Introduction:
Talent gap simply refers to a lack of skilled personnel in an organization. The Talent gap is a term that describes the gaping hole between the requirements of a job and what job candidates possess in terms of professional backgrounds and expertise.As the job market increasingly focuses on technical Talent, employers are having a challenging time finding applicants with the background and experience needed to meet the needs of changing job roles. Many industries and employers are having trouble filling positions. Still, some industries are struggling more than others, Insurance Industry is prominent among them.
About 65% of respondents said that they believe a Talent gap is affecting their organization as per the survey conducted by Wiley Education Services. Being unable to find employees with necessary Talent is costing companies with serious drain of money. The average job vacancy costs around 3.5 lacs of rupees and a turnaround period of 65 days. In other words, the Talent Gap is as similar to workforce shortage in the system.
When Insurance eco system is considered workforce has a different set of meaning in comparison to other industries of the economy because of the unique functionality and a separate set of process of workings. The departments like Underwriting, Actuarial, Claims, Pre-Inspection, Legal, Cover note and Proposals, Accounts etc has its special working features where the Talent or Talents of the employees plays a very paramount role in determining the top line as well as bottom line of the organization. The talents in Insurance industries creates a phenomenal bonding among the team members that Knowledge of a particular kind flows automatically if the talent pool is of homogeneous nature.
Causes of Talent Gap:
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A Comparison of European and Indian Insurance "Risk Function"
The subsequent discussion compares the key areas within the risk management function of insurance companies in Europe and India. These are the existence of skilled resources, issues related to data, whether the risk function is challenging the first line enough, whether the riskbased decision-making is working well......
Health Insurance
At the World Economic Forum 2025 in Davos, the CEO of Bajaj Allianz predicted that India could see the emergence of 1000 insurance companies within the next decade.
"The Asian Development Bank (ADB) strengthens the insurance sector in Asia and the Pacific by partnering with finance ministries, regulators, and stakeholders."
Arup Chatterjee, Unit Head of the Capital Markets and Insurance Practice Team at the Asian Development Bank (ADB), has over 35 years of experience shaping global policies and driving reforms in insurance, pensions, and capital markets.
Insurance Regulator
Insurance companies are taking over six hours to process the majority of health cover claims and facilitate hospital discharges post-settlement.
Arterial Blood Gas (ABG) Interpretation for Medical Auditors & Health Insurance Claim Processors
A blood gas analysis may be performed on blood obtained from anywhere in the circulatory system say artery, vein or capillary. A medical auditor and claim processor should know that differences in measured blood gas values between arterial and venous blood are most pronounced for PO2 as PO2 is the only clinical reason for obtaining arterial collections.
MSME Insurance: Simplified
As per MSME Ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore and contribute to about 27% to the country's GDP, which is again 45% of the manufacturing output and over 40% of both direct and indirect exports.
International
In a forward-looking initiative, the Dubai International Financial Centre (DIFC) and Lloyd's of London have partnered to develop future talent in the insurance sector.
Insuring the Insurance: A Model for Investment in Ethical Capital
If today's organizations have to survive and sustain themselves, they must invest in ethical capital, or they will go the way of dinosaurs. In other words, all capital ventures must be ethical, and an investment in ethics is inevitable, for it follows the spirit of Rule and an inclusive approach towards all stakeholders.
General Insurance
With increasing cybercrime and a push from regulators, numerous insurance companies have rolled out cyber coverage for individuals. These policies aim to shield individuals from risks posed by malicious actors during their digital interactions.
Wildfire Crisis in the USA - Lessons for the Insurance Industry
The recent spate of wildfires across the United States has once again underscored the devastating impact of climate change on our ecosystems, communities, and economies. States like California, Oregon, and Washington have borne the brunt of these disasters, with unprecedented destruction of property, displacement of residents, and loss of natural habitats.
