Insurance leaders are demanding more from their hiring agendas. They want access to the best talent so they can cultivate a workforce that is diverse, inclusive and innovative. But in 2018, people strategies must respond to an ever-evolving and highly competitive set of market conditions. Where most insurers are falling down is in their failure to appreciate the magnitude of the task - as well as its importance for future growth.
With so many approaches, services and options out there, outsourcing isn’t the easiest solution to get your head around. On top of that, many providers like to baffle businesses with technical terms and unnecessary detail, when all they really want is simplicity, speed and value. In essence, MSP is the outsourcing of temporary, contract and interim hiring to support all your contingent workforce needs. Like RPO (recruitment process outsourcing), it is easily scaled up or down, and specifically tailored to your requirements.
Last month, Avencia hosted two workshops to discuss techniques for the attraction of diverse talent. Joined by resourcing and HR professionals from across the insurance and asset management markets, we explored the challenges and opportunities presented by today's hiring landscape. One lesson rang true across the board: the notion that perceptions of a brand can breed a reality that businesses do not always see.
Following the 2018 Autumn Statement, the need for HR to gain visibility and control of the non-permanent workforce was brought sharply into focus with the long-awaited announcement that private-sector contractors will potentially face higher taxation and NI bills. The legislation, known as IR35 is designed to hit those contractors deemed by HMRC to be employees.
Today’s insurance models are characterised by the customer’s needs. Personalisation, speed, transparency, simplicity and the ease of digital are becoming buzzwords. And in a market still viewed by many as confusing and consumer-averse, it’s no surprise that insurtechs pose a threat, with propositions that clarify, simplify and prioritise the customer experience. But all is not lost for the traditional insurer, who can harness the power of insurtech in several ways.