Featured in "Best's Review" Article: A Needle in the Haystack
Marc Gyimesi, one of TCG’s Senior Search Consultants who specializes in P&C Insurance recruitment, was recently featured in an article in AM Best’s magazine, “Best’s Review” for May, 2017. The article focuses on the search for chief digital officers to lead insurers' digital transformation strategies and asks, "Is demand for that talent outstripping supply?" Here is an excerpt of what Marc contributed.
The Talent Search
In addition to the salary, compensation may include other incentives. "We're also seeing the growing use of hefty bonuses for benchmarks and milestones hit during a CDO's tenure," Gyimesi said.
The Digital Vision
Show CDOs the land of opportunity they have before them, Gyimesi suggests.
Often, the role is a stepping stone for more senior-level positions -- even CEO. "Because these are very business-savvy executives who understand the drivers of the P&L and are constantly being exposed to all facets of that statement, they'll often find themselves vetted for broader opportunities in the company," he said.
Building a Team
COOs also face challenges when trying to attract talent and put together their own teams, Gyimesi said.
"Most people coming out of college don't wake up one day and say, 'I want to work in insurance,'" he said. "CDOs need to lay out their vision and find individuals excited about what they're working on and that possess the technical skill sets needed to be successful on those projects. They can also develop their own talent, if necessary."
The Beginning of the End?
For now -- or at least for the next several years -- CDOs will remain a valuable asset in insurance, Gyimesi said. As carriers continue to fight for market share and understand that the product they sell is a commodity-driven one, anything they can do to gain a competitive advantage from an internal process standpoint will add significant value to the P&L.
"So if a CDO can come into a company, improve its internal workings and analytics function and help collaboratively communicate with its customers, the ROI for the dollar amount companies are spending on that individual is a no-brainer," he said.
For the full article, go here: http://viewer.zmags.com/publication/7b46a2a9. (Must be a subscriber to view.)