--- title: As the Talent Crisis Looms, Insurers Must Modernize Recruitment description: As the Talent Crisis Looms, Insurers Must Modernize Recruitment image: https://getvymo.com/hubfs/Website/news/Insurance%20Innovation%20Report.png --- [![Logo_dark text](https://getvymo.com/hs-fs/hubfs/Logos/Logo_dark%20text.png?width=300&height=108&name=Logo_dark%20text.png "Logo_dark text")](http://Vymo) [![](https://getvymo.com/hubfs/Logos/Logo_dark%20text.png)](https://getvymo.com/) - [AI](https://getvymo.com/resources/press-media/?hsLang=en) #### [Cognitive AI](https://getvymo.com/cognitive-ai) #### [Deep Learning](https://getvymo.com/deep-learning) #### [Machine Learning](https://getvymo.com/machine-learning) - Products ### Products Empowering a Modern Data-Driven Producer Experience for Insurance #### [![Item 1 Icon](https://getvymo.com/hubfs/Website/menu_group.png) OnboardIQ A complete end-to-end solution for producer recruitment](https://getvymo.com/onboardiq) #### [![Item 1 Icon](https://getvymo.com/hubfs/Website/menu_engageiq.png) EngageIQ Unlock significant organizational sales growth](https://getvymo.com/engageiq-overview) ##### [![Item 1 Icon](https://getvymo.com/hubfs/Website/menu_forleader.png) EngageIQ For Leaders AI performance insights](https://getvymo.com/engageiq-for-leaders) ##### [![Item 2 Icon](https://getvymo.com/hubfs/Website/menu_forleader.png) EngageIQ For Sellers Drive sales results](https://getvymo.com/engageiq-for-sellers) - Channel ### Distribution Channel Transform Your Producer Experience with Vymo #### [Captive Agents Insurance Carrier](https://getvymo.com/captive-agents) #### [Independent Agents Insurance Carrier](https://getvymo.com/independent-agents) #### [Distributors MGAs, IMOs, Wholesalers, and Agencies](https://getvymo.com/distributors) - By Persona ### By Persona Plan for the Future with Vymo #### [Agency Relationship Managers Optimize Recruiting and Performance](https://getvymo.com/vymo-for-agency-relationship-managers) #### [Producers Accelerate Success and Drive Engagement](https://getvymo.com/vymo-for-producers) #### [Sales Leaders Empower Leaders Across All Channels](https://getvymo.com/vymo-for-sales-leaders) #### [HR Leaders Transform Onboarding and Engagement](https://getvymo.com/vymo-for-hr-leaders) - Company ### Company Building the future of producer experience #### [![Item 1 Icon](https://getvymo.com/hubfs/Website/aboutus_menu_phone.png) Customers Trusted by Leading Financial Institutions](https://getvymo.com/customers) #### [![Item 1 Icon](https://getvymo.com/hubfs/Website/aboutus_menu_icon.png) About Us Learn About Our Journey](https://getvymo.com/aboutus) #### [![Vymo Platform](https://getvymo.com/hubfs/Website/menu_forleader.png) Vymo Platform AI Data-Driven Producer Experience](https://getvymo.com/platform?hsLang=en) #### [![Item 1 Icon](https://getvymo.com/hubfs/Website/aboutus_menu_phone.png) Contact Us Partnerships, Press, or Just Say Hello](https://getvymo.com/contactus) [![Item 1 Icon](https://getvymo.com/hubfs/Website/menu_celent_log.png)](https://getvymo.com/press-release/vymo-receives-prestigous-advanced-functionality-ranking-from-celent-for-distribution-management) ##### PRESS RELEASE [Vymo Receives Prestigious Advanced Functionality Ranking from Celent for Distribution Management](https://getvymo.com/press-release/vymo-receives-prestigous-advanced-functionality-ranking-from-celent-for-distribution-management) - Resources #### [All Resources](https://getvymo.com/resources) #### [Events](https://getvymo.com/events) [Book a Demo](https://getvymo.com/request-demo) [Book a Demo](https://getvymo.com/request-demo) ![Picture of Insurance Innovation Reporter](https://getvymo.com/hubfs/Website/news/iir-logo.png) [Insurance Innovation Reporter](https://getvymo.com/resources/author/insurance-innovation-reporter) August 16, 2024 # As the Talent Crisis Looms, Insurers Must Modernize Recruitment ![As the Talent Crisis Looms, Insurers Must Modernize Recruitment-featured](https://getvymo.com/hs-fs/hubfs/Website/news/Insurance%20Innovation%20Report.png?length=1924&name=Insurance%20Innovation%20Report.png) Technology can help attract and retain top talent, and as the organization gains a reputation for innovation, it will become more attractive to future candidates.  