upgrade and improve our staff.” He also adds that they are seeing some delays in professionals who are retiring and they are actively working to capture and transfer their institutional knowledge to the next generation.
When it comes to attracting new graduates to the industry Cañas says that offering student loan reimbursement is huge, as well as providing a flexible or hybrid work option. “People have learned to work remotely and the genie won’t go back into the bottle,” he shares.
For more information on the new skillsets professionals should have to succeed in the industry, a look at the programs carriers are offering to partner with students in insurance-focused programs at the college level, ideas for retaining employees and providing growth opportunities, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn.
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Attracting and retaining the next generation of claims talent