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Building and Retaining Human Capital as Critical for Insurers as Investing in Innovation Initiatives, Says Novarica

In two new briefs, "Innovation in Insurance: Expansion and Key Issues" and "Next Generation Talent in Insurance", research and advisory firm Novarica reviews organization and investment, best practices and benefits, and key challenges in technology innovation, as well as discusses some of the major challenges for insurers looking to hire new talent, including examples of companies actively addressing these challenges.

"Measuring the effectiveness of innovation investments is a challenge for many organizations. The use of traditional business cases, with a focus on metrics like Return on Investment, tend to be particularly ineffective when it comes to programs that are driving R&D," said Nancy Casbarro, Vice President of Research and Consulting, and co-author of Novarica's new report on innovation in insurance. "R&D instead focuses on creating new insights and operating with a 'fail fast' mindset. When companies cannot begin a journey without knowing every detail of what will happen, they are clearly not focused on real innovation."

"With Millennials well on their way to assuming a large role in the US labor force (50% by 2020), Baby Boomers reaching retirement eligibility at a clip of 10,000 per day, and Gen Z just starting to graduate from college, human capital management challenges start to make technology look like a relatively easy part of an IT organization's responsibility," said Rob McIsaac , Executive Vice President of Research and Consulting, and author of Novarica's new report on talent management in insurance. "While changes in technology are one facet of the role, another critical component for senior leaders is ensuring that they are building and retaining the human capital needed to deal with the demands of maintaining or improving business competitive position."

Please contact media@novarica.com or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.

 


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