Page 37 - Insurance Times June 2023

The Talent Gap

in Insurance

Industry

Sanjay Singh
MBA (Ins), Fellow-III, DCII-London
Senior Manager-Underwriting
Shriram General Insurance Co Ltd

About 65% of respondents said that they believe a Talent gap is affecting their organization as
per the survey conducted by Wiley Education Services. Being unable to find employees with
necessary Talent is costing companies with serious drain of money.

Introduction: different set of meaning in comparison to other industries of
the economy because of the unique functionality and a
Talent gap simply refers to a lack of skilled personnel in an
separate set of process of workings. The departments like
organization. The Talent gap is a term that describes the
Underwriting, Actuarial, Claims, Pre-Inspection, Legal, Cover
gaping hole between the requirements of a job and what job
note and Proposals, Accounts etc has its special working
candidates possess in terms of professional backgrounds and
features where the Talent or Talents of the employees plays
expertise.As the job market increasingly focuses on technical
a very paramount role in determining the top line as well as
Talent, employers are having a challenging time finding
bottom line of the organization. The talents in Insurance
applicants with the background and experience needed to
industries creates a phenomenal bonding among the team
meet the needs of changing job roles.Many industries and
members that Knowledge of a particular kind flows
employers are having trouble filling positions. Still, some
automatically if the talent pool is of homogeneous nature.
industries are struggling more than others, Insurance Industry
is prominent among them.
Causes of Talent Gap:
About 65% of respondents said that they believe a Talent gap The phrase is used to describe the difference between the
is affecting their organization as per the survey conducted by Talent that employers want, as shown by their job
Wiley Education Services. Being unable to find employees advertisements, and those that are available from workforce
with necessary Talent is costing companies with serious drain looking for a job.Because of Talent gap employee might not
of money. The average job vacancy costs around 3.5 lacs of be able to perform the complete job leading to financial crisis
rupees and a turnaround period of 65 days. In other words, both to the organization as well as to the economy. There
the Talent Gap is as similar to workforce shortage in the are numerous causes that leads to Talent Gap but important
system. of them are economic conditions, local market trends,
demographics, immigration patterns, education and training
When Insurance eco system is considered workforce has a capacity, and force majeure incidents, such as natural

The Insurance Times June 2023 33