Shin Research Program Unveils Insights to Bridge Insurance Industry's Talent Gap
The Shin Research Program, generously underwritten by Kyobo Life Insurance Company, has embarked on a groundbreaking initiative to delve into talent and leadership trends within the insurance industry. Supported by over three decades of partnership with the International Insurance Society (IIS), the program focuses on cultivating in-depth research on pressing topics such as regulation, microinsurance, genomics, cyber, resilience, and more.
High-Level Findings
In response to industry needs highlighted by conversations with executives and feedback from the IIS's Global Priorities Survey, the 2023 initiative was geared toward understanding talent and leadership trends. The inaugural report emphasizes insights gathered from senior human resource leaders, spotlighting the importance of seeking candidates with the capacity and curiosity to develop their technical skillsets.
The key findings include:
- Prioritizing candidates with a broad understanding of the global, integrated nature of the insurance industry.
- Emphasizing the importance of continuous skill development, flexible working environments, and clear paths for career growth.
The Talent Gap
The report identifies essential skills and qualities for modern employees to excel in the insurance industry, including data fluency, technical mindset, big picture thinking, and a growth mindset. The industry's ability to attract and retain top talent hinges on supporting lifelong learning and connecting individual roles to a broader purpose.
Attracting Talent
To appeal to new talent, the industry should:
- Provide clear paths for growth, both in skills and career development.
- Communicate the industry's people-focused mission and the use of technology.
- Embrace the gig economy, avoiding narrow role definitions.
- Offer flexibility in scheduling and location.
Cultivating Talent
Best practices for cultivating talent include:
- Clear and robust training plans demonstrating investment in learning and growth.
- Using online learning for flexibility, adaptability, and technical skills.
- Social learning for soft skill development and mission-alignment.
- Leveraging internal mentoring and external coaching.
Validation and Future Studies
The report's findings will be validated in future studies, with a focus on exploring differences in perspective between HR leaders and senior executives. The Shin Program aims to continuously educate the industry by tracking key trends in talent management annually.
The program's commitment to promoting global growth and innovation aligns with the IIS's mission as a diverse and inclusive platform for the global insurance and risk management community. To view the full report, visit this page.
About International Insurance Society
IIS is a diverse and inclusive platform for all stakeholders of the global insurance and risk management community, providing knowledge, research, thought leadership and connectivity to support the betterment of society. Founded in 1965, IIS is a global not-for-profit organization that serves as a neutral platform for active collaboration and examination of issues that shape the future of the insurance industry. IIS is an affiliate of The Institutes.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes' nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.
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