Talent Competition To Figure Strongly In Insurance Next Year

"Winning the war for talent" is a shared objective for both life and non-life insurers next year, according to EY’s 2020 Insurance Outlook.

Though the workforce in insurance is aging, insurers can’t simply rely on organic turnover to bring in workers that are "comfortable working with advanced technology, intuitively understand the need for personalization, and are capable of working in new ways," EY writes in the report, authored by Ed Majkowski, Americas Insurance Advisory Leader; Isabelle Santenac, Global Insurance Leader and Luca Russignan, EY Global Insurance Knowledge Leader.

EY’s report outlines four key actions that should be taken by companies depending on their line of business. The talent piece is shared by both life and non-life, as is increasing operational efficience and cost efficiency.

For non-life insurers, the other two key actions are digitizing customer experience and collaborating with ’big tech’ and insurtechs; for life the remaining two are delivering financial wellbeing and managing regulatory pressure.