Insurers need a cultural refit to bring in technical talent
SureClaim’s Mr Anuj Jindal spoke with Asia Insurance Review about why insurance is still not a preferred employer and how legacy insurers will need to reorient their organisational culture to work cohesively with the InsurTechs.
By Anoop Khanna
SureClaim InsurTech co-founder and CEO Anuj Jindal, speaking with Asia Insurance Review said, “There are two categories of freshers in the job market today. The first segment is one that seeks job security and stable income, irrespective of the quality of work. This segment prefers established companies or employers’ brand.
“The other segment is one where the fresh college graduate is very focused. The person knows what he or she wants in his or her career and they make discreet choices. Their choices may or may not have parental approval, yet they are willing to risk losing low hanging opportunities in lieu of career-aligned profiles.”
“This segment of candidates evaluates companies, do their due diligence, well-research the job profiles and ask tons of questions. They are more prone to pass a job opportunity if they don’t find a fit,” said Mr Jindal.
Mismatch between insurers and InsurTech
Speaking about why insurance is still not the top career option for youngsters despite high remuneration and huge opportunities, Mr Jindal said, “I think the new generation of candidates already finds insurance sector very interesting. This is evident by strong hiring in several InsurTechs, where most candidates don’t belong to insurance background. However, the traditional roles within insurers may not be the preferred choices for the new generation.”
Mr Jindal said that pos t- pandemic, the talent requirement for the Indian insurance industry will need to be looked at from a very different perspective.
He said, “The insurance industry has grown very rapidly during the pandemic as customers tried looking for preventive strategies to cope with COVID-related health or life expenses and insurance industry digitised very rapidly to meet this demand.”
Digitalisation and technology adoption
“Digitalisation today decides who is the winner or loser in the insurance market as more and more buyers go online. However, insurance products still remain complex. Nothing much has improved on that front, so the role of offline remains strong from acquisition to claim servicing,” said Mr Jindal.
“I do see slight improvement in roles related to digitalisation, but the majority of the roles in legacy insurers will cater to the pre-pandemic era way of work.”
Speaking about adoption of state-of-the-art technology by the insurers Mr Jindal said, “We were recently dealing with an insurer who was exploring using our AI machine learning technical platform for digitising its claim processes. There was no one on their panel who had a clue about how AI machine learning works. The business requirements were oblivious of technical possibilities.
He said, “Unless insurers hire talent that understands what InsurTechs are building or what are they working on, they will not be able to understand what value-addition an InsurTech can bring to them.”
Is integration of legacy insurers and InsurTechs possible?
“Also, if the legacy insurers work on acquiring InsurTechs for their own technical upgradation, the missing cultural-fit will lead to failed M&A. I think Indian insurers are far from being at a stage where they can successfully acquire and merge capabilities of InsurTechs within themselves,” said Mr Jindal.
“The insurance sector is witnessing a lot of investor interest and some product categories have COVID tailwinds, so the base of talent is definitely increasing and I see a lot of non-insurance background professionals entering the space.”
“But most of these non-insurance professionals are moving to new age companies whereas incumbents are holding on to career insurance professionals. So yes, there is demand for new talent and more talent is coming in, but I believe overlap of talent is relatively less,” said Mr Jindal.