Insurers reshape talent management to fit post-pandemic realities

But there are exceptions, and Michael Blattner, Head of Zurich’s Commercial Insurance Academy, is one of them. His experience shows that attitudes about insurance are often misplaced and the business’s role in society is generally underrated.

“I joined the insurance industry when I was 16 years old, right after school,” Blattner said during a podcast discussing insurance talent management. An apprenticeship at Zurich around 30 years ago introduced him to the business. “Little did I know about insurance,” he recalled. “Why should I? I was 16 years old.”

He soon learned, however, that “insurance is about protecting people,” Blattner said. “I started to understand relatively soon in my career that insurance has a noble purpose and I like that.”

And insurance also is, of course, about businesses, he said. “Without insurance in place, businesses would not necessarily work or flourish,” partly because investors would be wary of putting funds into unprotected operations, Blattner explained.

Blattner credits his longevity at Zurich to the autonomy he is given to do his job and function as a kind of “intrapreneur” at work. And, working around highly competent people has helped him grow in his career, he said.

Traditional work models are outdated

The modern, post-COVID-19 workplace has turned the traditional style of work on its head and to attract and retain employees today, insurers have to offer a nurturing and flexible work environment, said Penny Seach, Chief Underwriting Officer EMEA at Zurich.

Seach, like many others, “accidentally fell into insurance,” she said. “I had absolutely no idea what the industry was about but there was a great energy and buzz about it and I am really grateful I joined.”

Insurers have generally lagged other industries in transforming their workplaces from long-standing traditional models to those that more carefully consider modern expectations of employees and their employers, Seach said. “To be transformational, we need to be really clear and thoughtful about what we want to be doing,” she added.

The transformation calls for a “complete reframing of our current thinking,” Seach said, to create a nurturing environment where social and emotional skills are highly valued. “Once we have clarity on the environment, then we also need to be really clear in terms of how we want these new capabilities to be used. Everyone wants to work for a company they feel connected to where there is a really strong sense of purpose. And bringing in value-based or purposed-based thinking is probably equal to all the other skills and capabilities.”

Employees look for balance

Insurers are competing not just with each other for talent, the podcast participants agreed, but also with non-insurance companies such as Google and Amazon where technical and social skills are in demand and employees’ personal needs are considered.

“The opportunity for professional as well as personal growth is a huge factor in people’s decision-making when they embark on a career,” said Camilla Chandra, Head of Marine EMEA at Zurich. Flexibility in a role, such as her ability to work in international roles while remaining based in London, is important as well, she said.

Employees expect an even balance between work and life, particularly since the pandemic, Chandra noted. “Zurich has always done a very good job in giving its employees the opportunity to do that and we can always do more.”

Insurers who assure employees that their voices will be heard, particularly as they begin their careers, are more likely to attract and retain talent, Chandra said. “Our industry is quite unique in encouraging that and I can remember working throughout the years with people from all manner of backgrounds and technical disciplines,” she added.

Chandra began her insurance career in 2010 when she entered an international placement program at Zurich that she learned of “by coincidence.”

“I couldn’t have asked for a better start in the industry,” Chandra said. The network and relationships that were formed in the early part of her career were invaluable, she noted. “It really underpinned how people really are at the heart of our business.”

Diverse thought and strong people skills required

Insurance is a people business and employers should recognize the importance of nurturing their employees and strengthening customer bonds, according to the podcast participants.

Encouraging diversity of opinion and interests is a key to Zurich’s success, Chandra said. “It’s a very attractive factor for anyone embarking on a career.”

Seach agreed. “I love the fact that I could be part of a conversation initially, when I joined,” she said of her experience at Zurich. “As I got more confident and gained more of an understanding, my opinions were welcomed and I found that I could be a strong part of conversations, which I thought was absolutely incredible.”

Because the insurance business, despite becoming increasingly automated, is based on strong customer relationships, people skills are important, Blattner pointed out. “With the increased automation of processes, the way our underwriters interact with our customers and brokers is becoming even more important.”

In fact, the strength of those relationships can be a differentiator among insurers, Blattner said. “We are investing a significant amount of time and money to support our underwriters, to really finesse their interpersonal skills,” he added, and provide them with “all they need to grow and underwrite our business profitably.”

Slaying insurance myths

Despite its attractions, insurance remains a misunderstood business, according to Chandra. “We can do much better at telling our story as an industry to those who are not within it,” and dispel the notion that it is boring, she said. “It couldn’t be further from the truth.”

That perception is why insurers need to attract a wide variety of recruits who are aware that they can have a challenging role in a dynamic industry, Chandra said. “If we tell our story a little bit better and really put it at the forefront and continually improve as well, I think that will position ourselves much better as an attractive employer, particularly to young talent today.”