Addressing Attrition Rates: How Insurers Can Overcome the Great Resignation Legacy | Melvin Gladstone | Chief Human Resource Officer | Zuno General Insurance

India’s nearly $5 trillion economy is witnessing a bold transformation—and the insurance sector is at the forefront. Growing at a projected 7.1% annually, the fastest among G20 nations, this dynamic industry is entering a defining phase. For HR leaders, it’s not just about managing growth—it’s about shaping it. The opportunity before us is clear: to build a resilient, future-ready workforce that powers sustainable impact.

As per KPMG, the industry will need an additional 175,000 professionals by 2025, especially in core capabilities like underwriting, risk, analytics, and claims. This signals more than demand—it signals a once-in-a-decade moment to rearchitect how we attract, develop, and engage talent.

Rewriting the Talent Playbook

Traditionally, insurance has offered careers built on stability, trust, and purpose. But we’re now in a new world—one shaped by changing employee expectations, digital disruption, and the echoes of the Great Resignation. This is our moment to move from legacy-driven structures to human-centered transformation.

Many insurers have responded by doubling down on hiring. But today, the shift must go deeper: from reactive recruitment to proactive workforce design. From short-term fixes to long-term culture building. From talent supply to talent sustainability.

Converting Challenges into Catalysts

Attrition across the broader BFSI sector continues to be a concern—with some institutions reporting 25–40% churn in FY24. For insurance, this challenge is also a catalyst. It has sparked an industry-wide movement toward more agile, inclusive, and digitally enabled workplaces.

We’re witnessing focused investments in critical areas—upskilling for AI and data science, nurturing digital underwriting capabilities, and enabling cross-functional collaboration. The cost of losing institutional knowledge is too high. The response must be smarter talent strategies that embed learning, innovation, and retention at the core.

Evolving the Employee Value Proposition

Attracting and retaining top talent now hinges on delivering three non-negotiables: flexibility, growth, and purpose.

Flexibility: Hybrid models, asynchronous work, and digital collaboration are no longer fringe benefits—they are baseline expectations. Organisations that offer genuine work-life integration are seeing stronger engagement and higher stickiness.

Growth: Employees—especially younger professionals—want accelerated learning and visible progression. Forward-thinking insurers are enabling this through curated leadership journeys, cross-functional moves, and targeted upskilling in high-growth areas.

Purpose: Meaningful work matters. Our role in safeguarding financial well-being, building community resilience, and delivering social impact gives us a compelling story—one that can inspire loyalty and pride when communicated authentically.

Leadership That Listens and Empowers

True transformation begins with leadership that is visible, empathetic, and deeply engaged. At our best, we are cultivating workplaces where every employee feels heard and valued—through regular town halls, stay interviews, and transparent two-way dialogue.

We’re also leveraging HR analytics to act with insight—identifying early warning signs of attrition, designing tailored interventions, and tracking sentiment in real time. Data is helping us humanize decisions, not replace them.

Building the Workforce of Tomorrow

The Great Resignation didn’t just disrupt—it revealed the fault lines in traditional approaches. But it also opened the door to renewal. We are now building holistic employee journeys—combining wellness, growth, and inclusive leadership into one seamless experience.

From AI-enabled surveys to personalized learning platforms and digital wellness apps, we’re evolving the way we engage our people. And we’re doubling down on our mission—not just as insurers, but as enablers of financial freedom and prosperity.

Momentum is building. Between January and July 2025, insurance job postings have surged nearly 28%—a clear signal that the sector is regaining confidence. But hiring alone is not the victory. The real win lies in converting this growth into enduring loyalty and performance.

A Defining Moment

This is more than a growth phase—it’s a reset. The legacy of the Great Resignation can be a launchpad for reinvention. Insurers who lead with empathy, invest in people, and build values-driven cultures will not only withstand disruption—they will shape the very future of work.

Because in the end, building a resilient workforce isn’t just good HR strategy. It’s good business.