Insurers across America are grappling with a pressing concern: how will they fill a [mass wave of vacancies](https://www.insurancejournal.com/magazines/mag-features/2024/03/04/762494.htm#:~:text=Over%20the%20next%2015%20years%2C%2050%25%20of%20the,average%2C%20per%20the%20U.S.%20Bureau%20of%20Labor%20Statistics) in 15 years, when half of the current insurance workforce is expected to retire? These looming retirements are compounded by the fact that Millennials and Gen Z show little interest in the industry. Whether it’s buying into the stereotypes about insurance being dull and old-fashioned or the allure of careers in finance and tech, the result is that [only 4 percent of Millennials are interested in working in insurance](https://www.forbes.com/sites/rodberger/2023/02/07/millennials-and-gen-z-reshaping-conventional-industries/). Millennials have already dismissed the industry as a viable career path. So, what can insurers do to attract Gen Z talent before they, too, write it off? **Quality Over Quantity** Many insurers have mistakenly poured significant capital into efforts to change public perception, such as hiring in-house baristas or creating company TikTok accounts. However, these initiatives have mostly proven to be a poor return on investment. Changing the perception of the insurance industry among Gen Z will be a long and winding road. Instead of focusing solely on expanding the talent pool, insurers should accept that it will shrink and concentrate on securing the scarce human capital that will be available. In this scenario, it’s not about having a larger net, but about knowing which specific fish to catch. Amid the boom and in the search for identifying business cases for AI, one area where it can be brought to bear is in targeting high-level talent. Here, insurers can leverage AI to create profiles of their ideal candidate, then use that aggregated data to sift through applicants that match this profile. Some organizations have already invested in AI-powered systems for scoring leads, without realizing that these same methods can be applied to scoring candidates. Most of the data needed to identify the perfect candidate is already publicly accessible through NIPR. These algorithms should consider factors such as compliance records, employment history, financial health, professional certifications, and recent industry engagements. On paper, a candidate may seem ideal, but the algorithm may reveal that they’re churning and burning. **Recruiting is Stuck in the Past** Currently, recruitment is often bottlenecked by the inefficiencies of Human Resources departments. In many traditional insurance organizations, HR is tasked with not just managing internal affairs but recruiting and onboarding as well. AI and machine learning tools can free up HR to focus on internal affairs by automating the initial screening and shortlisting of candidates. Manual, traditional recruitment also lacks a meritocratic approach. Many people enter the insurance field through family or friend connections rather than a comprehensive assessment of their potential. Instead, we should focus on selecting individuals based on their likelihood to excel and stay with the organization long term. Using an AI-generated ideal profile not only helps identify the right candidates but also promotes workforce diversity by drawing from a large range of backgrounds. This added diversity could be an appealing factor for prospective Gen Z candidates. **Do More with Less** A strategy that focuses on attracting a smaller number of high-level talent is advantageous because companies that successfully implement digital transformations will need fewer employees anyway. Innovations in AI will allow each employee to have more impact. A recent [McKinsey study](https://www.mckinsey.com/industries/financial-services/our-insights/insurance-productivity-2030-reimagining-the-insurer-for-the-future) estimates that AI tools can increase productivity in insurance processes and reduce operational expenses by up to 40percent by 2030. Each producer will be able to sell significantly more if AI tools automate routine tasks, analyze