Human Capital Risk and Talent Management Issues in the Insurance Market: Public Policy, Industry and Collegiate Education Perspectives&ast

W. Jean Kwon ()

The Geneva Papers on Risk and Insurance - Issues and Practice, 2014, vol. 39, issue 1, 173-196

Abstract: The human capital attraction and retention challenges in the insurance industry intensify due to a combining effect of demographic, social, economic and market-specific factors. In addition, there is human capital obsolescence risk. The study findings indicate that: the financial services occupation group requires high competency in cognitive abilities, social perspectives, management knowledge and communication skills, but not much in technical, physical/sensory or engineering skills; the insurance industry and most insurance companies have not attained a high reputation; and insurance is not a widely recognised profession by the public and many college students. Based on our macro- and micro-spective investigation of the industry and university education, we recommend: more public relations activities, closer work with local universities and their faculties for adoption of the field as a major; better talent recruitment, training and retention programmes; and preparedness for talent morbidity across financial services sectors and countries.

Date: 2014
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