Some InsurTechs are finding it hard to attract the talent they need to grow, but there is one solution that can help.
Imagine that you are the founder of an InsurTech firm that has raised over $100m in your latest funding round. You’ve been around for a few years, and now this funding has put you on the map. You can supercharge your growth and hire the specific talent you need to lay the foundations for the future.
Then you notice a curious thing. Your employees are leaving in ever higher numbers. When it comes to attracting talent from insurance incumbents, it is more difficult than you thought. You try to recruit more diverse talent, but all your first choices end up accepting roles elsewhere.
Now imagine you’re the founder of another InsurTech that has also raised over $100m. Your employees are happy and share in celebrating your success. Attracting talent from insurance incumbents and more diverse talent from other industries is easy because people want to work for you. Your staff retention rate is high.
These two contrasting scenarios are real. We cannot name the companies, for obvious reasons. But they are based on real companies in the UK insurance industry that Sheffield Haworth knows well. One, because our Insurance practice is busy sourcing talent to work for them. The other, because our Insurance practice is busy placing talent from that firm to work in other companies.
What makes the difference between these two firms? Why is one so attractive to top talent, while the other keeps losing employees?