From: Captive Insurance Times
The captive insurance industry must evolve and do more to attract younger talent in order to circumvent a void as its working population retires
As an ageing population leaves vacancies aplenty in the captive insurance industry, insurance leaders are seeking creative ways to solve what some have dubbed a “talent crisis”.
It is widely recognised within the industry that talent acquisition and retention has been a historical issue in the captive insurance industry, owing largely to lack of firm educational initiatives in the sector. This reality has changed dramatically in recent years, with the launch of a number of educational and networking initiatives, such as the Captive Insurance Companies Association’s (CICA) NEXTGen initiative and the Alabama Captive Insurance Association’s Risky Business internship.
If you have a good product or service and build a great culture, you will attract talent.”
Nick Hentges, Captive Resources
On top of this, the COVID-19 pandemic has changed the way young people are thinking about work. A lot of workers are now preferring to work from home and many companies, not just limited to captive insurance, will struggle to attract talent unless they change their attitude to the new work-life balance.
As an ageing population leaves vacancies aplenty in the captive insurance industry, insurance leaders are seeking creative ways to solve what some have dubbed a “talent crisis”.
It is widely recognised within the industry that talent acquisition and retention has been a historical issue in the captive insurance industry, owing largely to lack of firm educational initiatives in the sector. This reality has changed dramatically in recent years, with the launch of a number of educational and networking initiatives, such as the Captive Insurance Companies Association’s (CICA) NEXTGen initiative and the Alabama Captive Insurance Association’s Risky Business internship.
On top of this, the COVID-19 pandemic has changed the way young people are thinking about work. A lot of workers are now preferring to work from home and many companies, not just limited to captive insurance, will struggle to attract talent unless they change their attitude to the new work-life balance.
A crisis of talent or competition?
So how much of this is really a talent ‘crisis’ or ‘drought’? Or is it rather the case that the captive insurance industry needs to do more to attract the young talent that surely exists? Nick Hentges, CEO of Captive Resources, says yes.
“I disagree with the premise that there is a talent drought,” he says. “The captive industry needs to do a better job of marketing itself and competing for the best talent. If you have a good product or service and build a great culture, you will attract talent.”