Sustaining digital transformation and adapting human capital management

Innovation and technology, Financial services leadership and talent, Financial Strategy
/ Insurance and Asset Management

Insurance Governance Leadership Network, October 2020

The COVID-19 pandemic has served as an inflection point for the insurance industry, accelerating its digital transformation and forcing companies to consider new possibilities for the future of work. Insurers have rapidly scaled technology deployments as they shifted many of their interactions with customers onto digital channels, demonstrating both the potential for rapid digitalization, but also highlighting the challenges to achieving genuine transformation. The sudden shift to remote work has also caused insurers, already facing longer-term shifts in the demographics of the talent pool, changing talent needs, and a renewed focus on diversity and inclusion, to develop talent and human capital strategies for a very different future of work.

During virtual meetings on September 3 and September 8, 2020, Insurance Governance Leadership Network (IGLN) participants met to discuss the continued digitalization of the insurance industry and changing talent and human capital needs of the insurance industry. The following themes emerged from these discussions:

  • Digitalization has only accelerated

  • Acquiring and developing talent is critical to effective transformation

  • The pandemic is speeding the transition to new ways of working