Insurance Talent Trends of 2024

1. Celebrating Diversity and Inclusion:

We start with this one as it is becoming more of a key trend for the decade! Bringing different voices to the table drives innovation and performance. The DE&I trend remains a pivotal factor; getting representation across all levels of an organisation will be paramount. Fostering an inclusive culture and actively recruiting talent from diverse backgrounds will fuel creativity and better align products with diverse customer needs.  

2. The Automation and AI Revolution:

As technology evolves rapidly, automation and artificial intelligence (AI) are primed to redefine insurance operations. Think of faster claims processing, smarter risk assessment, and even better customer service. While these innovations promise efficiency and innovation, they also trigger growing concerns about job displacement. As AI advances and changes the fundamentals of how we work, finding the right balance between automation and human expertise will be imperative. Rather than replacing talent, technology should be utilised to boost professionals’ capabilities.   

3. Skills Development, Redeployment and Reskilling:

Talent shortages persist globally. Companies must invest in reskilling and redeploying its workforce. Insurance companies need to recognise the human resources required to support emerging technologies and start integrating them into their training and development initiatives. Building a skills-powered organisation is critical in this new age and companies must focus on unhooking workers from heavy administrative duties and redeploying them where their skills are most in demand, for example, enhancing customer centric skills. Customer expectations are shifting, prompting insurers to adopt a more personalised approach with products. This is where building effective, trusting relationships will excel. Then of course, technically, where there is a rapid advancement and a growing need for tech-savvy individuals.

4. The rising need for those who dominate with Data Analytics:

Analytics has emerged as a game-changer, empowering insurers to make informed decisions. In 2024, having the knack for crunching numbers and spotting trends using strong analytical skills will be highly valued and sought after! The Lloyd’s Market Association has adopted this in their strategic priorities this year, with plans to “expand and deepen technical training through the LMA Academy, increasing the talent pool for managing agents“. Insurance companies must invest in training programs to equip talent with the skills to interpret complex data sets and extract actionable insights effectively.  

5. Challenges and Adaptation around hybrid work plans:

Some return-to-office plans will cause pushback. Internal and external local talent benches have undergone a fundamental shift due to virtual work and insurance companies that intend to become hybrid, long-term players in 2024 will have to devise plans for restocking and expanding. Those that require workers to visit the office even once a week are only attracting local candidates, yet remain in competition with other national organisations for this talent. Professionals have been hiring outside of their local market more frequently in recent years, frequently in exchange for higher compensation and the chance to work entirely remotely. In order to maintain success in 2024 and beyond, insurers need to recognise and embrace these constraints, concentrating on the professional growth of their own staff members, as well as being willing to accept the limitations that a compulsory hybrid work policy will create in an already scarce talent market.