From: Captive Intelligence
- A number of industry schemes in place to train and keep talent
- Particular shortage of mid-tier experience within the sector
- Important for firms to provide talent with experiences outside the office
- A number of networking and educational opportunities available
Captive recruiters are expanding beyond traditional areas to attract talent from other areas of the insurance sector as well as from entirely different industries, aiming to address an alarming talent shortage in the industry.
As a result of companies competing for a finite amount of talent with increasing private equity activity in the captive market, salaries are rising across the sector. While the competition is fierce, rising salaries are helping it compete with other financial services industries.
Businesses must also realise that salaries alone will not retain talent, with opportunities to learn outside of the office environment often being important to young professionals.
Talent challenges are not always felt in the same way industry-wide, as different domiciles are facing nuanced challenges.
“For some of the more established domiciles the talent pool can at times be prohibitively expensive due to local immigration or housing restrictions which can in turn drive up costs,” David Hogg, Aon’s EMEA regional managing director for captive and insurance management at Aon, told Captive Intelligence.
“For other domiciles the local available talent pool might be extremely small or less experienced due to the size or maturity of the local captive market.”
