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The London Market faces a looming talent gap, a lack of diversity and spiralling wage inflation. Against that backdrop, Employer Brand is becoming ever more important in attracting and retaining the best talent. The latest Insurindex league table highlights those London Market insurers that are getting this right. But our research also shows that, overall, underwriter opinion of London Market insurers as employers is extremely low.
See for yourself here: https://theinsurindex.com/employer_brands/.
Almost half of the carriers studied for the index score below five out of 10. Beazley heads up the Underwriter Employee Brand ranking for 2022, followed by Liberty Specialty Markets, Hiscox, Brit and Convex. These are currently the most strongly recommended brands-as-employers by underwriters, and are more likely to be considered ahead of competitors, as well as promoted to peers and new talent coming into the Market. Leading Employer Brands will see reduced recruitment costs, and be able to attract and retain the best talent – giving them competitive advantage. Strong brands in general are more appealing to talent: Beazley and Liberty, for example, are also Power Brands in The Insurindex Leading Insurer 2022 Brand ranking: https://theinsurindex.com/london-insurance-market-index/.
Ben Bolton of Gracechurch comments: “Talent is key to success and right now there is a massive shortage of good talent. London Insurers that want to lead must now build strong Employer Brands, and currently there is a window of opportunity, because so few have invested in this aspect of brand management.”
“Some insurers have such weak Employer Brands that they must be paying over market rates to recruit the right staff. A relatively modest investment in developing their brand and targeting key talent will make a big difference over time,” he added.
To see the Insurindex Employer Brand leaders, head to: https://theinsurindex.com/employer_brands/.
Furthermore, in this ‘Viewpoint’ article written for The Insurer, Ben Bolton, director of Gracechurch (which is the powerhouse behind all Insurindex research), discusses the findings of Insurindex’ latest ranking of Employer Brands – outlining what London Market insurers need to do to improve their ability to attract and retain the best talent. Read more here: https://www.theinsurer.com/viewpoint/insurindex-underwriter-opinion-of-london-insurers-as-employers-is-extremely-low/21977.article.
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