Page 20 - The Insurance Times March 2025

Future of Work

The future of

work : Model of

the Talent Life

Cycle (TLC) Basudev Sanyal

DGM (Retired),
United India Insurance Co Ltd

Its time that organizations understand that the perfect candidate with the perfect set of skills will
be scarcely available in a highly competitive labor market. Hence we have to focus on our existing
employees and identify opportunities to train or refocus their skills into new positions.

"Insurers that succeed in the coming years will highly desirable skillsets, providing ongoing learning and
be those that recognize talent strategy has the development opportunities, the rewarding of valued team
members and encouraging them to advance within the or-
same importance as core business strategy."
ganization.
- Mckinsey & Co
'Transformimng the talent model in the
Drawing a parallel with a 'Product' that is launched by an
insurance industry'*
organization after market research and with a focused
marketing strategy, we observe that human resource tal-
The insurance industry is in the verge of a significant trans-
formation. These are exciting and important times for ent is also recruited and launched within the organization
with certain specific objectives. The Product Life Cycle (PLC)
the insurance industry. The insurance industry is adopting
is a marketing model developed by Raymond Vernon that
technology, digitizing processes and creating products that
will appeal to the modern, next-gen customer base. Cus- helps to map the evoloution of a product from its launch to
its obsolescence .Observing that the human resource in an
tomer expectations are also rising making it more impor-
organization can also be understood with a similar model, I
tant than ever that insurers provide a high-quality customer
service experience. The situation brings with it human re-
source challenges in such organizations, which if left unad- ̸» ­·¬«¿¬·±² ¾®·²¹­ ©·¬¸ ·¬ ¸«³¿²
dressed could prevent them from successfully adapting their
business strategies to meet the changing demands of the ®»­±«®½» ½¸¿´´»²¹»­ ·² ­«½¸ ±®¹¿²·¦¿¬·±²­ô
market. ©¸·½¸ ·º ´»º¬ «²¿¼¼®»­­»¼ ½±«´¼ °®»ª»²¬
¬¸»³ º®±³ ­«½½»­­º«´´§ ¿¼¿°¬·²¹ ¬¸»·®
In such a situation,it has to be realised that what is crucial ¾«­·²»­­ ­¬®¿¬»¹·»­ ¬± ³»»¬ ¬¸» ½¸¿²¹·²¹
is investing in an organization's most important resource - ¼»³¿²¼­ ±º ¬¸» ³¿®µ»¬ò
its people. This involves recruitment of candidates with

18 March 2025 The Insurance Times