Attracting and retaining top performers has become an increasingly demanding exercise for Australian insurers according to Gallagher Bassett’s (GB) annual whitepaper: The Carrier Perspective: 2025 Claims Insights.
The global survey carried out by the claims and risk management services firm revealed 92% of Australian insurers report the shrinking talent pool is having a moderate to significant impact on their ability to grow and manage claims efficiently.
In a bid to attract and retain talent, 74% are offering packages that include well-being programs and flexible work arrangements.
Author’s of the survey report also state that holistic retention strategies involve more than just increasing compensation, and that high salaries often do not strongly correlate with long-term commitment by staff.
Tanith Jones, the firm’s GM – People & Culture, said: “Employers are leveraging benefits such as paid time off, professional development allowances, and wellness programs to engage their team and positively influence their output and loyalty.
“Understanding what matters most to your employees can go a long way towards increasing their job satisfaction and ensuring long-term retention.”
Debbie Vounakis, GB”s Head of Sales and Client Services, said the talent deficit in the insurance industry is a pressing issue that cannot be overlooked.
“Australia is the most severely impacted by this trend, with a significant portion of the workforce nearing retirement age and a shortage of new talent to fill the gap,” she said.
Click here to access the full report.
Perhaps some insurers could stop retrenching experienced staff to bring in 'yes' people with no experience
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