Thoughts on the NAMIC Conference

What I learned during the conference is that both mutual and publicly traded insurance companies need exceptional talent to capitalize on opportunities in a fast changing insurance market.

The weather and scenery was beautiful, it was San Diego after all! I met so many talented insurance executives and the overarching message I came away with was that acquiring the right leadership talent – among many other strategic challenges – continues to be top-of-mind for leaders across the entire insurance industry.

The Future of the Insurance Industry

The future of the insurance landscape is being shaped first and foremost by technology and digitalization (read my recent article on this here). Innovation has long been a struggle in the insurance industry, but InsurTech is on the rise, forcing businesses to be proactive. It’s changing how consumers perceive the industry, with trends like Direct-to-Consumer impacting their habits and expectations. There’s also the increasing use of predictive analytics and big data, which changes how we think about a number of insurance functions, including claims, underwriting, product development, and even new distribution models and overall business strategies.

These are trends that in turn impact executive talent acquisition. Bringing in the right leaders who understand the evolution of the insurance industry and who can strategize accordingly is getting increasingly difficult. Having the ability to pivot quickly to recognize that the talent carriers needed in the past is not the talent they need in tomorrow is important. To remain competitive, carriers will have to think outside of the box to attract the talent necessary to tackle these trends. More and more we are seeing that non-insurance industry experience is required to address the way policy holders want to buy and communicate with their insurance company - that trend is going to become more pronounced in the future. Insurance companies need to plan for that change now least they fall behind InsurTech companies gunning for this market.

Want More Information? Feel free to call Jay D’Aprile at (312)-796-7889 or e-mail [email protected]

About The Author:

Jay helps Insurance and Financial Services companies identify, engage and recruit best-in-class talent, and counsel those companies through the successful conclusion of the search process. In this hyper competitive, fast changing environment, where multiple trends are changing the way consumers conduct business with their Insurance and Financial Services companies, the organizations who are able to attract and retain the best leadership talent will have a significant advantage over their competitors - both traditional companies and those looking to disrupt the industry.

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