Given the unique ongoing market pressures, the skills required for success in the insurance space are constantly shifting. With emerging technologies, changing consumer demands, and new market entrants, insurers cannot remain stagnant with their staff development if they want to stay relevant as industry players.
Those that seek to future-proof their operations must ensure their workforce is equipped with the skills necessary to meet the evolving needs of the industry. This means helping to develop the next-generation workforce by giving current employees the skills and training required in the modern marketplace.
As you continue reading below, we will explore the current skills gap in the industry, discuss strategies for developing talent, and provide insights into how insurers can optimize their learning and development programs to stay ahead of the curve.
The Skills Gap in Insurance
Across the board, the skills that existing workers possess do not fully align with what the insurance industry is demanding of them. Because of the rapid pace of advancement over recent years, many employees and their employers have not had the ability to stay up to speed with the latest technologies, skills, or expertise that are in demand.
One of these sought after competencies is digital literacy, or the ability to navigate and utilize various complex digital tools, software, and platforms that are becoming more widely used by insurers. The industry is also in need of a workforce that is adaptable, familiar with industry compliance regulations, and well-versed in data analytics and critical thinking.
At the same time, recruiting in the industry has grown increasingly difficult over the past few years. There are now more vacant job openings in the insurance industry than ever before. So, employers may feel lucky to fill any open positions at all, nevermind with candidates who have the desired skillsets.
Strategies for Developing Talent in Insurance
To deal with the widening skills gap, insurers need to invest in effective training and development programs to help foster desirable skills and competencies among their current workforce. In doing so, they can help their workers become more resilient for the changing times and lead their organizations to be more competitive.
Each organization will need to find its own approach to developing a comprehensive learning and development program. First, they need to identify the exact skills and competencies that their current staff lacks. Then, they will create a custom program to address the identified gaps. This may involve:
- Setting up mentorships or coaching arrangements between employees;
- Enrolling certain team members in e-learning courses to upskill them; and,
- Requiring staff members to complete certain certifications in order to expand their skill sets.
Even after the initial learning and development program is completed, insurers and their employees should embrace a spirit of continuous learning. Since the pace of advancement doesn’t appear to be slowing down anytime soon, they should be prepared to stay agile and flexible as they adapt to the evolving demands of the market over the coming years.
Optimizing Learning and Development Programs
As insurers look to optimize their learning and development programs to upskill employees, there are a few best practices they can consider implementing to ensure these programs are successful.
For starters, insurers need to get employee buy-in throughout the training process. This means employees are engaged, motivated, and interested in the new skills, which will speed up the process and add less friction. They should see the value in learning or developing new skills, which employers will need to convey properly.
Additionally, insurers should set up relevant metrics or measurements to gauge the effectiveness of the learning program and track employee progress. Doing so will provide objective evidence of how effective the program is and how well employees are grasping the concepts. Insurers can use this data to adjust the program to make it more optimal and effective for future use.
Future-Proof Your Operations with Covenir
Helping your employees develop the necessary skills for the modern insurance market can prove beneficial for years to come. But, if you still feel like your operations could benefit from having highly-specialized talent on your team, then partner with Covenir.
As a forward-thinking insurance BPO provider, Covenir knows what modern-day insurers need to stay competitive in the ever-changing business landscape. Our team is full of highly-skilled and specialized talent who have what it takes to help you reach your potential.
If you have been dealing with a skills gap or found it hard to recruit qualified candidates to fill job openings, working with Covenir gives you the people power you need to propel forward and retain your competitive edge. We aren’t just an extension of your team, we are your team.
Contact us today to future-proof your operations with Covenir.