The insurance industry was already undergoing major changes before the COVID-19 pandemic. Digital transformations, the emergence of insurtech startups, and an aging workforce were all forcing employers to rethink their talent-management strategies.
When the pandemic hit in early 2020, then, those challenges just added to the work that was underway.
That said, the insurance industry has tended to weather turbulent economies better than many other industries. “As we saw in the financial crisis in 2008/2009, the insurance industry was very resilient, and did not have a downturn in unemployment,” Jon Loftin, president and COO of MJ Insurance, tells Insurance Business.
“In fact, some people were aggressive coming out of it and they hired earlier than most. They were able to get some good talent based on the idea that insurance really is a stable industry.”
Still, the aforementioned challenges remain, as does the ongoing fallout from COVID-19 and its economic consequences.
Below, we explore the state of recruitment, hiring, and talent management in the insurance industry against that backdrop.
The Industry Must Identify Its Next Leaders Soon
Insurance executives tend to be older than their peers in other industries, which presents both a challenge and an opportunity.
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