Recruitment Playbooks are expertly crafted roadmaps, providing recruiters with a predefined set of best practices, methodologies, and time-tested approaches.
The overall global insurance industry is expected to grow at 3.5% CAGR until 2030. The leading regions for insurance revenue generation include North America, Asia Pacific, and Western Europe. India’s insurance sector is projected to record the fastest growth among the G20 countries with the total premium expected to rise at an average rate of 7.1% in real terms during 2024-28.
Recruitment serves as the cornerstone for attracting and retaining skilled professionals who play pivotal roles in risk assessment, claims management, and regulatory adherence.
Today, the insurance industry is facing several challenges associated with recruitment and onboarding agents, which include:
- Recruitment of Qualified Candidates: Identifying and attracting candidates with the right combination of skills and attributes can be painful.
“We spend $85,000 per agent on recruiting, compliance, onboarding, and training. And we lose almost a majority within 6 months. This is a leaking pipeline and is derailing the whole channel strategy.”– Chief Distribution Officer, Top 5 Insurers in the US.
2. Product Knowledge: Insurance products can be complex, and new advisors may struggle to understand and effectively communicate product details to clients.
“According to a study by EY, 68% of insurers face significant challenges in training and developing their salesforce.
3. Skillful Adaptation: The challenge involves the constant need for upskilling, driven by regulatory changes and the frequent introduction of new product releases.
4. Lengthy Onboarding Process: A lengthy and disorganized onboarding process can lead to dissatisfaction and reduced productivity for new hires.
5.High Attrition Rates: High turnover rates can lead to experienced advisors leaving the organization which in turn results in increased recruitment costs.
6.Performance Monitoring: It can get difficult at times to monitor and evaluate the performance of new advisors effectively.
What is the need of the hour?
In the midst of numerous challenges and uncertainties, establishing predictability can be challenging. This is where the implementation of a structured set of processes and activities becomes crucial. The existing challenges not only emphasize the urgent issues related to talent and skills gaps but also highlight the vital role of strategic workforce planning. In navigating this complex landscape, the necessity for a robust recruitment management solution becomes apparent, particularly one built on the foundation of configurable playbooks.
Picture these playbooks as expertly crafted roadmaps, providing recruiters with a predefined set of best practices, methodologies, and time-tested approaches. Serving as strategic guides, these playbooks seamlessly navigate the recruitment terrain, ensuring a harmonious blend of consistency, efficiency, and strict adherence to industry regulations.
Enter Vymo’s Recruitment Playbook
At Vymo, we aim to provide recruiters with tailored guidance on optimal actions throughout the recruitment workflow. Automating communication and guiding recruiters through various interview stages ensures a consistent and structured approach to onboarding new agents.
Find out more in our next blog!