Current research suggests that Insurance companies face impending employee shortages, as nearly a quarter of the industry retired last year, leaving 400,000 vacancies. Shortages of underwriters, claims adjusters, actuaries, and sales professionals can impact an insurer’s bottom-line profits by 10-20 percent annually, so it’s crucial to implement long-term growth strategies to aid your insurance company’s recruitment and retention efforts.
Insurance industry hiring remains robust, but securing and retaining new talent, particularly among younger workers who tend to “job hop” every 12-18 months, is a top concern for many companies. That’s why we’ve thought of some tips to help your insurance company recruit top candidates and minimize employee turnover.
Modern workers are intentional about seeking positions that have a sense of purpose. They want a place they can grow, enrich themselves, and leave a legacy. A strong employment brand is about conveying values and purpose beyond profit. Insurance companies need a consistent presence from their website, mobile app, and social media pages – including their recruiting pages, interview experiences, and onboarding processes.
From the second a potential employee decides to submit their application, the interview process – up to the final interview – should be seamless and swift. Incorporating video interviewing and scheduling transforms your lengthy interview process into a custom branded opportunity to show potential new hires what your company is about and why they should be excited to join you.
The next generation of young workers grew up with technology and believe tech is essential to streamlining tasks and unlocking productivity. Candidates are looking for SMS messaging updates, video conferencing, and high-tech training. Insurers like Colonial Life, California Casualty, and Pacific Resources use digital interviewing platforms to impress leading candidates from their first interaction.
Tools like interview scheduler and interview on demand empower applicants to schedule and complete interviews on their own time. In a hiring market that is extremely competitive and candidate-driven, giving your applicants the ability to interview when best works for them gives you an edge over your competition.
You should know this by now, but the “Monday through Friday 9-5” workday is out, and a flexible work-life balance is in. The majority of job seekers believe employers should offer flexible work hours, remote environments, and paid leaves for a variety of reasons. You should trust your employees to commit to their job and do the work they are paid to do – from wherever they would like to do it.
Existing employees also expect to be considered first when it comes to hiring for mid-level and senior-level positions. If your employees’ aspirations are frequently overlooked in favor of external hiring, it will show in your employee turnover rate. Internal mobility and upskilling are cost-effective ways to fill vital skills gaps and retain workers who can transition across underwriting, claims, customer service, sales, and technology department positions.
Using interviewstream’s video interviewing and scheduling, insurers can reach 30% more applicants, reduce time spent interviewing by 80%, decrease time-to-fill by two weeks, and empower workers to increase average attendance rates from 45 to 80%.
Step up your recruitment and retention strategy by incorporating interviewing technology – streamline your hiring process, present your candidates with a branded interviewing platform, and cut down on the time it takes you to hire your ideal candidate. Contact us to learn more.
Esteban Gomez is the Director of Marketing at interviewstream. He loves learning and has a passion for traveling, having visited many countries including China, Colombia, Italy, and Peru.