Talent Strategy for Insurers
Workforce of the Future
As insurers adapt to rapidly shifting risks, they need to find new ways of working supported by a more resilient, flexible workforce with diverse capabilities. In fact, insurers with a strong reputation for managing talent and measuring performance outperform their peers on return on equity by nearly 40 percent over five years, according to Aon’s Ward.
To succeed and future-proof their business, Aon collaborates with CEOs to make decisions about their firm’s talent agenda and integrate business and people strategies more effectively.
How Aon Can Help
At Aon, we inform and advise insurers on how to align business and people strategies to attract, nurture and optimize their organization’s workforce, driven by forward-looking metrics to support strategic outcomes.
Our sector-specific team works with insurers to create an outward-looking, innovative culture, deliver employee value propositions that respect diversity, and help attract top talent with transformational skillsets. Competitive rewards analysis and assessing and reskilling colleagues for accelerated career paths help bridge capability gaps across key functional areas — including underwriting for the future, analytics, technology and claims.
-
Human Capital Advisory
- Communication and Employee Experience Strategy (e.g., change, HR messaging, value proposition, etc.)
- Corporate Governance and ESG Advisory
- Total Rewards (e.g., design, effectiveness, implementation, optimization and strategy)
- Transaction Services (e.g., mergers and acquisitions readiness, due diligence, and integration planning for human capital)
-
Performance and Analytics
- Diversity, Equity and Inclusion (DE&I)
- Location Strategy and Geo-Based Pay
- Pay Equity
- Performance Benchmarking
- Workforce Planning
-
Rewards
- Compensation Surveys and Data Solutions
- Employee Rewards
- Equity Design and Strategy
- Executive Compensation
- Sales Force Compensation and Effectiveness
-
Talent Assessment
- Pre-Hire Assessment (e.g., early career hiring and volume hiring)
- Post-Hire Assessment (e.g., first-time managers and leadership aptitude)
- Assessment for Specialist Roles (e.g., aviation, call centers, drivers, etc.)
- Assessment to support DE&I and digital transformation goals
-
Benchmarking and Best Practices
- Benchmarking (Enterprise, Claims, IT, Workforce)
- Claims Experience Management
- Ward’s 50 Benchmark Comparison
- Market Practice Studies
Top 3
According to CEOs, people risk is currently among the top 3 business risks, compounded by wage inflation and the economic climate.
Source: Aon's Human Capital Solutions data from 20 London market insurer CEOs, 2023
How We Work with Clients
We work with clients to attract, retain, sustain and grow their workforce. This ranges from consultative expertise on environmental, social and governance factors, inclusion and diversity, workforce design and talent strategy, and employee and executive compensation to navigating the people aspects of mergers and acquisitions.
We take a collaborative, data-led approach to work with business and people leaders on talent solutions, applying a methodology that results in better outcomes: Discover > Develop > Deliver > Review. We use our proprietary data and analytics capability and a technology suite to support the development and execution of our clients’ people strategy.
Capability Overview
Talent and Rewards
With sector-specific data-driven insights, we quantify the ROI and return on value to drive meaningful change.
-
Experience
We know the unique talent challenges of the insurance industry with a dedicated insurance industry team to help you identify your future workforce requirements.
-
Benchmarking
We use benchmarking to adapt best people practices from within insurance with the Ward’s 50® and across other sectors.
-
Technology
We understand how to use technology, such as Aon’s Tyche financial models, to increase efficiencies and free up time for actuaries and underwriters.
In conversations with over 20 insurer CEOs, they channeled passion, commitment, and personal engagement to deliver on this requirement – and are looking for guidance on how to manage and activate talent effectively.
