Insurance Talent Trends of 2024: Mid-Year Review
1. Celebrating Diversity & Inclusion
Diversity and inclusion are still central to the insurance industry. Over the past months, there has been a noticeable uptick in initiatives to create a more inclusive workplace with robust diversity programs.
We are seeing more companies including neurodiversity in their DEI agendas as they recognise the unique strengths and perspectives neurodiverse individuals bring to the workplace. By accommodating and valuing neurodiverse employees, companies can enhance overall wellbeing and leverage a diverse talent pool for improved organisational outcomes.
We have also seen an increase in mentorship programs designed to support underrepresented groups, helping elevate diverse voices in innovation and decision-making processes. This observation is more than just a box to tick; it fosters a richer, more inclusive corporate culture that drives creativity and performance.
2. The Automation & AI Revolution
The London Market has seen changes in digital technologies and data analytics, driven by the need to rethink traditional processes and deliver improved client experiences. Companies focus on overcoming legacy technology challenges and leveraging AI and automation to streamline operations.
One of our partners, Tautona.ai, is a technology product that harnesses AI to automate complex end-to-end business processes and continues to grow in popularity. Predictive analytics for risk assessment and AI-powered customer service chatbots are becoming mainstream too.
However, the challenge of balancing technology and human expertise remains. Companies are investing in upskilling their workforce, and much of the focus points towards producing better ways for professionals to work alongside AI, leveraging its capabilities while maintaining the crucial human touch in complex decision-making.
3. A Spotlight on Customer-Centric Skills
The push for a customer-centric business model has intensified. Insurers are now more focused than ever on implementing platforms that provide real-time data to deliver a more personalised customer experience. These systems enable insurers to better understand customer needs and tailor their services accordingly, resulting in stronger customer loyalty and a competitive edge in the market.
Most assignments we have assisted our clients with over the first half of 2024 have been heavily technology–focused; customer-centric skills such as effective communication, critical thinking and decision-making, and adaptability remain among the most popular requirements.
4. The Rising Need for Data Analytics Expertise
The year so far has seen a surge in demand for professionals with strong analytical skills. Real-time data analytics is integral to decision-making processes, helping companies optimise operations.
At ALM, we have received a record number of requests for Automation Testers and Test Leads, as many insurance businesses conduct data migrations and require more product testing. Testers use data analytics to analyse test results, identify trends and patterns, and make data-driven decisions to improve software quality. Multiple projects involving implementations and upgrades where real-time data processing and predictive analytics have streamlined operations and improved accuracy have called for an increased need for the expertise of our Data Analysts and Technical Leads.
5. Talent across the borders
While many employees, particularly in the London market, prefer remote work, many clients have adopted hybrid-working policies back in their offices. This suggests that while the need for talent continues to remain a critical risk for the industry, many companies still prefer the presence of local individuals to perform specific roles.
However, this doesn’t stop companies from crossing the border and seeking expertise from companies like us. Globalisation has allowed us to bring our expertise in the US and Canada and, more recently, with a large digital transformation project in Europe.
Looking Ahead
As we move into the second half of 2024, these trends will continue evolving. The focus on diversity and inclusion will likely deepen, with more companies recognising its impact on innovation and performance. Automation and AI will further integrate into operations, necessitating the continuous upskilling of employees, and the emphasis on customer-centricity and data analytics will shape interactions and product offerings.
By staying agile and embracing these trends, insurance companies can navigate the complexities of the modern landscape, attract top talent, and achieve sustained growth and resilience.