Insurtech partnerships are on the rise. Customer-focused digital solutions will be brought on by strong partnerships between traditional carriers and start-ups. Aside from providing better customer experience, these partnerships should also help insurers in cutting costs and improving business process efficiencies.
Firms can no longer rely on organic growth or internal innovation. The winners will be those that can forge alliances with innovative start-ups; ally with InsurTech; and consolidate with their peers. A rapidly changing industry will require unprecedented deal-making skills.
Salaries have remained consistent enough with previous years however hiring firms have and will continue to experience pressure as a result of skill shortage and market demand (noticed more in general insurance than in life insurance). Some larger companies have been able to rely on their brand and reputation to attract candidates – as opposed to raising their salaries and packages – but in doing so, often have to wait long periods of time to get their “ideal” candidate.
Smaller companies on the other hand have been more aware of the need to remain competitive for candidates, and more reactive to salary trends. Candidates are increasingly aware of their value in the market – companies who are not willing to negotiate must accept they will lose candidates to competitors.