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Eliminating Talent Resource Waste in Insurance Companies

The insurance industry is beginning to adopt artificial intelligence (AI) and other forms of automation to streamline processes. That same AI and automation can be applied to talent recruiting to save time and resources. 

Automation and AI are likely to become standard tools for all insurers. But fears of cybersecurity and privacy threats and the inability to develop AI skills are preventing widespread automation acceptance and implementation across the industry, according to PwC. 

If insurance companies don’t take measures to create a better customer experience and improve decision-making, they risk losing clients. These companies don’t have time — or talent — to waste. Automation offers ways to: 

  • Increase efficiency, productivity and innovation. 
  • Reduce risks and costs. 
  • Grow revenue. 

To accelerate the transition to automation, PwC recommends focusing on the right data, centralizing capabilities and upskilling.

A new approach to hiring

Applying that same data-driven approach to talent acquisition could be transformational to the industry, helping insurers hire the right talent quickly to keep up with client demand. “Recruiters say that it has become very challenging to search for candidates. There are simply too many applicants, and it’s impossible to get through them all,” reported The HR Tech Weekly. 

Despite some beliefs, technologies such as automation and machine learning actually augment — not replace — recruiters to extend capacity and improve performance. It all comes down to having the right data in a centralized, easy-to-access database. This is where a talent data platform can be instrumental. 

Starting with a foundation of consolidated, quality candidate data is key. Eliminating silos results in richer data to which automation can be applied to glean valuable insights. A talent data platform can provide a single view of workers and candidates across an organization while simultaneously protecting privacy and helping companies meet regulatory compliance. 

Make a good first impression

In the insurance industry especially, first impressions can make a big difference. Not only does that apply to agent-client relationships, but it also pertains to recruiter-candidate relationships. That’s why it’s imperative to build meaningful relationships with top talent and to streamline recruiter productivity. 

With automation at its core, a talent data platform can unify candidate data and save you time. By augmenting recruiters with intelligent automation, it can help insurers eliminate unnecessary administrative and manual processes. This frees agents to focus on what matters most: keeping their customers happy. 

Bringing together high-quality, enriched data and the power of AI — rather than simply storing data — a talent data platform can empower insurance teams to do what they do best. As the industry adopts AI, it’s natural for companies to extend that to their recruiting processes to truly leverage data. A talent data platform can embrace automation in five key ways:

1. Browser extension.

Having an easy-to-access extension on your browser can simplify adding multiple contacts and their searchable resumes to your database with the click of a button. You can just as easily add contacts and resumes to campaigns and nurture tools.

2. Automation engine.

Having good-quality data in a central source of truth powers automation and AI to add more value to the recruiting process and to your organization. This automation engine streamlines workflows and processes to free talent acquisition workers to focus on personalized, relevant and timely human interactions. 

3. Automated compliance.

Save hours. An effective talent data platform can automatically trigger campaigns that require consent and automatically anonymize data to ensure regulatory compliance and to reduce risk.

4. Automated enrichment.

You can rest assured your data is accurate and free from duplication. This enables your talent acquisition team to make data-driven candidate decisions without having to refresh the data.

5. Suggested candidates.

Good data powers good searches. A platform that combines behavioral and demographic information can enable your organization to quickly set up and save searches to scan databases. But a good talent data platform can go a step further to score contact suggestions. This can, in turn, reduce your time to hire by helping you create a pool of candidates who are great fits for roles before the roles are even open. 

Drive results

By eliminating time-wasting steps, automation makes it possible to hire proactively rather than reactively, ensuring that first impressions with new clients are good impressions. It can also put your practice in a position to adapt quickly and to stay staffed with high-quality workers. 

Candidates, recruiters and managers all benefit from better experiences. Training costs and timelines are decreased. And burnout is reduced, as workers who stay on aren’t overburdened when someone leaves because candidates are in the wing, ready to step into vacant roles. 

Learn how Beamery can help your organization make good impressions, drive results and eliminate resource waste.

Financial Services
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