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How Insurance Firms in Europe are Optimising Human Resources
Investing in talent and employee experience is becoming one of the central tenets of European insurance firms.
FREMONT, CA: The European insurance sector is trying to achieve the right balance between adapting to disruptive, transforming technologies and maintaining business growth. Facing disruption from technology-first insurtech firms, the insurance industry is changing its approach as well as talent models. Securing the future of insurance now needs new blood that fulfills the new roles within the workforce. This is the right time for insurance firms to capitalise on developing talent and skills that are unique to people and can generate real value for them. Here is how the European insurers are approaching talent management and employee experience.
Developing Leadership Skills
Advancements in technology are transforming the nature of duty, driving European insurers to evolve to maintain momentum in the rapidly changing environment. Leadership is rated as a human capital priority in insurance. European insurance firms are focused on recognising, retaining, and promoting digitally savvy and people-centric leaders who can successfully execute the organisation’s plan and vision. Developing leadership skills instils a culture of collaboration and teamwork.
Reframing Employee Value Proposition
Rewarding is a crucial aspect of any millennial when they choose to work for an organisation. European insurers promote this with the help of flexible and positive workplace culture. Insurance companies are transforming the way industry is viewed and building awareness of attractions that the sector can provide. Insurers are increasing emphasis on framing it as offering a multi-disciplinary career and the opportunity to innovate within the industry. Firms also recognise the necessity for employees and reframe the employee value proposition to meet those needs.
Leveraging the Workforce Ecosystem
As alternative working systems gain popularity, insurers are attempting to appeal to, engage with, and drive value by offering all types of options. With the shortage of talent, European insurers are trying to ensure that their employees are positioned to utilise non-traditional workforce ecosystems. Insurers are developing workforce strategies that are relevant to the future workforce. Firms are also considering policies that can help them to manage responsibilities within the ecosystem.
With insurtech, the prospect of a modern workforce has reached the next level, and insurers are embracing this transformative opportunity.