vast amounts of data to provide actionable insights, and streamline customer interactions. **A Virtuous Cycle** This efficiency can be part of an insurer’s retention strategy. Employee satisfaction is increased when employees don’t have to do grunt work. Part of Gen Z’s perception of insurance being boring is because insurers are required to do repetitive data entry, manual claims processing, time-consuming document management, and routine customer inquiries. Once these are automated, it will allow producers to focus on the tasks that lured them into the industry: building client relationships, providing personalized advice, developing innovative solutions, and driving strategic growth. Even better, given the attraction of tech jobs to Gen Z and millennials, while these positions remain people-centric, they gain a tech lure. Younger generations often view the insurance industry as outdated. But as AI and machine learning play an ever-increasing role, it becomes possible to change that perception. Using these technologies to help attract and retain top talent can create a positive feedback loop. As the organization gains a reputation for innovation, it will become more attractive to future candidates. Publisher Url :-  [https://iireporter.com/as-the-talent-crisis-looms-insurers-must-modernize-recruitment/](https://iireporter.com/as-the-talent-crisis-looms-insurers-must-modernize-recruitment/) ![Picture of Insurance Innovation Reporter](https://getvymo.com/hubfs/Website/news/iir-logo.png) [Insurance Innovation Reporter](https://getvymo.com/resources/author/insurance-innovation-reporter) Related Articles [![From Administrator to Career Development Partner-This Key Role in Insurance Licensing is Evolving-featured](https://getvymo.com/hs-fs/hubfs/Xceedance-BriteCore-handshake-image-pinstripe-cuffs-by-Gerd-Altmann-540x359.png?length=400&name=Xceedance-BriteCore-handshake-image-pinstripe-cuffs-by-Gerd-Altmann-540x359.png)](https://getvymo.com/resources/press-media/from-administrator-to-career-development-partner-this-key-role-in-insurance-licensing-is-evolving) [From Administrator to Career Development Partner-This Key Role in Insurance...](https://getvymo.com/resources/press-media/from-administrator-to-career-development-partner-this-key-role-in-insurance-licensing-is-evolving) ## Get the latest Vymo insights delivered to your inbox Sign up to Vymo’s email list for weekly updates! [![footer-white-logo](https://getvymo.com/hs-fs/hubfs/Website/footer-white-logo.png?width=97&height=35&name=footer-white-logo.png "footer-white-logo")](http://Vymo) - [Platform](https://getvymo.com/platform) - [OnboardIQ](https://getvymo.com/onboardiq) - [EngageIQ](https://getvymo.com/engageiq-overview) - [AboutUs](https://getvymo.com/aboutus) Ready to get started? [Book Demo](https://getvymo.com/request-demo-1) [![google-play](https://getvymo.com/hs-fs/hubfs/Website/google-play.png?width=159&height=52&name=google-play.png)](https://play.google.com/store/apps/details?id=com.getvymo.android&pcampaignid=web_share&pli=1) [![apple-store](https://getvymo.com/hs-fs/hubfs/Website/apple-store.png?width=159&height=48&name=apple-store.png)](https://apps.apple.com/in/app/vymo/id1066605286) ![aicpa](https://getvymo.com/hs-fs/hubfs/Website/aicpa.png?width=73&height=73&name=aicpa.png) ©️ 2024 Vymo, Inc. All Rights Reserved. - [Terms & Conditions](https://getvymo.com/vymo-terms-conditions) - [Privacy Policy](https://getvymo.com/vymo-privacy-policy) - [Security](https://getvymo.com/vymo-security) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Insurance Innovation Reporter", "url" : "https://getvymo.com/resources/author/insurance-innovation-reporter" }, "dateModified" : "2024-10-28T14:57:18.006Z", "datePublished" : "2024-08-16T04:30:00.000Z", "headline" : "As the Talent Crisis Looms, Insurers Must Modernize Recruitment", "image" : [ "https://getvymo.com/hubfs/Website/news/Insurance%20Innovation%20Report.png" ], "mainEntityOfPage" : { "@id" : "https://getvymo.com/resources/press-media/as-the-talent-crisis-looms-insurers-must-modernize-recruitment", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://getvymo.com/hubfs/Logos/Logo_dark%20text.png" }, "name" : "Vymo" } } ```