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EMB warns of widening skills gap for time-starved middle management

Current training for insurers fails to deliver where it matters most

October 27, 2008

Research commissioned by EMB, the actuarial and business consultancy, highlights insurers’ dual frustration with the growing skills gap in middle management combined with the pressure on time available for professional development. The research of UK based HR managers within the industry has highlighted that:

• 75% believe that the largest skills gap is in middle management
• 44% of firms lack the time for staff to attend training
• 84% believe that their workforce needs training on managing information

Given these figures, and the widening perceived skills gap, it suggests that even where time is found for training, it is not delivering what insurance companies need.

“The research clearly identifies the need for senior management to commit companies to structured training around an agreed set of competencies,” comments Anju Bell, a director at EMB. “Addressing this growing gap in middle management is key to the success of our industry. Although time is clearly limited it is important that insurers develop employees in some fundamental areas, most significantly in our view, how to better understand and manage company and industry risk as well as the specific drivers of profitability.”

EMB, which has been providing consultancy and training to the industry for more than 15 years, highlights the fact that the current market environment will place an even greater premium on improving professional skills.

By tackling the tendency for silos to develop within insurance companies, it argues that employees with broader knowledge and expertise at all levels will deliver increased value to their customers and employers.

Anju Bell says: “EMB’s holistic approach to training in the insurance industry helps practitioners of all levels of experience and seniority to acquire a better knowledge of the sector as a whole and better prepares them for real life situations. This is essential when getting the best value from the limited time and money available to insurers looking to make a mark in this ever-competitive industry.”

About the company

About EMB
Established in 1993, EMB (www.emb.com) is a rapidly growing international consultancy firm specialising in non-life insurance. Covering personal lines, commercial insurance and the London Market, its services include Business Consultancy, Actuarial Consultancy, Professional Development, Marketing Sciences and Software. EMB pioneered the development and use of high performance actuarial software using modern desktop PCs. The range is unrivalled, making it feasible to perform tasks that would otherwise be impossible, impractical or hugely time-consuming. Headquartered in the UK, EMB employs more than 300 people around the globe covering Americas, Asia-Pacific and Europe, Middle East & Africa with clients that include 28 of the top 30 non-life companies in the world.

Contact details

For more information, please contact Anna White or Lorna Hughes at LEWIS, the PR agency, at:
Tel: +44 (0) 20 7802 2626
Fax: +44 (0) 20 7802 2627
Email: embuk@lewispr.com
Web: http://www.lewispr.com

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EMB warns of widening skills gap for time-starved middle management

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