Insurers Need To Step Up And Meet Employee Needs Or Face Exodus

The COVID-19 pandemic changed how the insurance industry attracts and keeps talent -- probably for good.

‘You will not retain your talents if you don’t offer them an upgraded employee experience and you need to attract new skills, which are required for transforming the insurance business into a more digital, customer-centric business," said Isabelle Santenac, global insurance leader for Ernst & Young.

The pandemic impact on talent is just one trend explored in the EY 2022 Global Insurance Outlook. It takes into consideration three trends that are particularly important in the coming months.

The trends are:

1. As the industry is committed to be more customer-centric and as customer needs and expectations have significantly changed over the past years, we see ecosystems of financial solutions and the rise of open insurance emerging as a key trend, Santenac said.

2. COVID-19 has changed our ways of working and has opened new horizons for building talent pools. Workforce transformation is absolutely needed, Santenac said.