The Impact of Employee Retention, Wellbeing, and Inclusion in the Insurance Industry

 


Behind every claim processed, every policy written, and every customer query answered in the insurance industry, there’s a person. And lately, companies are waking up to a simple truth: if you want your business to thrive, your people need to thrive too.

Human resource management is to effectively manage an organization's workforce to meet desired objectives and goals. This model integrates all traditional personnel functions, including job design, recruitment and selection, human resource development, rewards systems, and career management, to achieve organizational strategic outcomes and objectives, replacing earlier models such as personnel administration and management. (Management.com, 2021)

Let’s talk about what that really means-and why retention, wellbeing, and inclusion are no longer just HR buzzwords, but business-critical strategies shaping the future of the insurance industry.

Retention: Keeping Talent Means Keeping Trust

The insurance sector relies heavily on experienced professionals. When those people leave, they don’t just take knowledge with them-they take relationships, trust, and continuity. That’s why retaining employees is about more than reducing turnover rates. It’s about building long-term value.

Companies like Prudential and Zurich are now offering tailored career development plans, mentorship opportunities, and internal job mobility options. When employees feel they can grow where they are, they’re far less likely to look elsewhere. It’s not just about staying-it’s about staying engaged.

Wellbeing: Healthier Employees, Healthier Companies

The insurance business is no stranger to stress. Deadlines, regulatory pressure, and emotional client interactions can take their toll. Add to that the lingering effects of the pandemic, and it’s no wonder employee wellbeing has become a top priority.

This increasing importance on HRM has undoubtedly established a new set of responsibilities with far-reaching repercussions for HR professionals. In particular, the rise of HRM as a panacea for merging corporate strategy and people management has presented personnel practitioners with a new set of role demands, professional challenges, and management expectations. The ethical consequences of these demands and expectations are considerable and must be thoroughly examined. (Ekulma, 2015)

Forward-thinking insurers like Bupa have introduced holistic wellness programs that go beyond gym memberships. These include access to mental health counselors, flexible work hours, financial wellbeing workshops, and quiet spaces at the office for decompression. When employees feel supported-physically, emotionally, and mentally-they bring their best selves to work.

Inclusion: Belonging is the Key to Innovation

A diverse workforce isn’t just the right thing to aim for-it’s also smart business. Different backgrounds bring different perspectives, which lead to better problem-solving and more innovative thinking. But inclusion isn’t just about numbers-it’s about creating a culture where everyone feels seen, heard, and valued.

Take Aviva’s "Be You at Work" initiative, for example. It encourages employees to share their stories, celebrate cultural moments, and get involved in Employee Resource Groups (ERGs). It’s one thing to hire diverse talent-it’s another to make sure they feel like they truly belong.


The Ripple Effect: Why This All Matters

When employees feel safe, supported, and included, it shows-in how they treat customers, how they work with each other, and how committed they are to the company’s mission. Happy employees lead to happier clients, lower attrition, stronger performance, and better reputations in the market.

Insurance is a people business at its core. And the companies that succeed in the long run will be the ones that invest in their people-mind, body, and heart.

Because when you take care of your team, your team takes care of everything else.


References List

Ekulma, K. J., 2015. Human Resource Management Ethics and Professionals’ Dilemmas: A Review and Research Agenda. [Online] 
Available at: https://www.researchgate.net
[Accessed 08 April 2025].

Comments

  1. Pawan AmayuruApril 17, 2025 at 3:48 AM

    This blog does an excellent job of reframing key HR concepts retention, wellbeing, and inclusion not as buzzwords, but as essential pillars of a thriving insurance business. It highlights the human side of the industry, emphasizing that behind every transaction is a person who needs support, growth, and belonging. By showcasing real examples and tying employee experience to business outcomes, the piece reinforces a powerful message: investing in people isn’t just good ethics it’s smart strategy.

    ReplyDelete
  2. The Impact of SUSTAINABLE HRM FOR APPAREL INDUSTRYApril 17, 2025 at 4:04 AM

    Well-explained retention and well-being. When employees feel happy, healthy, the company grows stronger. So, people are key to a company’s success. Management.com (2021)
    Commented by Lahiru Randima

    ReplyDelete
  3. sadaniwijewickrameApril 17, 2025 at 4:31 AM

    "This piece effectively highlights how inclusiveness, wellbeing, and employee retention are essential to the insurance industry's success and go beyond HR tactics. Companies like Prudential, Zurich, Bupa, and Aviva are instances of how investing in people improves overall corporate performance, fosters stronger relationships, and fosters innovation. Employees are obviously more involved and dedicated when they feel appreciated and supported, which eventually helps the company and its customers. I appreciate you bringing these important facets of contemporary HR procedures to light. ​

    ReplyDelete
  4. Rashini Maleesha DevindiApril 17, 2025 at 4:37 AM

    This is a beautiful message that most captures the ripple effect of this people-first culture. When the staff feel seen, safe, and included, their positivity and allegiance spill over automatically to customers and co-workers. In a trust-oriented profession like the insurance sector, that emotional connection can’t be underestimated. It directly influences service quality, client loyalty, and brand value. The reminder that "caring for your people means they will take care of the rest" actually makes very much the point that employee welfare is not solely an HR goal, it is a business necessity.

    ReplyDelete

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