Insurance executives cite human capital – rather than financial capital or any other asset – as the scarcest resource in the current business environment. As the insurance industry meets accelerated change and disruption, faces up to increasing levels of cyber-risks or encounters new liability risks emerging across markets, talent is no longer an afterthought.
New technologies are also rapidly gaining adoption and helping to deliver both enhanced client experiences with high-quality interfaces and increasing levels of operational efficiency through automation. In parallel, customers are becoming savvier and more demanding in terms of their baseline expectation for all digital interactions.
Optimizing the value of new technologies relies on an infusion of technical skills, complemented by softer skills in areas such as customer engagement and client centricity.
Against this backdrop, Neueda have been working with a leading Insurance Company and their global technology teams to deliver an innovative skills program, helping to ensure developers can employ the latest interface technologies and put the client at the center of their efforts.
Our client is one of the world’s largest insurance providers and their technology teams combine extensive business knowledge with a world-class agile development process to deliver innovative and highly functional solutions for their business colleagues and clients.
To help their technology workforce pivot towards these new technologies and evolving platforms – with the ultimate aim of transforming the customer experience – the Insurance Company worked with a team of instructional designers and instructors from Neueda to design and deliver an immersive Full-Stack Developer training program for teams in Asia, Europe and North America. Full-Stack Developers are both scarce and in exceptionally high demand, they are a jack-of-all-trades and a master of quite a few, capable of delivering a project from start to finish. Our objective was simple – increase the number of Full-Stack Developers within the organization by upskilling members of the existing technical workforce.
Delivered across 6 weeks, the training program equips participants with the skills to design, develop, test and deploy customer facing applications.
The program is a winning combination of
- professional skills training with a focus on the behaviors which underpin client centricity
- virtual classroom sessions with experienced technology instructors
- practical project work and technical challenges
- assessments and feedback sessions
- guest speaker presentations
- project demonstrations
Designed for virtual delivery, participants were also provided digital learning pathways to help prepare in advance and optimize their time during the classroom sessions.
The highpoint of the program is the Capstone Full-Stack Project, which is tackled in small teams of 2 or 3 participants and presented to peers, instructors and senior managers at the end of the program.
- The customer has now increased its Full-Stack global delivery capacity by upskilling existing staff with critical business domain experience.
- This capacity uplift was achieved efficiently and cost effectively – hiring externally for the Full-Stack skills is challenging, with McKinsey estimating that successfully hiring a new employee for high-demand positions can cost more than 100 percent of the role’s annual salary while successful reskilling can cost less than 10 percent of a role’s salary.
- Technical staff have gained new technical skills and expanded their professional network within the company, across both functional and geographic boundaries.
The insurance industry has always placed a premium on having great people; insurance is built on trust—the promise to pay future claims when calamity strikes. As the industry continues to modernise in the digital age, successful companies will be those that address the scarcity of human capital and successfully conduct talent transformations.