Human capital trends: An insurance industry perspective
Examining 10 current insurance human capital trends
In this point of view—inspired by Deloitte’s Global Human Capital Trends report—we discuss 10 human capital trends that, although common across several industries, contemplate and opine on the unique implications for the insurance industry.
Human capital trends: An insurance perspective
The insurance industry is experiencing change at a rate that has not been seen for at least a generation. The regulations that govern the industry are changing at the same time that innovations, like telematics and wearable health/fitness devices, continue to shift the way insurers analyze customer behavior as well as price and sell their products.
Customer expectations for how they will interact with their insurers also continue to increase, making it more important than ever that insurers provide a high-quality customer service experience. Additionally, external forces are putting pressure on the traditional insurance business model, including but not limited to the rise of ride sharing and other “sharing economy” services, shifting generational preferences, and the reduced cost of entry for new market players.
All these factors combined create a “perfect storm” for insurers and make it more critical than ever that they evaluate and tackle the associated human capital challenges, which if left unaddressed could prevent them from successfully adapting their business models to meet the changing demands of the market.
In this point of view—inspired by Deloitte’s Global Human Capital Trends report—we will discuss 10 human capital trends that, although common across several industries, will contemplate and opine on the unique implications for the insurance industry.
The ten trends are focused on four broad areas:
Leadership: Why a perennial issue?
Companies are struggling to develop leaders at all levels and are investing in new and accelerated leadership models.
Learning and development: Into the spotlight
Companies are actively exploring new approaches to learning and development as they a confront increasing skills gaps.
Culture and engagement: The naked organization
Organizations are recognizing the need to focus on culture and dramatically improve employee engagement as they are facing a looming crisis in engagement and retention.
Workforce on demand: Are you ready?
Companies are taking a more sophisticated approach to managing all aspects of workforce including hourly contingent and contract workforce.
Performance management: The secret ingredient
Organizations are replacing traditional Performance management with innovative performance solutions.
Reinventing HR: An extreme makeover
HR is undergoing an extreme makeover to deliver greater business impact and drive HR and business innovation.
HR and people analytics: Stuck in neutral
Too few organizations are actively implementing talent analytics capabilities to address complex business and talent needs.
People data everywhere: Bringing the outside in
HR and talent organizations are expanding their HR data strategies by harnessing and integrating Third party data about their people from social Media platforms.
Simplification of work: The coming revolution
Organizations are simplifying work environments and practices in response to increasing organization and system complexity, and information overload.
Machines as talent: Collaboration, not competition
The increasing power of computers and software to automate and replace knowledge Workers in challenging organizations to rethink the design of work, the skills their employees need to succeed.