People are the most important asset in the ocean marine insurance industry. Talented professionals are essential for marine insurers to be successful and deliver our products and services to our customers.
In the late 1990s McKinsey and Company developed the term “War on Talent” which referred to the challenges companies face to attract, retain and develop the best employees. While it initially may have been driven by short-term imbalances in the supply and demand of labor, it has certainly become the new normal. This will become even more challenging due to a significant demographic shift underway, the so-called, “Silver Tsunami,” with large numbers of Baby Boomers and Gen X employees becoming retirement ready or eligible. The most experienced professionals are leaving the workforce, particularly senior leaders and technical experts, and the impact is greater in specialty lines such as ocean marine insurance.
With challenges come opportunities. For rising professionals there will be tremendous career opportunities resulting from this transition. Substantial work is necessary to prepare future generations for success as they take on more responsibility at an earlier career stage than their predecessors. The good news is that we have new tools and AI developments that aid knowledge continuity. As careers develop at a faster pace this will also put pressure on organizations to attract new talent.
In order to attract and retain the best talent in the ocean marine insurance industry, companies with a strong commitment to diversity, equity and inclusion will have a competitive advantage. Diversity is much broader than characteristics such as age, gender, ethnicity or race. Diversity of life and work experience, cognitive abilities, skills, talents, personality, education and culture are just some of the qualities of diversity that can enrich and strengthen a team.
IUMI has become a much more diverse organization in the years since I attended my first conference in 2002. As a result, the organization has grown and increased the value it delivers for its members. Attracting new professionals from our member associations to serve on committees, forums and working groups has proven vital to our success. The Junior TC initiative that was launched two years ago has been another example of IUMI attracting new professionals to the organization. In an international business such as ocean marine insurance, as IUMI has become a more diverse organization we have been better able to serve our members. IUMI’s commitment to diversity, equity and inclusion in the marine insurance industry is imperative to its long-term success in fulfilling its mission.
Sources:
https://www.forbes.com/councils/forbesbusinesscouncil/2023/06/28/the-war-for-talent-is-on/
https://www.investopedia.com/silver-tsunami-8418065
https://builtin.com/diversity-inclusion/types-of-diversity-in-the-workplace
https://www.diversityresources.com/understanding-the-difference-between-equality-and-equity/
