Strategies for Attracting, Retaining and Nurturing Analytical Talent into Insurance

Eugene Wen, MD. DrPH.

VP – Group Advanced Analytics Manulife

Chief Analytics Officer, Fall

October 2, 2017

Boston

Outline:

• A brief history of analytics & talents in insurance industry

• What are the challenges today?

• How to attracting advanced analytics talents?

• How to retain them?

• How to develop them?

• What is the bottom line? (none of the above…)

Let’s look back to history of analytics in insurance…

Before the term “Data Scientist” was coined, Actuary had served as THE “data scientist” of insurance industry for more than two hundred years.

…since the first Actuary

• Society for Equitable Assurances on Lives

and Survivorship in London in 1762

• The first actuary: Edward Rowe Mores

• Role of actuary

• Business Analysts: underwriting, claim

management, marketing, investment,

finance, risk, strategy, IT, BI & reporting

etc.

• Data Scientists

The Talent Challenges for Insurance

• The insurance industry:

– less chance to try cool things

– too slow to make decisions

– too many silos to get anything done

– data trapped in legacy systems

– less chance to move up

… and more…

• Too much competition for the same limited talent pool

• The newly recruited:

– lack of business knowledge

– can’t engage with business teams effectively

– too high turnover rate

Attracting Advanced Analytics Talents

• Modernize the overall insurance industry business model

• Push envelop for new technologies and analytical approaches

• Build cross function agile teams & break silos

• “Liberate data!”

• Take some risk, and “it’s OK to fail”

• Rebrand the insurance industry, all working together!

• Proactive campus recruiting

• Social network and potential candidate pool

• Keep an open mind

Retain Talents

• Hire the right one

• Understand expectations

• Set clear and realistic development

target

• Provide tailored opportunities

• Offer in-house and external training

• Create achievable delivery targets

& celebrate once accomplished

• Engage regularly

• Keep challenged

• Stay ahead of the curve

© Disney

Develop Talents • Transform into a insurance business insider

– Share industry & company history

– Teach details about business process and customers

– Build personal connections with members of frontline business

– Offer opportunities directly contributing to business process and outcomes

• Become an internal consultant

– Reset the “role”

– Consulting fundamental training

– One-on-one mentoring

• Develop into an analytical expert

• Grow into a future analytical leader

– Identify leadership potentials

– Offer managing opportunities & support

– Provide training and mentoring

– Be ready to handle missteps

The bottom line? (none of the above…)

We operate as John Hancock in the United States and Manulife in other parts of the world.

Thank you!