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2024 InsurTech market outlook

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Stuart McKenna, Business Director, shares his views on the InsurTech market, including growing digitization, factors affecting hiring and talent retention, and in-demand roles and skills. Stuart also advises businesses and professionals what they need to prepare for in 2024, as well as how businesses can benefit from having a strong employee value proposition.

For advice on the InsurTech market, support with your hiring strategy or guidance on finding a new role, contact Stuart.

What specific trends have you seen in your market?

While InsurTechs have equal access to earlier-stage funding in the UK, than in other countries, they have experienced challenges accessing later-stage funding to support the scale-up and growth of their firms. These challenges could be caused by UK-based venture capital (VC) and private equity (PE) investors having less capital than US investors or expecting profitability earlier in the growth process.

InsurTechs have also helped to increase diversity and inclusion in insurance through their young and diverse employee base, which provides many benefits for the sector, including access to a wider pool of talent. A large proportion of the InsurTech workforce are also located outside of London due to the flexibility of hybrid working, which is appealing to many people.

What factors have affected talent attraction and retention in the past 12 months?

Having the right talent in place is crucial to the success of a start-up. Attracting high-quality talent who already have good salaries and packages can be challenging.

Firms need to have a robust EVP in place that demonstrates a diverse company culture that will help to attract and retain top talent who align with the organisation's values.

What do clients and professionals need to be aware of in 2024?

Predictive analytics and AI can and have made a difference in the insurance sector. Over two-thirds of insurers have reduced claims and underwriting costs with the help of predictive analytics. Automating processes to improve efficiencies. The manual processes in claim processing, underwriting, and documents moving from one department to another are decreased which ensures teams can work efficiently at scale.

About Stuart

Stuart has been recruiting within the UK Insurance sector since 2007. He supports senior brokers, underwriters and claims professionals across the Northern insurance market to secure roles with reputable insurance companies.

He has built a first-class reputation across the insurance market as a knowledgeable and creative recruiter. His consultative approach helps open doors for professionals considering their next career move and for businesses looking at their strategic recruitment planning.

For advice on the InsurTech market, support with your hiring strategy or guidance on finding a new role, contact Stuart.