Life Insurers Must Rethink Traditional Hiring to Lure Digital Talent
The Life Annuity Specialist article, “Life Insurers Must Rethink Traditional Hiring to Lure Digital Talent,” quotes Russell Reynolds Associates Consultants Dave Seeley and Justin Cerilli about the challenges insurers face when recruiting top digital talent. The article is excerpted below.
Most life insurers know their business needs a digital transformation. Finding the right person to lead it is no easy task. But the level of change required at many insurers could actually be a carrot to lure talent from other industries.
Many candidates for top level digital and data analytics positions come from other financial services industries, such as consumer banking, credit cards and mortgages. Employees from those industries are used to higher regulatory requirements and the nuances of selling a financial service to an end customer, recruiters say.
But candidates from industries such as consumer banking have often already undergone a digital transformation, leaving less margin for future growth, says Dave Seeley, a consultant in the insurance practice of Russell Reynolds Associates.
Some digital leaders in consumer banking have also seen the position change from one focused on transforming the customer experience to one oriented toward regulatory risk and compliance, adds Justin Cerilli, co-head of Russell Reynolds Associates’ fintech practice.
If insurers can show that the opportunity for their next chief digital officer or chief transformation officer is truly transformational and not just lip service toward change, prospects will listen.
“What resonates is the chance to drive transformation in a business compared to what they are leaving behind,” Seeley says.
To illustrate the magnitude of change, insurers need to show that the CEO and board are behind the digital transformation, not just the marketing department, adds Russell Reynolds Associates’ Cerilli.
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