On the lead up to the end of March there have been a long list of challenges both directly and indirectly to our working lives, particularly on a day-to-day basis here in the United States. The Property & Casualty market has just witnessed several re/insurers and broking houses announce changes to their 2020 profit guidance (or withdrawal all together) as the global environment remains uncertain.
Having said that, anecdotal feedback in March points to Underwriters now busier than ever with submissions and Brokers swamped with client servicing needs all via home office arrangements.
On a personal level, I’ve experienced previous times of uncertainty including the Global Financial Crisis, SARS (and others) when recruitment of talent tended to fall into three distinct categories…
- All hiring on hold
- Selective hiring on a case-by-case basis
- No change to hiring activity – ongoing
As in the past, those organizatons that continue to hire this quarter with H2 2020 in mind will emerge from a position of strength, sending a strong message to the candidate community of their intentions to be a destination for highly qualified
individuals across the P&C market. Those who elect to hit the pause button
now, may be at a disadvantage when they reactivate their searches later in the
year.
At present Hanover continues to receive new search mandates in New York, Atlanta, Chicago and the west coast for mid/senior level underwriters and specialty brokers. This time around, with the current restrictions on mobility and face-to-face meetings, the market feedback being received is that sourcing niche/qualified insurance individuals is still a key business priority for forward thinking businesses.
On behalf of our clients, Hanover continues to identify, engage, recruit and assess talent with the competencies, cultural fit and skills needed to navigate the current P&C business environment. For example, I’ve been assisting one well regarded P&C Insurer to engage with a Specialty Underwriter (candidate) via phone interviewing (stakeholder 1) followed by video meeting (stakeholder 2) and final phone interview (stakeholder 3).
Prior to the NYC lockdown the process would have included a series of face-to-face meetings scheduled around travel commitments over an extended period of time. The candidate will now be onboarded remotely with support from HR and will be up and running this month.
