It’s an exciting time in insurtech. While other sectors may be experiencing a talent crisis, our industry is in great health. However, we can only maintain this state if we remain alert, and think outside the box to proactively recruit and retain talent from all backgrounds.
Yes, there have been thousands of tech lay-offs as companies re-adjust their profitability margins, but the talent pool is strong as a result. And yes, there’s now a cohort within this pool who may need to reset their salary expectations as the insurtech market shifts itself from the era of cheap capital. But this shift in the market is encouraging businesses to really consider how their value proposition extends beyond the simplistic dimension of an inflated annual salary that they can no longer afford. In parallel, this is stimulating an approach to thinking differently when it comes to recruitment and retention, which will play an integral role in enabling the industry to move beyond the perceived ‘traditional’ pipeline of talent.
Low-code or no-code technology has democratised tech for our insurance business clients so they can really deliver on their commercial aspirations. In turn, this should be impacting a company’s organisational development, wherever they are situated within the industry ecosystem. As a result of these code developments, a democratisation of entry to the insurtech world exists for talent which can be maximised to full impact, attracting and recruiting candidates from diverse backgrounds.
Now with less emphasis on ‘code’ experience, savvy students realise that attitude is key when it comes to talent. The desired candidate is not always the individual with years of ‘tech’ experience under their belt, with a typical educational and career trajectory.
We know that our people set Genasys apart. They are integral to our point of difference, so we are focused on creating an ever-evolving working environment that accommodates colleagues with all levels of experience, and from all different backgrounds. The creation of our Product and Innovation Campus, located close to a number of South African universities, is a deliberate step to welcome young people that want to work in tech, and those who might never have considered tech as a space for them. It’s an opportunity to join an established, profitable and sustainable business to kickstart their careers.
In our experience, a colleague with minimal expertise can be just as effective after a year of investing in professional development, compared to someone with 15+ years of IT know-how. Absolutely, riding a unicycle requires years of experience, but you can put someone on a bike with training wheels and they can get going towards making a positive impact straight away.
There’s a wealth of independent research in which the evidence is compelling. Companies that are more diverse are more innovative and more profitable. The future survival of insurtechs and how we best support our customers lies in the diverse talent that we proactively seek out, welcome and retain.
From a personal perspective, changing industry attitudes to deliberately step outside of traditional recruitment and retention echo chambers is integral to the future of insurance. Genasys and all our partners believe that insurance should be available to everyone, regardless of their socio-economic background. To achieve this industry vision, every business leader must work to make the insurance ecosystem an attractive, accessible workplace for all.
As published in Modern Insurance Magazine.
If you’d like to find out more about our insurance software and why it continues to receive some of the highest accolades in the industry, get in touch with our team.
