It’s widely known the insurance industry is currently facing unprecedented labor shortages. However, growing competition in this space means that insurance BPO providers have no choice but to employ new tactics and strategies to recruit and hire the best talent that will propel their businesses forward.
To acquire and retain top talent, insurance BPO partners must address the unique challenges and opportunities in the field if they want to come out on top. Below, we will explore some expert strategies for insurance BPO talent recruitment and offer practical tips on creating an attractive work environment where top candidates can thrive.
The Current Insurance Talent Landscape
Certain skills and competencies are becoming more in demand in the current insurance job market to navigate the complexities of the modern insurance landscape. Here are some of the skills and abilities that are most sought after in insurance BPO staff today:
- Digital Literacy: Widespread digital transformation efforts in the industry are making it more critical for insurance professionals to be comfortable using digital tools and technologies to drive more informed decision-making and support streamlined operations.
- Data Analysis: The growing volume of data available today means insurance BPO staff should understand the basics of data analytics and how important insights and business intelligence can be gleaned from data.
- Policyholder-Centric Skills: The industry is taking a more policyholder-centric approach, so insurance talent should be adept at customer service and possess strong communication skills, empathy, and problem-solving skills to support the policyholder experience.
- Adaptability: The industry is evolving rapidly, so insurance professionals need to be adaptable and flexible to new trends, technological advancements, regulatory changes, and market shifts to thrive in the modern market.
- Cybersecurity/Data Privacy: The growing use of digital platforms and technology requires insurance professionals who are well-versed in cybersecurity and data privacy best practices. In addition to thwarting common fraud tactics employed by criminals, this helps organizations stay compliant with relevant regulations, avoid potential financial loss, and ensure the security and privacy of policyholder data.
Effective Insurance BPO Recruitment Strategies
Insurance BPO providers need to get more creative and strategic in how they recruit and attract candidates. Given the ongoing labor market challenges, traditional recruitment methods may no longer be effective in the modern job market.
Something interesting to note is that Gen Z workers are set to outnumber Baby Boomers in the workplace beginning in 2024. With this milestone will come many cultural shifts across industries, including how companies recruit talent. For instance, leveraging social media to connect with potential candidates and showcase the organization’s corporate culture will become more prominent and effective over the coming years.
Attracting the right candidates may also require insurance BPO providers to review their compensation and benefits packages to ensure they’re attractive enough to the growing portion of younger talent. A recent story from BBC shows younger workers are more “pay-motivated” than their predecessors, expecting higher pay from the beginning of their employment.
The Need for Training and Career Development
After bringing top talent on board, insurance BPO providers still need to offer ongoing training and career development to maintain a motivated and skilled workforce. Continuous training, upskilling, and development programs are all necessary to ensure your staff are well-trained and have the tools required to succeed in their role–both now and in the future.
As the industry evolves, new technology emerges, and regulations change, you should provide ample training and support to help your staff be more innovative and forward-thinking to keep your business ahead of the curve. In addition, these programs can act as great recruiting resources to help you attract talent who are keen on professional growth and development.
When it comes to new hires, you may bring on a candidate who ticks all your boxes regarding their skills and abilities. But, if they lack adequate support and training during their first few days or weeks on the job, you may not get all you hoped for out of them. Without a formal training process or career development program, you could face higher employee turnover, putting you back in the position where you started.
Turn to Covenir for Insurance BPO Staffing Needs
Addressing the staffing challenges in the insurance market today requires a multi-faceted approach that addresses reaching younger talent, creating attractive compensation and benefits packages, and developing comprehensive training and development programs to support employee growth.
Covenir’s BPO team comprises industry-leading onshore insurance professionals who have specialized expertise and hands-on experience to deliver top-tier services like:
- FNOL/claims
- Underwriting support
- Customer service
- Product sales advisors
- Premium services
- Virtual mail room
As your insurance business process outsourcing partner, we provide you with scalable talent resources to meet changes in demand without the added overhead. Offering strategic support to your internal resources, Covenir seamlessly integrates with your team to provide your policyholders with proactive and on-brand service around the clock. Our depth of industry knowledge means you have confidence that we’re handling all matters just like your in-house team would.
Contact Covenir today to learn more about our custom staffing solutions.