'Hybrid' Workers Lead Hiring Trends for Life Insurance Industry in 2020
The Life Annuity Specialist article, "'Hybrid' Workers Lead Hiring Trends for Life Insurance Industry in 2020," quoted Russell Reynolds Associates Consultant Vrinda Johnson on what we can expect to see in the insurance industry this year. The article is excerpted below.
A tight labor market, the deepening role of analytics and the spread of artificial intelligence are contributing to the growth of a new class of workers at life insurers who have "hybrid" roles.
An actuary may be retrained to take on new computer programming responsibilities. Or a claims processing manager might be asked to take on roles typically fulfilled by an analytics expert or a billing manager, or even a data scientist.
In the executive suite, 2020 is expected to continue the trend toward a more diverse crop of senior lieutenants, said Vrinda Johnson, executive director in the global life insurance practice of Russell Reynolds Associates, a recruiting firm.
The past two years have seen top executives at giants MetLife, Prudential Financial, Jackson National and Nationwide head for retirement. Those departures have opened the door for new faces, such as American Equity’s new president Anant Bhalla.
“Life insurance is going to feel and look very different in the next four years from a leadership and a capability perspective,” Johnson said.
New younger leaders, who are sometimes coming from other areas of the financial services industry like insurtech, private equity and even property-casualty, are bringing with them an embrace of innovation and digital technologies.
Those include openness to faster underwriting and deeper engagement with the consumer, Johnson said.
“It’s a very exciting time to be in life insurance,” Johnson said.
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