Hiring for an InsurTech (*is tough)

giphy (43).gif

InsurTech v FinTech

InsurTech’s are all too often referred to in the same context as FinTech’s; as a broadly defined part of ‘financial services’, the Insurance industry is characterised as the slow-moving ‘older brother’ of banking.

The use and reference to FinTech firms happened after the 2007 financial crash, when ‘fintech’ became a common term outside of the finance world, owing to various venture capitalist firms making huge investments into fintech businesses which aimed to disrupt the failed financial institutions. InsurTech, as expected, was a term coined later.

In InsurTech market in the UK, according to the recognised commentator Nigel Walsh, is divided into “3 categories” in a recent blog post – 1). cloud-native equivalents of the traditional (large) core system 2). a similar model to ‘Category 1’, however, with the option to write business in specific states or geographies, and 3). adjacent InsurTech players that have been built from the ground up to solve a niche, single specific problem.

The main challenge for these burgeoning technology start-ups in InsurTech is the same as it was for the FinTech companies – hiring talent! 

Courage man jumping over cliff on sunset background,Business concept idea

The War for Talent

The use of the phrase ‘war for talent’ has been used (and overused) considerably since the recession and one conclusion had been drawn – the talent won! 

It is a candidate-driven market now and companies find themselves aggressively competing for technical talent. As an employer now, your brand position, culture, environment, mission, technology stack, benefits (i.e. pension, flexible working policy) and overall offering are scrutinised and considered at every stage of the recruitment process. Fail to get the brand positioning and message to market wrong and you don’t attract or engage talent and if you give little or no consideration to the candidate experience, you will lose candidates from the process or simply get ‘ghosted’.

The dynamics of the market are such now that, as the employer, you have a significant challenge to recruit talent – you are no longer in direct control – therefore, your approach needs to change to be successful.

Teamwork meeting concept

Define the differences

Life in a start-up and scale-up is different from operating in an established SME or enterprise business – in most cases in the Insurance industry if you’ve worked for a major Insurance carrier, you have been ‘the client’. This is one of the most significant differences and one of 3 major differences.

1). Client v Service Provider

There is a mindset shift that is required to operate successfully in an InsurTech; stakeholders are no longer internal or 3rd party suppliers – they are actual customers. You are now customer-facing, driving a commercial agreement to deliver a project(s) that have implications for the end clients’ business and significant impact on the reputation and revenue of the InsurTech you represent.

There is no hiding place – you are front and centre and you will be responsible for all the commercial conversations, issues and escalations, client engagement and end-to-end delivery. You will be dealing with ambiguity, crafting solutions with limited amounts of resource available and you will be under pressure both internally and externally as the focal point. Would you be comfortable with this level of exposure and scrutiny?

2). Learning while in-flight

Typically, an InsurTech won’t have a slick on-boarding process that provides you with training on all the core products and services, an induction about the current state of the business and a few days grace to orientate yourself with your environment and colleagues and/or team members. The approach is often ‘laptop-open-and-GO!’.

You will need to be resourceful and collect information, data and self-learn as you start to take on responsibility for deliverables (both new and existing); the onus will be on you to set-up meetings with your peers and team to introduce yourself and get a sense of them, their role and how they fit into the dynamic of a constantly growing business.

In short, if your first question is ‘what’s the induction process?’ – this isn’t the environment for you.

3). What does success look like? 

Creating the exact psychometric profile for an individual that will be successful in a start-up and scale-up has been the pursuit of many incubators and accelerator programmes, VC and Angel investors and talent acquisition and recruitment companies. There doesn’t, at this stage, appear to be a definitive profile that guarantees success.

In my experience, there are 3 characteristics that are commonly found in the companies I have partnered with when they are scaling their business.

Resilience

The pressure to deliver, the pressure to find solutions, time-pressure, pressure from client demands and pressure to be forward-thinking requires one thing – resilience. If you don’t have experience of dealing with pressure, finding ways to personally reconcile the demands of the business whilst maintaining healthy mental well-being, this environment can be challenging.

A resilient mindset will help steer you through the ambiguity, find solutions when there appears to be no straight-forward answer and it will ensure you protect your team when the demands are high and the final phases are close to being delivered. You will lead where others simply manage.

Ambition

Ambition can be seen as an unattractive, slightly disruptive, quality in an individual. Ambition in a start-up is essential. Start-ups are built on the ambition of its founders. Assessing the ambition of an individual that wants to join a start-up can be approached in a number of ways; have they been or sought promotion in their previous companies? why do they want to join a start-up? do they have a plan for their role within the start-up and what are they going to improve, change or add to the business?

