Re/insurers struggle to attract necessary tech-savvy talent

Not only is the re/insurance industry facing a shortage of talent, it is facing a shortage of the particular skills that will be required as the industry progresses into more technology-driven, forward-looking and innovative business models.

This is the view of Chris Beazley, group CEO of the London Market Group, who spoke to Intelligent Insurer about to the need for a more collaborative approach to address the skill gaps that the industry faces.

A recent PwC CEO survey echoes these concerns by suggesting that 77 percent of global insurance CEOs see the limited availability of key skills, exacerbated by the ageing of much of the insurance workforce, as a threat to growth.

“The adding of alternative skills that have a more forward-looking view will be what gives the London Market and Lloyd’s the competitive edge it needs over other global re/insurance markets,” Beazley says.

The US faces a similar situation, against a backdrop of 400,000 professionals expected to retire in the next few years, according to the US Bureau of Labor Statistics.

In spite of this, the one million millennials expected to enter the US workforce by 2020 prefer jobs in banking and finance to working in the insurance industry.

For a wider picture of the talent and skill crises that both the US and UK re/insurance markets will have to contend with, please click here.

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