Infographic: Insurance Industry Talent Management in the Digital Age - Towers Watson


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Infographic: Insurance Industry Talent Management in the Digital Age - Towers Watson

  1. 1. Big data and digital media demand different competencies, but both will require: • A genuine strategic commitment on the part of the organization • An agile entrepreneurial culture — a willingness to experiment and to fail Big Data/Predictive Analytics •• Insurers must get better at capturing and exploiting proprietary data. •• A talent paradigm of “data scientists” must combine business savvy with fluency in statistics and new technology. •• Success requires the latest technological ecosystem and highly capable data management. Digital Media •• A new approach to sales begins with a revolutionized and influential marketing team. •• A single-customer view must drive a seamless and consistent customer interaction. •• Strong technology capability should be combined with a strong social media presence. The winners of tomorrow will develop highly nuanced employee value propositions (EVPs) that strike the right balance between employee preferences and employer needs. These EVPs will be differentiated by the talent pools that will be most critical to powering the business model of the future. New Talent for the Digital Age Will Insurers Be Ready? The issue: Big data and digital media have the potential to transform the way insurers understand and compete for customers, and market themselves — especially to a new generation of buyers. But to succeed in both of these realms, insurers need to rethink the way they hire and retain talent. Research by Towers Watson and Oxford Economics shows that technology — digital media in particular — will have the largest impact on insurers’ talent requirements. Insurers that are slow to face the disruptive impact of new technology are creating a huge opportunity for new, technologically savvy competitors. Dr. Qixiang Sun Dean, School of Economics Peking University Is the insurance industry prepared for this major shift? The insurance industry culture is often reluctant to embrace change. Analytically oriented recruiting and retention efforts that focus on actuarial and related talent aren’t appropriate for big data and digital media talent. In the face of technological and demographic change, the industry must be prepared to find, keep and engage a different kind of talent. For many companies, the challenge is not just finding the right talent; it’s also retaining the right talent. Radha Chakraborty Talent Management Consultant Towers Watson Research raises questions: Over the next five to 10 years, how confident are you that your company will have the talent base it needs to ensure success? As insurers embrace more sophisticated technology and social media, how will talent needs change? Other than hiring full-time employees, how can insurers resource talent for big data and digital work? Is the insurance industry as a whole too averse to change?