The insurance and financial services industry’s professional association claimed that demand for employees with talents, such as Big Data and analytics skills, had grown sharply. The organisation found that 62% of insurance companies claim they are struggling to attract talent to meet new technology demands.
A survey of the CII’s 100,000 membership showed that 55% of insurance employers expect to increase headcount over the next year to help address the challenges - a 6% increase on 2013. With not enough talent to go around, however, almost three quarters of insurance firms (73%) now report that there is a skills deficit in the industry - this represents a 15% increase since 2013.
A separate survey, by PwC, has found that nearly 60% of financial services CEOs see the limited availability of skills as impeding growth. It added that barely a quarter have initiated changes to their talent strategy to address this and only 35% believe HR is prepared to make necessary changes.
The PwC report suggests organisations are restricted by the sheer scale of required changes.