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What does the future of life insurance look like?

Posted on March 2022

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As one of the top actuarial talent providers, Nicole Mahoney, VP Head of Life & Annuity Actuarial Recruitment has never seen the market this busy, and anticipates it only getting hotter. There are more jobs than physical actuaries to fill those gaps, so it is crucial that companies understand the key trends taking place, and how they can adapt and embrace to these challenges and changes.

Nicole shares her industry insights here, as well as key takeaways after attending the Refocus Insurance Conference, where she once again saw the industry going from strength to strength.

Talent shortages

It seems as if every single industry is facing the same problem โ€“ a tight talent pool. And while a candidate-driven market is nothing new, what is interesting about the life insurance sector, is that there is also a tightening of potential sales. Nicole explains:

โ€œOne point that was particularly interesting during the Refocus Insurance Conference was that lower birth rates creates a two-pronged issue. One is that there is less talent for us in insurance, but then of course there is the issue that less people also means less people to sell life insurance to. The insurance sector is starting to plan out how it needs to plug this gap, because in a decade itโ€™s widely predicted to see a dip in the candidate pool. Many of the leaders I have been talking to are very mindful of recruitment, wanting to maintain their business presence in the space.โ€

Diversity could be a solution

One key topic that could help plug this talent gap is to widen the initial talent pool. Many firms are making a really big on diversity and inclusion.

โ€œClients now more than ever are pushing for diversity and inclusion in the workplace, and if we continue to have these open conversations, we can directly impact diversity in the insurance industry.

โ€œSome firms at the Refocus Insurance Conference presented how they are improving diversity, breaking down demographics and discussing how they plan on educating at the college level about the career path of an actuary in the hopes of attracting more talent.

โ€œAs recruiters, we play a key role in challenging norms and creating change. We are able to consult our clients and provide insight as to what competitors are doing towards inclusivity to drive strategic hiring across the industry.โ€

Itโ€™s not just about attraction

Nicole emphasises that while many discussions are around attracting talent, it is also crucial to retain it:

โ€œAs a talent partner you need to be able to match a candidate and a client well, especially given that there are more jobs than candidates. Itโ€™s crucial to understand what really drives them both and build a big picture. Benefits are very much a part of that, and right now, they are really being examined.

โ€œInterestingly I havenโ€™t heard much on remote working or flexibility, but maybe because of Covid-19 it is now a given. Another benefit that often goes under the radar is being part of a community, which really stuck out to me. Offering people the chance to join employee forums, create clubs and groups, and just get involved is a key trend. People need to feel like they are part of something, and feel like they have a voice and a say.โ€

Hot geography

Out of the places in the US and beyond that the industry is seeing a lot of movement in, it was Bermuda that sticks out the most to Nicole:

โ€œA lot of companies are moving new operations to Bermuda. It really is the reinsurance capital of the world, and we have been seeing a lot of finance firms moving there too to create their own deals and discovering its advantages for themselves. Bermuda is definitely an area to watch, and could appeal to many candidates.โ€

To discuss Life & Annuity recruitment with Nicole, or the wider financial services, get in touch today.

icole  Mahoney, VP Head of Life & Annuity Actuarial Recruitment

Nicole is currently a VP and Head of the Life & Annuity Insurance Recruitment team. Her and her team cover all Life & Annuity Insurance and Actuarial Recruitment across the US, Canada, Bermuda and Cayman Islands. A graduate of Elon University with a Bachelors of Science in Finance, Nicole has worked with Selby Jennings for over four years. She most recently won the Women in Sales Award, Best Woman Professional Services Sales for North America in 2021.