Remote work trends versus Return to Office (RTO) protocols could be the tipping point for commercial property and casualty (P&C) insurance providers in securing top insurance industry talent in 2025. Plus, add to the mix access to current technology and hiring woes could be in a death spiral for underwriting teams.
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In this year'sConvrInsurance Talent and Tech Trends survey, Convr surveyed 200 commercial property and casualty (P&C) insurance decision-makers across the U.S. to dig into the role talent and technology play in driving results.
What we discovered? Leaders in the insurance industry across departments ranging from underwriting, IT/analytics, finance and more recognize they are having a hard time recruiting underwriting talent at all levels with those ages 41-40 and 21-30 being the hardest to hire. Similarly, those in the same age ranges are the hardest to retain.
There's good news, though – to build teams with younger generations, 73 percent of leaders say most to all underwriting positions have the option of being remote, while only 8 percent say none of their open underwriting roles have that potential. And that's what this generation of workers is after – those polled said greater flexibility on how to do the job mixed with better access to technology and tools to improve quality of work are requested most often by new hires.
But not listening to their underwriting workforce could come with a cost, as 82 percent polled said staffing limitations are negatively affecting their growth and/or expense ratio and that underwriting remains the area where quality candidates are harder to find. As a result 72 percent of respondents claimedunderstaffing has led to inaccurate information informing their quotes and 83 percent attribute understaffing to more negative customer experiences.
And believe it or not, company performance suffers! Some 95 percent of respondents agreed that their company's overall performance could improve with process efficiencies in underwriting. Meaning leaders should be primed to adopt the tools necessary to do the work in a remote setting to more broadly appeal to younger workers.
As it turns out, 93 percent of those polled agreed that using technology helps attract younger workers. But these are not just nice-to-know findings; these are action items. They are a fundamental shift in how insurance organizations should be thinking about their tech stack and hiring strategies.
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SOURCE Convr
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