EMB warns of widening skills gap for time-starved middle management

~ Current training for insurers fails to deliver where it matters most ~

Research commissioned by EMB, the actuarial and business consultancy, highlights insurers’ dual frustration with the growing skills gap in middle management combined with the pressure on time available for professional development. The research of UK based HR managers within the industry has highlighted that:

•  75% believe that the largest skills gap is in middle management
• 44% of firms lack the time for staff to attend training
• 84% believe that their workforce needs training on managing information

Given these figures, and the widening perceived skills gap, it suggests that even where time is found for training, it is not delivering what insurance companies need.

“The research clearly identifies the need for senior management to commit companies to structured training around an agreed set of competencies,” comments Anju Bell, a director at EMB. “Addressing this growing gap in middle management is key to the success of our industry. Although time is clearly limited it is important that insurers develop employees in some fundamental areas, most significantly in our view, how to better understand and manage company and industry risk as well as the specific drivers of profitability.”

EMB, which has been providing consultancy and training to the industry for more than 15 years, highlights the fact that the current market environment will place an even greater premium on improving professional skills.

By tackling the tendency for silos to develop within insurance companies, it argues that employees with broader knowledge and expertise at all levels will deliver increased value to their customers and employers.

Anju Bell says: “EMB’s holistic approach to training in the insurance industry helps practitioners of all levels of experience and seniority to acquire a better knowledge of the sector as a whole and better prepares them for real life situations. This is essential when getting the best value from the limited time and money available to insurers looking to make a mark in this ever-competitive industry.”

For further information on EMB Professional Development courses for the non-life insurance industry, click here