Try GOLD - Free
The Talent Gap in Insurance Industry
THE INSURANCE TIMES
|June 2023
About 65% of respondents said that they believe a Talent gap is affecting their organization as per the survey conducted by Wiley Education Services. Being unable to find employees with necessary Talent is costing companies with serious drain of money
Introduction:
Talent gap simply refers to a lack of skilled personnel in an organization. The Talent gap is a term that describes the gaping hole between the requirements of a job and what job candidates possess in terms of professional backgrounds and expertise.As the job market increasingly focuses on technical Talent, employers are having a challenging time finding applicants with the background and experience needed to meet the needs of changing job roles. Many industries and employers are having trouble filling positions. Still, some industries are struggling more than others, Insurance Industry is prominent among them.
About 65% of respondents said that they believe a Talent gap is affecting their organization as per the survey conducted by Wiley Education Services. Being unable to find employees with necessary Talent is costing companies with serious drain of money. The average job vacancy costs around 3.5 lacs of rupees and a turnaround period of 65 days. In other words, the Talent Gap is as similar to workforce shortage in the system.
When Insurance eco system is considered workforce has a different set of meaning in comparison to other industries of the economy because of the unique functionality and a separate set of process of workings. The departments like Underwriting, Actuarial, Claims, Pre-Inspection, Legal, Cover note and Proposals, Accounts etc has its special working features where the Talent or Talents of the employees plays a very paramount role in determining the top line as well as bottom line of the organization. The talents in Insurance industries creates a phenomenal bonding among the team members that Knowledge of a particular kind flows automatically if the talent pool is of homogeneous nature.
Causes of Talent Gap:
This story is from the June 2023 edition of THE INSURANCE TIMES.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM THE INSURANCE TIMES
THE INSURANCE TIMES
GST 2.0 Reforms: What They Mean for the Life Insurance Industry and Consumers
The Indian insurance industry has long been advocating for rationalisation of Goods and Services Tax (GST) on life and health insurance products. With the rollout of GST 2.0 reforms, expectations are high that the sector will finally receive much-needed relief and structural clarity. The reforms aim to simplify compliance, widen the tax base, and rationalise rates—moves that could significantly alter how insurers price products and how consumers perceive insurance as a financial tool.
3 mins
October 2025
THE INSURANCE TIMES
Building a Risk-Aware Culture at AIG Post-2008 Crisis
What is Risk Culture?
6 mins
October 2025
THE INSURANCE TIMES
Unrealised Potential: Rural Insurance in India
Rural insurance penetration remains low due to several factors. Products typically cater to urban areas, but prices often fail to account for irregular income cycles, and distribution channels lack local trust and durability.
4 mins
October 2025
THE INSURANCE TIMES
World's First Insurance Salvage Patent: Transforming Accident Recovery into Safety Innovation
The patent's implementation is projected to save lives through prevention of untimely deaths and disabilities. By ensuring transparent disclosure of accident history and repair quality, the system reduces the likelihood of compromised vehicles causing subsequent accidents.
6 mins
October 2025
THE INSURANCE TIMES
Redressal of grievances under the Liability Insurance : An overview
As public liability insurance became integral to modern business risk management, the expectation was that insurers would offer not only financial protection but also prompt and fair resolution in times of distress. However, the ground reality often paints a different picture. Despite purchasing policies with the intent of securing peace of mind, many policyholders-particularly small businesses- experience frustration and uncertainty when filing claims.
14 mins
October 2025
THE INSURANCE TIMES
Bridging the Trust Gap: Why Insurers Need an Internal Ombudsman
The Reserve Bank of India (RBI) has already introduced an Internal Ombudsman Scheme for banks, requiring all banks to designate an independent officer to address escalated consumer complaints. If appropriate, insurance regulators may implement a similar model for the sector.
8 mins
October 2025
THE INSURANCE TIMES
29th FAIR Conference 2025 to be Hosted by GIC Re in Mumbai Media Partner: The Insurance Times
The insurance and reinsurance fraternity will gather in Mumbai from 5th to 8th October 2025 for the 29th FAIR (Federation of Afro-Asian Insurers and Reinsurers) Conference, hosted by GIC Re. Themed \"Emerging Markets Towards Resilient Growth\", this year's edition will focus on strengthening cooperation, resilience, and innovation across Afro-Asian markets.
1 mins
October 2025
THE INSURANCE TIMES
Do's and Don'ts for Purchasing Marine Cargo Insurance in India
Do’s (Things You Must Do)
3 mins
October 2025
THE INSURANCE TIMES
Insurance Regulator Update
Ajay Seth takes charge as IRDAI chairman amid key sector reforms
4 mins
October 2025
THE INSURANCE TIMES
Legal Briefs
Insurer to pay crash victim's kin Rs. 2.5 crore
2 mins
October 2025
Translate
Change font size