The Essential Guide to Hiring Top Tech Talent in Insurtech

2 months ago by Charlie Moore
Share this

The digital landscape is quickly evolving, and with that, the UK insurance industry is undergoing a much-needed tech transformation. Insurance technology, known as Insurtech, is growing in significance, as it looks to use technology to improve and automate the insurance industry, driving innovation and efficiency. Importantly, its goal is to not only streamline the insurance process, but to also enhance the customer experience.

For insurance companies looking to hire directly and develop their IT infrastructure, or for Insurtech companies themselves, hiring top tech talent across a variety of niche areas is not just an option—it’s a necessity. This guide will explore the critical aspects of attracting and retaining the best tech professionals to help your organisation thrive in the competitive Insurtech market.

Understanding the Insurtech landscape

The rise of Insurtech

The Insurtech sector is booming, with startups and established insurance companies alike investing heavily in technology. Everything from artificial intelligence (AI), blockchain, big data, and the Internet of Things (IoT) are reshaping the way insurance services are delivered. Companies that fail to embrace these changes risk falling behind. According to market.us, the global Insurtech market is projected to grow significantly in the coming years rising from its current value of USD 16.6 Billion to USD 336.5 billion by 2032.

Upgrading and automating systems

On 21st June 2024, Lloyd’s of London, provided an update to their digital solutions roadmap, Blueprint Two. They remain committed to delivering digital transformation and automation to the industry as they undergo the complicated task of moving from traditional and outdated systems to a new digital platform, while guiding the wider industry to do the same, but as testing continues, they have hit problems that will delay its original target date of October 2024.

CEO, John Neal, said they are confident they will resolve defects quickly, and encourage the wider market to maintain their own upgrading momentum and testing schedules. There remains a determination to digitally transform the insurance industry, and with that in mind, insurance companies need to be working on their own transformation plans, hiring the best niche tech specialists to help them to deliver robust change in line with industry plans.

The need for tech talent

To stay competitive, insurance companies must upgrade their systems and invest in future tech stability. This requires a team of skilled tech professionals who can develop, implement, and maintain cutting-edge solutions. From software developers to data scientists, the right tech talent is crucial for driving innovation and ensuring your company’s long-term success. As traditional insurance companies look to upgrade and transform their IT infrastructure, they either develop their systems internally, or they partner with Insurtech companies to develop user-friendly mobile applications and platforms that allow customers to compare policies, get easy quotes, and purchase insurance online, without traditional methods that can take much longer.

The UK has the second largest Insurtech industry, supporting over 60,000 jobs and contributing to almost £5 billion in UK GDP. So, whether you’re an insurance company or Insurtech business, tech talent remains a premium and requires a tailored hiring strategy to compete.

Key roles in Insurtech

Software developers - They design, code, and maintain the software applications that power your insurance services. Look for candidates with experience in languages such as Python, Java, and C++, and a strong understanding of software development methodologies like Agile and DevOps.
Data scientists and analysts – Their job is to help you make sense of vast amounts of information, enabling you to make informed decisions. They should have expertise in statistical analysis, machine learning, and data visualisation tools. According to TechRepublic, data science skills are among the most sought-after in the tech industry.
Cyber security experts - They protect your systems from threats and ensure the integrity and confidentiality of your data. Look for candidates with certifications such as CISSP, CISM, or CEH, and a deep understanding of cyber security best practices.
Blockchain developers – Their role is to create and manage distributed ledger systems, enabling secure and transparent transactions. Candidates should be familiar with blockchain platforms like Ethereum and Hyperledger. One of the trends emerging in blockchain is the use of smart contracts in insurance, which are self-executing contracts with the terms of the agreement directly written into the code, while running on blockchain networks. Smart contracts can help with much needed automation of policy sends, claims processing and payments.

Strategies for attracting top tech talent

Competitive compensation and benefits

To attract top talent, offer competitive salaries and comprehensive benefits packages. Include perks such as flexible working hours, remote work options, and opportunities for professional development.

Strong employer brand

Develop a strong employer brand that highlights your company’s commitment to innovation and employee growth. Showcase your company’s culture, values, and achievements through social media, company blogs, and employee testimonials. Glassdoor is a great platform for managing your employer brand as tech professionals research your company.

Engaging work environment

Create a work environment that fosters creativity and collaboration. Invest in modern office spaces, provide cutting-edge tools and technologies, and encourage a culture of continuous learning and innovation.

Recruitment marketing

Utilise recruitment marketing strategies to reach potential candidates. Leverage social media, job boards, and industry events to promote your job openings and attract top talent. Partner with universities and coding bootcamps to connect with emerging tech professionals. One example could be partnering with a specialist community to add value, educate and connect with your network. We have done this through our partnership with Manchester Digital, which you can read about here.

Make finding niche talent easier

If you have a big inhouse talent team, you can work to hire the best candidates for your tech team. However, even with an excellent inhouse hiring team, finding niche tech talent is easier said than done. Building a community of talented, experienced and screened professionals takes a lot of time and effort. That’s why partnering with a specialist technology agency, like Gravitas, can make a huge difference to the quality of your candidates.

Retaining top tech talent

Ongoing training and development

Invest in your employees’ professional development by offering ongoing training opportunities. Provide access to industry conferences, workshops, and online courses to help them stay up to date with the latest trends and technologies.

Clear career pathways

Create clear career pathways for your tech employees. Outline the steps for advancement within your organisation and provide regular feedback and performance reviews. Recognise and reward their achievements to keep them motivated and engaged.

Inclusive and diverse workplace

Foster an inclusive and diverse workplace where all employees feel valued and respected. Encourage diversity in your hiring practices and create an environment where different perspectives and ideas are welcomed. Diversity in Tech offers resources on creating a diverse tech workplace.

Work-life balance

Promote a healthy work-life balance by offering flexible working arrangements and encouraging employees to take time off when needed. A balanced work-life approach can lead to increased job satisfaction and productivity.

Embracing future tech stability

Investing in future technologies - Stay ahead of the curve by investing in future technologies. Allocate resources for research and development to explore new tech solutions that can enhance your services and improve operational efficiency.
Scalable systems - Ensure your systems are scalable and adaptable to future changes. Invest in modular and cloud-based solutions that can grow with your business and support new technologies as they emerge.
Collaboration with tech partners - Collaborate with tech partners and startups to gain access to cutting-edge technologies and expertise. Partnerships can provide valuable insights and accelerate your innovation efforts. TechCrunch regularly features stories on successful tech collaborations.

About Gravitas Recruitment Group

Gravitas are an international recruitment group, working in the specialist areas of Technology and Insurance across the UK, EU and Asia. We work with a variety of insurance and Insurtech companies, helping them to find specialist tech candidates. What makes us different? We balance fast delivery of results with high quality, while building meaningful relationships that add value providing insights and reports. Learn more about our services here.

About the author

Charlie Moore leads our Tech and Data in Insurance team and is focused on working with clients on both senior and specialist requirements. As well as this, he’s a big advocate for networking and is putting together exciting events for the sector later this year. Connect with him on LinkedIn to find out more.