Insurers are struggling to attract young workers as senior staff head into retirement, with decisive action needed to tackle an employment crisis facing the industry.
That is the message from a roundtable of insurance leaders hosted by software company Questback, with the participants agreeing that firms must change their management styles to deal with the issue.
It was also found that many are finding it difficult to retain middle-tier employees - particularly women during motherhood - with these challenges arising amid a "digital revolution" disrupting the market.
"This is a time of enormous change for the re/insurance industry," Questback director of solution management, Scott Heyhoe, said.
"The challenges are clearly in attracting and retaining the right staff, closing the middle-management gap and in embracing the opportunities that technology brings."
The roundtable participants outlined several critical actions needed to attract and retain talent, which include improving the industry's image, widening diversity and increasing opportunities for staff.
This will involve emphasising the ethical and caring nature of the insurance sector through real-life stories, while also explaining the variety of interesting roles available.
Offering flexible working, mentoring and continuous training were also encouraged to better retain middle managers and women, while parent-friendly practices were described as a "necessity".
Employers were also urged to improve diversity in gender, ethnicity, age and educational background, before then allowing staff to take ownership of technological opportunities.
In addition, it was agreed that engaging with the workforce would be fundamental, particularly with millennials, so that employees are able to continuously give and receive feedback.
"Engaged employees deliver more and stay for longer, they are more dynamic, drive greater sales and act as brand ambassadors," Heyhoe continued.
"It's never been more important to attract top talent, get new hires fully productive faster and retain their skills while developing leaders of the future.
"That means listening to staff and acting on their insight to drive real change within the sector."
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