Corporate culture: insurers are struggling to retain staff

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Jul 2018

Corporate culture and staff members’ involvement stand as the bedrock upon which the company rests. But both notions are currently regressing as insurers scramble to keep staff interested and to retain them.

According to some opinion polls, only one staff in the insurance business out of ten feels very involved in his/her job while more than half staff members are believed to be unhappy with their situation.

Because of its complexity and due to the scope of its activity, insurance is an area of business where technical failures on part of staff are quite prejudicial. Staff training and retaining is paramount. Indeed, maintaining corporate know-how within the company has become essential due to the competitive edge it represents.

In a competitive world, the loss of skilled staff may turn out to be particularly detrimental. Lack of skilled labor means huge challenges in the face of insurance companies to hire experienced staff, and most importantly, to train new staff, a solution that may take months or even years to materialize.