Navigating talent recruitment for captives
The captive insurance industry, a specialised and rapidly evolving sector, faces unique challenges when it comes to talent acquisition and retention. Captive International reports.
Recruitment: it’s a constant topic for the captive insurance industry, something discussed at every conference, meeting and encounter.
The importance of recruitment in the industry cannot be overstated, as the right mix of skills and expertise is vital to navigating the complexities of captive insurance and driving sustainable growth.
Renea Louie (pictured), chief operations officer at Pro Group, underscores the urgency of prioritising recruitment efforts in the captive insurance sector. “As a captive manager for just shy of 20 years, I want to emphasise the need for companies to prioritise recruitment efforts,” she said.
Louie highlighted that the captive insurance market is rapidly evolving, and having the right talent on board is essential for staying competitive. “Skilled professionals who understand the nuances of this specialised field are in high demand. By investing in proactive recruitment strategies, you can ensure you attract and retain the expertise required to grow your captive programme and deliver exceptional results for your clients,” she added.
This sentiment is echoed by Alanna Trundle, president of GCM, who says that the captive industry is fundamentally a “people business”. She believes that at the core of any successful organisation in this space is a team of skilled professionals who possess the necessary technical expertise and align with the company’s culture and values.
“Finding the right combination of people, professional, and technical skills is so important, especially when you work in an ever-changing environment as captives continue to grow and adapt,” she said.
“This pool of eager, ambitious individuals represents the future leaders of our organisations.” Renea Louie, Pro Group
The ongoing impact of the Great Resignation
The so-called Great Resignation, a phenomenon marked by unprecedented levels of workforce turnover which started after the COVID-19 pandemic, continues to influence recruitment strategies across industries, including captive insurance.
According to Louie: “The Great Resignation is still very much a reality in the US. Workers are continuing to leave their jobs in search of better opportunities, higher pay, and more flexibility. This has created a highly competitive hiring environment that companies need to navigate carefully.”
Trundle said that GCM had noted a decrease in staff turnover compared to the post-COVID years, but she remains cautious. “I can’t be certain whether this is due to a change worldwide or more specifically due to programmes we have implemented at GCM to retain top talent. These programmes focus on feedback, recognition, and career development which is key to employees.”
Kari Niblack, president of Blackwell Captive Solutions, agreed on the persistence of the Great Resignation but pointed to an underlying challenge: the need to communicate the long-term benefits of a career in the captive insurance industry, especially to younger generations.
“While it’s slowed post-pandemic, the Great Resignation/Retirement is still very real, and the long-term benefits of an insurance career aren’t widely known by Millennials. We must shout out from the rooftops that we are a service industry making a difference in people’s lives every single day.”
“Finding the right combination of people, professional, and technical skills is so important.” Alanna Trundle, GCM
Key factors in recruiting top talent
In the current competitive job market, several factors stand out as crucial for attracting and retaining top talent. Compensation remains a primary concern. “Salaries and benefits packages need to be competitive to attract and retain skilled employees. Benchmarking against industry standards is essential,” said Louie.
Work-life balance and professional development are also top priorities for job-seekers. “Flexible schedules, remote work options, and generous paid time off are now expected by many candidates. Meeting these demands is vital,” she added.
Trundle advocates a strategic approach to recruitment, emphasising the importance of understanding the specific needs of the organisation. “I am a strong believer in the right person for the right role. It is important to identify the role and what gaps you currently have in your team,” she explained.
GCM’s two-stage interview process is designed to assess technical ability and cultural fit, ensuring that new hires have the necessary skills and also contribute positively to the company culture.
Niblack highlighted the need for tech-savvy individuals with a strong drive and intellectual curiosity, particularly given the fast-paced nature of the captive insurance industry. “The captives space is an ever-evolving industry, and we create and drive innovative financial and alternative risk solutions for complex problems.
“It’s a fast-paced and exciting industry ripe with growth. Therefore, when recruiting talent, we seek out tech-savvy individuals with high drive and intellectual curiosity as well as broad exposure to analytics, accounting, and law,” she said.
“Heightening our social media and online presence is key to attracting and recruiting young talent.”
The importance of college recruitment
One area where the captive insurance industry could improve is in the recruitment of college graduates. Louie points out that more emphasis could be placed on actively recruiting college leavers, who represent the future leaders of the industry.
“This pool of eager, ambitious individuals represents the future leaders of our organisations, yet we often lose them to competitors who are more aggressive in their outreach and offer more compelling incentives,” she said.
Niblack agreed, advocating heightened visibility in college recruiting efforts. “We must heighten our visibility with college recruiting with formal matching and mentoring programmes. Showcasing career development programmes and targeting mutual areas of professional interest, geographic proximity, and professional shadowing all lend themselves to broader visibility for the captive industry versus competition.”
Other recruitment challenges and considerations
Beyond the immediate challenges of recruitment, there are broader issues that companies in the captive insurance industry need to address. Diversity in the recruitment process is one such issue flagged by Trundle.
“Employers should ensure that their interview panel is made up of a diverse set of individuals. We are more likely to hire people that are similar to ourselves. In order to ensure that you are hiring the best candidate, it is important to bring a range of perspectives to the panel,” she explained.
Niblack stressed the importance of leveraging technology to connect with younger talent. “Young talent thrives on technology, so it follows that heightening our social media and online presence is key to attracting and recruiting young talent.
“Connecting early and often with younger generations, even those in high school, builds relationships and opens their eyes to the promise of a rewarding career in the captive industry,” she concluded.
Click here to read Captive International's US Focus 2024 publication.
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