Insurance, are you looking to strengthen your talent pool? Remember to prioritize corporate culture: risk and insurance

Erich Bublitz is senior vice president of the Excess and Surplus (E&S) division of AmTrust. He leads the AmTrust E&S team to support a unified national underwriting appetite by focusing on specific industry segments while pursuing AmTrust’s dedicated wholesale distribution strategy. AmTrust E&S offers its clients a wide range of specialty insurance products through its three main underwriting platforms: Specialty Primary and Supported Excess, Unsupported Excess and Contract Binding.

Insurance has had a relatively stable business model since its inception centuries ago. It has evolved to respond to regulations, globalization, technological innovations and ever-changing market conditions.

Today, Insurtech companies have disrupted the industry status quo by blending traditional insurance services with new technologies that focus on customer-centric tools and services.

This has brought about a change in the way insurance companies run their business and work with their customers.

New technologies also allow insurance companies to recruit diverse teams from various backgrounds – technology, customer service, traditional insurance, legal, etc. These new teams are working to help reshape the insurance industry.

According to the Bureau of Labor Statistics (BLS), jobs in insurance companies should grow by 7% until 2029.

In 2021, the BLS reported that more than 27 million people worked in the financial sector (which includes insurance). This breaks down into 600,000 agents, 330,000 adjusters and appraisers, 257,000 claims and processing staff and 128,000 underwriters.

Company culture is enhanced by a diverse workforce

Insurance companies are rethinking how they hire, train and retain employees. One of the factors that interest job seekers is a good corporate culture.

Corporate culture is the set of values, attitudes, behaviors and characteristics of a company and its employees. It encompasses all aspects of a business, including the work environment, mission, values, and goals of a company.

Insurance companies value teamwork and encourage their employees to make connections within their team and between other departments in the organization. Organizations strive to foster a diverse culture as they hire people from all academic and cultural backgrounds.

Insurance companies offer a wide range of jobs in various fields, including:

  • Finance
  • Customer service
  • Complaints
  • Administration
  • Data analysis
  • Human ressources
  • Technology
  • Legal services
  • Sales
  • Marketing

In most cases, applicants do not need prior industry experience to be hired by an insurance company. Many companies offer training courses in the basics of the insurance industry and encourage continuing education as they learn their new trades.

Having a workforce with diverse backgrounds brings different skill sets to the team and enhances their ability to work towards a common goal.

What are today’s workers looking for in an insurance company culture?

New workers want to feel that their work is relevant and that no one has too rigid rules.

They want a company culture that values ​​meaningful work and collaboration, where they can achieve their personal and company goals. Young workers also want personalized career paths to use their technology skills and managers who allow them to embrace an entrepreneurial mindset.

They are also attracted to employers who embrace social causes close to their hearts.

Workers want to know precisely what they are doing, why they are doing it, and how it benefits their colleagues, the organization, and customers. They want an open and communicative culture that has genuine engagement where they can see how their responsibilities advance the overall success of the company.

This will show the worker that what they are doing is meaningful to the overall goals of the business. It can ultimately inspire a culture of commitment and overall purpose.

Diverse thoughts, personalities, cultures and demographic backgrounds will appeal to new workers in the industry and they can, in turn, help inspire the next generation to drive innovation for insurance products and services.

Create a winning company culture

Most large insurance companies place great importance on corporate culture and values.

In fact, most of these organizations share similar core values. For example, where I work, AmTrust Financial’s values ​​are Excellence, Innovation, Integrity, Accountability, Inclusion, and Teamwork.

Together with our vision, our mission and our people, these values ​​help define our corporate culture.

A winning corporate culture can foster innovation and promote better employee performance.

A strong company culture is also essential for strong customer relationships and agile decision-making. Waterhouse Cooper Award explains that every company is different and will have different cultures. However, companies with a winning culture have the same common foundations:

  • A compelling sense of purpose
  • Engaged employees
  • Creativity and ability to take up challenges
  • Alignment
  • Long term impact decisions

The overarching goal of culture is to improve business performance. Culture can only help achieve the purpose of an organization if it is integrated into the daily routines of your employees.

Understand the purpose of the business

The changing insurance landscape may present opportunities for insurance companies to redefine and reaffirm their purpose. If changes are to be made to a company’s culture, they must get buy-in from company leaders at all levels of the organization.

How does having a purpose translate into real life?

In Cultural Code, Daniel Coyle studied successful teams and their work cultures. He explains that the research showed real-time signals by which team members were connected to the purpose of their work.

Team performance is guided by:

  1. Everyone in the group speaks and listens in roughly equal measures, keeping contributions short.
  2. Members maintain high levels of eye contact and their conversation and gestures are energetic.
  3. Members communicate directly with each other, not just with the team leader
  4. Members have behind-the-scenes or side conversations within the team.
  5. Members periodically take breaks, explore outside of the team, and bring back information to share with others.

It’s a never-ending process of trying to do something, failing, and learning. A group will manage their problems together and evolve to meet the challenges of the technologically advancing world of insurance.

Insurance companies that embrace a more innovative and agile work culture have a head start in having a positive employee culture, strong customer service capabilities, and a stronger drive to succeed. &

Comments are closed.