If working in a start-up ‘appeals to you’, or you think you could ‘add value’ or perhaps you think you have ‘relevant skills and experience’ – make sure you define the ‘why’ and ‘how’ to support these statements. Start-ups run fast, run hard and ask questions – they don’t make unsupported statements. 

Critical thinking 

What is critical thinking? – that’s a question I get asked by recruitment agencies and candidates. In the context of the companies, I have partnered with, it’s the ability (based on intellect and experience) to critically evaluate a decision, solution and/or existing project, commercial process or scenario and then provide a number of options – even options that haven’t been tested (but, could quickly be tested and validated).

It’s not the ‘ability to think outside the box’ as that cliche means very little in the context of a highly pressurised project delivery.

Critical thinking also requires you to trust your own decision-making process and be comfortable with known ‘unknowns’. It also means trusting your team and their knowledge and input, however, being confident enough to make and take the final decision.

Zirvedeki Aşıklar

Summary

Joining an InsurTech, on face-value, maybe be very appealing – and these companies need talent like any established business – however, the environment, requirements and the ability to be successful are determined by different factors on a personal and professional level. If you think you want this kind of challenge, feel free to contact me for an introductory chat. InsurTech needs great talent! 

 

Reference material:

Nigel Walsh post entitled “Is the insurance core system the lowest common denominator in the InsurTech (r)evolution?” – Read the full post here

TechBullion – “What is InsurTech, Origin and History in Financial Technology?”

Advertisements

The Recruiter’s ‘Portfolio’

giphy (17)

Dogma

Over the last few weeks I’ve been searching for a new project and what I have encountered, rather surprisingly, is a lot of the norms that we as a recruitment industry, still seem to be holding onto dogmatically. The one recurring question is ‘can you send me a copy of your CV?’.

My expectation would have been at least to ask me for a link to my LinkedIn profile; my hope is that I might be asked if I have a website or online portfolio, examples of campaigns I have successfully delivered, a request about blogs or any other information that would, in my opinion, actually present a holistic picture of the me as an individual and talent acquisition an recruitment professional. Across the board, the CV request was predominant.

I appreciate there is a counter-argument here which is ‘why don’t you just add links to your CV?’ – I’ve tested that and the click-through rates are low. From that test sample, my conclusion is that Hiring Managers / Agencies are still looking at the CV and making their decision based on the chronological script of my prior experience.

giphy (18)

Portfolio

This is going to sound like a sales pitch, however…

Whenever I recruit, I aim to build a picture of the individual through a combination of their LinkedIn profile, social media, blog posts and combine those notes and use them in the introductory conversation with them to really get a sense of them as a professional and person. With this knowledge, you can really start to explore their thoughts on culture, environment, working patterns and their mindset in the face of challenges and change. In short, you end up offering the Hiring Manager a ‘portfolio‘ of the person as opposed to a CV and each part of the process acts as an additional level of qualification beyond the standard ‘skills matching’ approach.

Flip the focus to recruiting for talent acquisition and recruitment professionals, would it be more interesting to your client to see examples of the following;

  • job specifications
  • social media content (i.e. posts, adverts)
  • recruitment assets (i.e. candidate, interviewee and on-boarding packs)
  • process workflows
  • interview formats
  • blog posts

How interesting to you and your client would this portfolio of information be at an introductory or pre-screening stage?

giphy (19)

Building your Portfolio

What are the challenges with starting to build your own recruitment portfolio?

The consideration of time is always the obvious starting point; the time to create a website of online host compared to writing your CV using a template is clear. Having said that, do you want to look back at your legacy in recruitment and have only a CV and some anecdotal stories and hiring numbers to refer to? – keep track of your journey and collate the information you have learned. Create your own ‘Recruitment Playbook’ – something you can use as you navigate your way through your career steps.

Another key consideration is, who owns the content you’ve created? – if you are a permanent employee (whether in-house or agency side), you’ll be subject to legal obligations regarding the content you have created. Having said that, referring to this content if it’s already in your, or the clients, social media feed isn’t a crime – blog about it even. Tell the story behind how and why you created it. This can be positive PR for the client’s brand.

What if I don’t have any of this content? – perhaps your in a role that hasn’t required you to write job specifications, create social media posts or implement new workflows. Then my suggestion to you is start!

The role of the Talent Acquisition (TA) and Recruitment (Rec) professional is evolving rapidly and you need to offer more than the ability to search, screen and present an applicant. As tools and products providing greater levels of automation change processes and the way tasks are completed, one of the greatest assets of a TA and Rec consultant is their ability to deliver creative solutions and the knowledge they already retain about the process of where to discover, attract and engage talent.

An invitation to fellow Professionals

If you want any suggestions as to where to start, I’m happy to have a chat. Just ping me a message. We can all benefit from sharing ideas!