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Insurers Focusing On Retention And Recruitment, Panel Agrees

A new partnership among leading insurers aims to investment in communities of color.

Targeted News Service (Press Releases)

Retaining current employees and recruiting new talent has been a priority for years, but the pandemic changed the way insurers approach these issues, a panel of experts concluded at the Insurance Information Institute's (Triple-I) Joint Industry Forum.

The State of Talent in the New Normal examined whether insurers' growing comfort with remote work will lead to a more diverse workforce and if technological advances would give insurance industry employees more time to create value rather than allocating too much time toward administrative assignments.

"This industry offers so much to so many," said Connecticut Insurance Commissioner Andrew Mais. "The pandemic accelerated the need for new talent. By casting a wider net, we can find new entrants who want to do meaningful work and make a difference. Attracting data scientists and new skill sets to the industry broadens our reach to new talent."

"The pandemic accelerated our level of engagement with employees" said Deepa Soni, chief information officer, The Hartford. "We are championing mental health, supporting women in tech, caring for the whole person. The acquisition of new talent brings transformation to the insurance industry through flexibility, culture and purpose-driven work."

Soni added more flexible working arrangements has increased employee retention at The Hartford.

Victor Terry, Chief Diversity Officer, State Farm, said, "Start with the individual. What do they need to be their best and thrive? Redefine what the culture is and what does 'good' look like."

"Vulnerability is a key trait for good leaders. Leadership with empathy and authenticity is key," stated Lisa Butera, Managing Director, Head P&C Client Markets U.S., Swiss Re, who led the panel discussion. Butera said the industry is shifting to new technology to better serve customers and make work more efficient and "less clunky" for employees.