The Talent Gap in Insurance Industry

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

- Sanjay Singh

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: