Attracting and Retaining Top Talent in the Surety Business ... · Attracting and Retaining Top...
Transcript of Attracting and Retaining Top Talent in the Surety Business ... · Attracting and Retaining Top...
Washington DC June 2019 1
Attracting and Retaining Top Talent in the Surety
Business….some thoughts
FILE 2019056
Paul Farrar
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Credit & Surety
Privatization of the Irish State Export Credit Insurance Scheme
Head of Trade Credit Allianz Ireland
Coface Credit Alliance network
Management Committee of ICISA 2004-2006
Country Manager Ireland – Euler Hermes
MGA with partner Advent Insurance DAC
Leading credit rating advisor in Ireland
Surety hub of partners
Setting the scene
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Surety is largely a local business
Surety different in each market
$15 Billion global business
Supports international trade, construction and infrastructure development
Many countries there is no surety business
In others it is too small to make a career
So why would someone choose Surety over Banking or other major sectors?
Let’s explore and see if we know…….
1. Causes
2. Market perception
3. Remedies
Lack of new talent?
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Why else on the ICISA agenda?
We each know local concerns
Experienced underwriters are crafted…..not purchased
Retirements of experienced people
New technology
Transfer out of Surety to Banking etc.
Glass ceiling
The good old days
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One man band
Effective
Labour intensive
But underwriter close to risks
Things got done
Reinsurers happy on experience
Most important…clients wanted it this way
Things changed
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‘Older’ people retired
New technology….can a computer kick a tyre?
Graduates were leaving
Other sectors appeared more interesting
Dilemma…one boss (career 20+ years)
Created poor ‘sense of purpose’ environment
Result was best were leaving after ‘internship’
Value people
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How could things improve?
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Sense of purpose…pick the winners early
Role variety
Income progression ….not 2% p.a.
Share in the successes ….praise
Meeting clients regularly
Inputs to senior management thinking
Best ideas come from customers and staff
Silos
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Work in large organisations
lowering costs
cogs in a machine
Developing fully-rounded experts often discouraged
artificial intelligence can’t kick or sell
Clients still want experts to manage their business
Why choose Surety?
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My personal selection process
Industry that seems to……
1. value unexceptional
2. Invest technology to cut costs
3. Not enhance the capabilities of all its professionals
4. Puts customer second?
5. Value sales over underwriting and claims handling
6. cuts professional development budgets when market gets soft
Surety sector positioning
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Creates huge credit value in economy
Surety rates much better than Credit
Surety vital to project success
We create huge benefit in underwriting approach
Our people create many jobs
In short…taken for granted
Yet virtually no one knows about us
Yet Credit gets more publicity
Yet project views us as a simple commodity
Yet no one knows the extent or value
Who cares?
Our services undervalued
What do young people want?
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Several key items:
sense of completion
mentoring, ongoing professional training and development
part of a vibrant team
solving complex and challenging customer problems
Have we asked them?
Today’s generation has other values
Different work/life balance, working from home, etc.
Technology / social media
Why not ask them the type of career they want?
How might we find out?
Why not do a survey on among young professionals both in ICISA and outside our industry?
Could cover their career expectations, job satisfaction, remuneration etc.
Attract new talent?
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Surety is not insurance….viewed that way
insurance industry today is not viewed as a growth industry
Little innovation
Labour-intensive and capital-intensive.
Highly regulated business, competitive, generating modest profits.
Portray a positive image for Surety
Talents needed……
Make it interesting…not like this
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Make it interesting…like this
Variety Challenges
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Projects
Clients
Complexity
Risk
Analysis
Marketing
Sales
Great career challenges
One idea….mentoring
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One idea….mentoring
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One idea….partners hub
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Find current, retiring, enterprising Surety experts
Jointly commit to developing Surety book
Supported by a common:
IT platform
Reinsurance
Regulatory
Capital support
Accounting
Grey Panthers
In effect a new form of MGA platform but with more control at the centre.
The local executive………share in business / build portfolio / develop the next generation
USP
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Avail of our experiences
‘grey hair’…Advisory Board of former ICISA members
Alliance of partner countries
Pooled experience
Team feel….we all need to be connected
Success……
1. Be disruptive
2. Rethink your audience
3. Use insights, tests, optimise
4. Get personal
5. Build shared value
Mentoring
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There are no restrictions on how many mentors you can have
Different people can provide different value at different
Mentor relationships can be as formal or informal as you want.
Mentors - unforeseen challenges / save you both time and money / valuable peace of mind.
help you evaluate which opportunities to pursue and which to pass on.
Great mentors teach you ‘how to fish’ rather than just providing handouts
Sometimes a great mentor is just someone that helps you think differently
Seek out people who believe in you and your capabilities
Summary
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Need to assess in more detail
1. causes
2. Marketing perception
3. Ideas
4. Other
Entrepreneurship ……can be a hard, lonely place
Tip 1: Make your own luck
Tip 2: Never Stay Still
Tip 3: Be careful when and how you use praise, but
use it lots when it’s really due
Tip 4: HR is your problem and your gold mine.
Engagement matters
Tip 5: Leaders do both the walk and the talk
Tip 6: Great ambition is achieved with small steps
Tip 7: Marketing can be cheap
Tip 8: Don’t forget shit happens to the best of us
Tip 9: Pay attention to people. They matter
Tip 10: The Client can tell people you are great or
terrible. Which will it be?