1. Influence universities to add business analytics and insurance course-work to a wide variety of programs.
By incorporating more statistics training within non-quantitative programs
or business training within “
traditional” science and engineering programs,
colleges and universities will be able
to generate more graduates with the
skills needed for insurance.
2. Get the most out of existing talent.
Companies can do much more to better utilize the advanced and specialized skills of analytics scientists and
other technology specialists. They can
create development opportunities for
analytics experts. They can provide
training for employees with strong
quantitative skills who are not working in analytics roles, preparing them
to take on the responsibilities of analytics specialists.
3. Raise insurance awareness among
students. Only a small percentage of
qualified graduates take P&C insurance jobs today; the rest go into other
4. Make sure insurance jobs are appealing to prospective students.
Employers need to define roles and
allocate tasks in ways that ensure
skilled young people can do challenging work that contributes directly to
the organization’s goals rather than
just generating reports. Customized
roles and career paths provide clearly
defined objectives, reward structures
and growth opportunities. Organizations should think about developing
distinct career paths for those with
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fields such as investment banking,
consulting, software development,
or academia. These choices are often
shaped by a lack of awareness of the
opportunities in insurance. Employers
should work more closely with universities to make students aware of the career prospects within the industry.
distinct technical skills, rather than
shoehorning such individuals into existing career models.
P&C insurers will need innovative skills
and sourcing strategies to overcome the
looming talent gap. Companies should
begin now to plot out strategies for find-
Insurers will need to fill as many as 400,000
positions by 2020, all while more “glamorous”
industries compete for the same talent pool.
ing and retaining the talent they need to
compete. Those making this investment
now will achieve a competitive advantage
over rivals who find their growth strategies frustrated by the retirement of skilled
professionals and the shortage of talented
Michael A. Costonis is a managing director
in Accenture Property and Casualty Insurance Services. He is based in Philadelphia,
Pennsylvania and may be reached at
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