With 2021 well and truly in the past, many of us are excited to see what the future holds for the General Insurance industry.
Despite the challenges linked to the coronavirus pandemic, 2021 was still a relatively positive year with many firms quickly bouncing back and looking to take advantage of the economic climate. All this means that we are expecting 2022 to be the year of business growth!
Workplace culture will change (for the better)
Some of these changes have been largely positive. The companies who have thrived and managed to hold onto their talented workforce have done so by adapting their goals and prioritising the wellbeing of their employees. This has resulted in better work/life balance, reduced costs (business and staff), increased productivity and ultimately more money (profit and disposable income) for both.
From offering flexible hours and hybrid working, to offering extra support and training, areas that were once seen as a luxury for many candidates have now become requirements.
This doesn’t just benefit candidates - flexible working helps to reduce overheads, thus boosting profitability and widening the talent pool, as companies can hire talent across the country, thus driving up regional salaries throughout the UK.
Technology will aid recruitment
Recruitment within General Insurance is also predicted to change, with the ‘traditional’ contingent recruitment model being left behind, in favour of more modern, tech-driven nurturing campaigns that enable employers to build pipelines of future talent. This innovative solution enables employers to prepare for growth and source the very best individuals in the market, rather than those simply available at the time.
The war on talent will get harder
However, not every individual in the General Insurance industry will feel valued or rewarded for their efforts. You may have noticed #thegreatresignation trending across social media platforms such as Twitter and LinkedIn.
The great resignation phenomenon started in America, and saw a record number of people voluntarily quitting their jobs for a wealth of reasons, and we’re starting to see a similar pattern in the UK.
According to the Chartered Management Institute for Bloomberg News, “voluntary departures between April and December this year were higher than in the same period in 2019,” and 55% of hiring managers have said finding new staff is much harder than before the pandemic.
And as the workforce continues to explore the market, companies will have to give significant counter offers to employees who have been offered positions elsewhere, or lose their valued colleagues to competitors.
M&A deals are back with a vengeance
Mergers and acquisition activity will proliferate, so it’s important for General Insurance business owners who are thinking about the future, whether exiting or acquiring, to think about their succession plan and get the foundations in place.
PE acquisition will still be an attractive offer to many firms in 2022, but at IDEX, we are seeing more sellers choosing employee owned organisations who are able to continue the legacy that they have built over decades, knowing that their business, clients and employees are in safe hands for the future.
Make your next General Insurance move with IDEX
2022 will be a big year for General Insurance. Find your next General Insurance job or speak to us about how we can help you achieve your firm’s growth plans through our advanced, innovative solutions.
For more insights on what’s in store for the General Insurance industry this year, take a look at our 2022 Salary Guides.