Insurance

Ensuring that organizations have a future-ready workforce

The insurance industry is all about managing risk. But insurance companies have been grappling with a proliferation of risks on all sides, forcing them to reconsider their business models. Innovation, technology, data, analytics, the internet and mobile have all disrupted the market. The war for talent and changing customer expectations mean it’s harder than ever for insurers to create strategies to differentiate themselves. Combine these challenges with low interest rates, demographic changes, increased competition and consolidation, and catastrophes, and insurers are turning to digitization, cost optimization, M&A, and new ways to work as survival strategies.

To address these challenges and meet their business goals, insurers need systemic people and organizational strategies. Korn Ferry’s insurance consultants devise these strategies for the world’s leading insurance companies, helping to identify future leaders, drive development, accelerate readiness, and energize transitions. We build smart leadership strategies based on incisive data insights and in-depth industry expertise. We guide insurers in establishing processes and hiring the talent necessary to propel these strategies and build dynamic cultures of success. 

What we do

Korn Ferry insurance consultants can help you attract, develop, retain and incentivize best-in-class talent for your organization. 

Adjusting to constant disruptions in the market requires an agile pipeline of leadership talent from insurance — and other —industries.  We work with you to assess the full spectrum of your talent-related needs, including:

Where we can help

Your performance and results are what matters. We partner with you to continually evolve and optimize to reflect the changing needs of your business. We have helped our insurance clients address challenges like these.

Acquiring and developing talent

Insurance is suffering from a talent shortage, driven by a lack of ready-to-promote leaders, stiff competition for top talent, demographic issues, retention challenges and a shortage of diversity. Insurance companies are facing a potential leadership void.  
 
Korn Ferry helps the insurance industry to build an agile, future-ready workforce and leadership pipeline. First, we assess and identify the right talent for development and advancement to take on leadership roles. Second, to increase motivation and retention, we ensure your total reward and performance management framework aligns with your organization’s strategies.  Third, we show you how to incorporate diversity, equity and inclusion into your talent acquisition, talent management, and succession strategies. And fourth, to help you make an impact now, we target and recruit top talent at other firms and in other industries.  As a result, you’ll have the leadership and talent management initiatives you need to move into the future with confidence.

Leading digital transformation

The insurance industry isn’t well-known for disruption and change. But as insurance companies continue to innovate and invest in technology, artificial intelligence, machine learning, wearables, sensors, data and analytics, they need to consider whether they have the talent and leadership needed to excel in the insurance industry of the future.

Korn Ferry insurance consultants work with you to develop a holistic strategy that accelerates digital transformation via talent. We develop a success profile that defines the skills and core capabilities needed for the future of work. We identify capability gaps in your workforce and assist you in recruiting new talent, developing existing talent, and retaining essential talent to fill those gaps.

Realigning organizational structures

Insurers are under pressure to make changes to do more with less, given a low rate and low return environment. As a result, many insurance companies are looking to adopt flatter organizational structures and are contemplating various cost-optimization tactics.

We have helped insurance companies make informed, strategic decisions about how to make organizations more efficient and cost-effective. We work with organizations going through mergers and acquisitions and other restructurings, using our market reach and comprehensive data to advise on decisions about structures, compensation, and benefits. We design organizational and talent management structures that align with your business goals and ensure that you’ve got the right people in the right places. In short, we’ll work with you to confirm that everything you do adds value to your bottom line. 

Let us be part of your success story. Contact us and find out how we can help you institute sustainable, forward-looking talent management strategies that foster growth.

Let us be part of your success story

Contact us and see how our industry expertise can help you achieve your business goals.