Kathy Desquesses, Group Chief Human Resources Officer and Head of Corporate Services at Swiss Re, recently spoke about the insurance industry’s strategies for attracting and retaining skilled professionals and initiatives to foster an inclusive work culture in an interview with AM Best.

Asked where to rank employment among the industry’s challenges, Desques noted that while factors such as climate change and technological advances are out of their control, anticipating current and future capacity needs is within their control.

“An example of what we do at Swiss Re is strategic staff planning. We introduced this programme or strategic approach to capabilities and competencies for today and the future about three years ago, and we look by business line or function. What do we have today? Fast forward two or three years, and then we look at the gaps and how we organise the recruitment process,” she said.

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Desques stressed the intense competition for talent within the industry and the importance of effective communication about career opportunities and goals.

“I think we need to do a better job of explaining what we do, our careers, and our goals. It’s something we put a lot of time and energy into,” she said.

Discussing the industry’s ability to attract talent compared to areas such as banking, Desques noted that insurance and reinsurance act as shock absorbers, providing a significant impact on communities.

“The second point is, it’s very innovative. Why? Because we’re data-driven, because we’re technology-driven,” she said. “Alongside all the roles that we offer like claims or underwriting or customer-facing roles, you now also have a flood of roles in technology and data governance and data management and all of that, which brings a different level of challenge for us in attracting those people because we may have strong brands in the core businesses and functions that we’ve historically had, but we’re not as well-known and attractive as the big tech companies.”

Today’s workforce seeks meaningful jobs, career advancement, and learning opportunities, all of which the insurance sector offers, Desquesses added.

Swiss Re on attracting and retaining talent

“There’s traction and there’s retention,” says Disques. “The traction is very much about, again, explaining and being there. There’s actually an insurance careers month that happens in February in the U.S. where we all come together and face the talent market, but we have to go beyond one month a year.”

When it comes to employee retention, Desques stressed the need for competitive value and a positive work culture.

“What is culture, and at Swiss Re, it’s a big focus area because people join for a brand, maybe the reputation of the company. They’ll stay because they feel good. They can bring their whole selves to work. They can bring their ideas. It’s a safe space to share, to raise concerns, to challenge each other with ideas,” she said.

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Asked about the impact of the talent shortage on Swiss Re’s business, Desques noted that this challenge is a shared one across the industry.

“People might already be here in Zurich, they might be crossing the street from Swiss Re to Zurich Insurance. We’re in the same neighborhood, Swiss Life, or vice versa. So yes, we all face the same challenges. But again, I think by promoting our purpose, what we do well, the performance, developing our people, and making the experience here within the company’s walls different and better, we’ve definitely been able to retain them,” she said.

On the subject of attracting talent, Desques said Swiss Re receives an average of 45 applicants for each vacancy, indicating that the brand is attractive to insurance and reinsurance professionals.

“So that tells me, and it’s average, and now there’s a grain of salt, but that tells me that the brand is attractive to insurance and reinsurance talent. And that’s very true in a career path like claims and underwriting and customer facing and positions and all of that,” she said.

Desquez advised recent college graduates to consider a career in insurance, emphasizing the industry’s significant impact on societies and its reliance on advanced technology and data.

“People are our assets, and our business model revolves around data, and knowing the data, the trends, the modeling, the underwriting, the actuaries, everything we do is completely data-driven. This industry has a great reputation, is it interesting? It’s cutting-edge technology. It’s a leader in sustainability. It’s a leader in all the trends that we see, whether it’s life and health or personal property or any of the specialties that we have,” she said.

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