Close this search box.

Four Steps to Address the Skilled Workforce Shortage

The insurance industry is currently facing a significant challenge – the skilled workforce shortage. Insurers are now faced with the daunting task of finding qualified professionals in a market where demand outweighs the available supply. Attracting and retaining top talent has become increasingly difficult in this fiercely competitive landscape. Understanding the complexities of the talent crunch and knowing how to offer effective solutions to help navigate this difficult time will be the key to building a resilient workforce and ultimately, coming out on top. To support insurers through this, we set out four steps insurers can take to build a resilient workforce for their business.

  1. Talent development and training

One strategy for insurers to overcome the talent crunch is to focus on development and training in their existing workforce. By offering comprehensive training programs, professional development opportunities, and upskilling initiatives, insurers can nurture the skills and capabilities of their employees. This not only enhances employee satisfaction and retention but also creates a pipeline of skilled professionals from within the organisation.

  1. Embracing flexible work arrangements

In today’s workforce, flexibility is highly valued by employees. Insurers can attract and retain skilled professionals by offering flexible work arrangements such as remote work options, flexible hours, or compressed work weeks. These arrangements not only appeal to a broader talent pool but also contribute to improved work-life balance and employee satisfaction.

  1. Leveraging technology and automation

Technology and automation can help insurers mitigate the impact of the talent crunch. By adopting advanced technologies, such as machine learning, and process automation, insurers can streamline processes, enhance operational efficiency and reduce the burden on human resources. This enables insurers to optimise their existing workforce and focus on tasks that require human expertise.

  1. Outsourcing for success

Outsourcing provides numerous benefits for insurers seeking to address the talent crunch, ultimately alleviating this pressure in one. By partnering with Gallagher Bassett, insurers gain access to a qualified workforce with a deep understanding of the insurance industry. This helps insurers maintain a competitive edge in today’s market while delivering exceptional service to policyholders. By outsourcing certain functions, insurers can access specialised expertise, increase operational efficiency and alleviate pressure caused by the talent crunch. This key strategy also provides a unique opportunity for insurers to focus on their core competencies while leaving the non-core functions to Gallagher Bassett’s experts. To explore these outsourcing solutions in more detail, visit Your Dedicated Carrier Practice.

Navigating the talent crunch requires a proactive and multi-faceted approach to not only address the skilled workforce shortage but also build a resilient workforce. Our dedicated team are committed to supporting insurers in this journey, offering expertise and innovative solutions to help navigate the talent crunch effectively. To find out more, contact our team today and see how we can help you overcome this major challenge in today’s industry.

Ria Leason

Chief People and Culture Officer

More Posts


Unlocking Growth Opportunities Through Legacy Claims Management

In a world where insurers are under increasing pressure to identify growth opportunities, legacy claims portfolios can sometimes be a millstone that tempers growth aspirations and opportunities. Learn how Gallagher Bassett is combining industry expertise, leading technology and strategic insight to help turn what can be a financial burden into a source of capital generation.

Read more

Elevating Strategic Decision-Making through Data Insights

In the rapidly evolving landscape of the insurance industry, the key to future success lies in harnessing advanced data insights. Amidst a sea of information, the challenge for insurers is to confidently navigate their decision-making processes. Gallagher Bassett’s Head of Client Insights, Ben Middleton, delves into the intricacies of forging robust connections between claims managers and clients, revealing the key to elevating strategic decision-making through the lens of data insights.

Read more

What’s Next for ESG: Six Ways Insurers Can Prepare for 2024 

As we approach 2024, one key topic that has gained significant regulatory interest in the insurance sector is ESG. With emerging regulatory and reporting requirements emerging, Arch Archarya – Chief General Counsel, unpacks the key strategies insurers can leverage to stay ahead in 2024.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Download Our Global Insurance Industry Whitepaper

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!