The pandemic forced a shift to remote work that many believe will survive well into the future, accelerating digitization and virtualization trends that once seemed to be years away from industry-wide adoption. Pair this change with a significant shift in American demographics and a younger, more tech-savvy working population, and it becomes clear that insurers need to rethink how they acquire, train and retain new talent.
Last Tuesday, Novarica hosted its bi-weekly Virtual Panel Series, this time focusing on the topic of talent acquisition, retention, and development—an area of management that remote work has completely altered. I was joined by Novarica senior team member Nancy Casbarro and three panelists, including Kim Pfiffner from Principal, Bob Pick from Tokio Marine North America, and Jim Niehaus from Great American.
Kim Pfiffner kicked off the discussion with a strong point: “[The pandemic] has presented us with a reminder that it is always important to understand what your employees value.” She added that insurers need to review and update these value propositions consistently. They also need to look beyond generational cohorts in their workforce; employees don’t feel the same way about remote work and other hot-button topics simply because they are the same age. Insurers can differentiate themselves in the jobs market by applying the same goals of personalizing policyholder experiences to their managed workforce.
Bob Pick built upon Kim’s point, stating that the word to watch for is “and,” not “or.” Many insurers before the pandemic did not believe in their ability to support a remote workforce. Now that it has been proven possible, insurers should not ignore their new ability to present flexible options. Providing a “work from anywhere” alternative will become important, if not table stakes, for the foreseeable future. Bob also mentioned that his organization developed a newfound confidence in implementing new technology and tools, allowing the organization to think bigger when planning its five-year roadmap.
Jim Niehaus talked about intense competition in the technology talent pool and how his company changed its approach because of the pandemic. His organization broadened its view of where a potential candidate could come from, specifically two-year schools and mid-career apprenticeships. Some businesses may not reopen after the pandemic; there will be a trained labor force in need of placement. At the same time, Jim noted, the talent pool has broadened geographically; relocating to a regional office may no longer be a hard requirement.
Next week, Novarica CEO Matthew Josefowicz, VP Paul Legutko, and I, as well as a panel of young agents from Novarica’s 400 Under 40 program, will discuss trends and issues with agency management systems. Registration for the event is open to all and accessible here.
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