Earlier in May, I had the pleasure of attending TAI’s annual user group meeting. For those who have been long time clients of TAI, you’ll come to appreciate that this is one of the premier reinsurance-centric meetings in North America, and a fantastic meeting to network with peers and discuss trends & challenges encountered in reinsurance administration.
As head of Marketing, I always encourage staff to speak at meetings and conferences, it is a great way to develop public speaking skills and also share our success stories and learnings. Brittainy and Lisa from our Reinsurance team delivered a breakout session that can act as a great resource to managers or new hires as they tackle the first weeks of their recently hired reinsurance administrators/analysts.
The first few days of any new job is a critical time period for both the new employee and the hiring manager. For new hires, it’s your time to shine and determine if the role and environment are right for you. 90% of companies believe employees make the decision to stay within their first 6 months. For managers, it’s your time to determine if this person is capable of fulfilling and progressing in their role AND there may be times where someone may seem to fit well during the interview, but later may not be the case.
In the world of reinsurance administration, the first 100 days can be intense and they require focus and determination! How can you make sure the right processes are in place to reduce the time to productivity and get on a path of high performance, ensuring success for all stakeholders?
Whether you are in your first 100 days of reinsurance administration or anticipating to lead new hires to address the influx of retirements to come over the next few years, by mastering the 4 phases below, you’ll be sure to witness the rise of a reinsurance analyst.
Phase 1: The Hiring Process
The first phase actually begins before the first 100 days. Unfortunately your ideal candidate isn’t just going to walk through the door (although that would be nice!). To find a strong team of reinsurance administrators you’ll need an adequate hiring process.
What does this look like?
- Meet potential candidates by networking at industry events
- Implement education internships or student work terms to gain access to young talent
- Use tools such as LinkedIn to facilitate finding candidates
- Be present on social media as younger generations like to congregate on these platforms
- Join relevant LinkedIn Groups to find active and engaged professionals
- Develop a consistent hiring approach
- Hire for skill AND fit, it is important to hire candidates that can champion your company culture
- Have others within your organization and not only your immediate team involved in the hiring process. As you know reinsurance administration works closely with other teams, have others such as actuarial involved in the hiring process
Phase 2: Onboarding
Congrats! You found candidates to start the journey of becoming reinsurance analysts. It’s time to kick off the first 100 days. The key to successful onboarding is having a structured program in place. Why?
Employees who attend structured programs are
- 69% more likely to remain after 3 years*
Organizations with structured programs enjoy:
- 60% year-over-year improvement in revenue.
- 63% year-over-year improvement in customer satisfaction.
* Stats pulled from SHRM Foundation’s Effective Practice Guidelines Series
So what are the key phases and activities of a staff onboarding program? At LOGiQ3, we take pride in our onboarding program, here are some key highlights:
- A company-wide email including a photo of the new hire (allowing those who work remotely to put a face to the name) is sent to everyone to properly introduce them
- Each new hire is surprised with a giant welcome basket with personalized items to make them feel extra special
- During the first day, the hire will not be set up on their computer yet. Their first day is all about meeting the teams and absorbing the culture!
- During the first week, the new hire is scheduled to meet with every team and its members to understand the entire company’s philosophy and services! This includes the CEO and Co-Founders!
- During the first month, a Culture Indoctrination Meeting is conducted by our Head of Culture to fully immerse the new hire into our culture and set performance expectations
Phase 3: Training and Development
This phase can take many shapes and forms and will likely be incorporated into part of the onboarding phase. So what kind of training is part of our strategy to get reinsurance administrators into tip top shape?
Here are some that we’ve implemented and have experienced great results:
- Introduction to educational industry courses
- Get them familiar with the tools they’ll be using on a daily basis.
- Freedom2Play, we set up test TAI environments to encourage our analysts to try without the fear of making changes within the production environment
- Case Clinics (It’s also something our underwriting experts engage in)
- Leverage the online world of resources. Our team actively contributes to the reinsurance community by blogging about reinsurance questions, issues and processes they come across (Here’s is a great one for reinsurance admin newbies!)
Phase 4: Quality Assurance
Why is this important and what do you do to insure QA?
- Present your work, have new hires walk you through their thought processes to illustrate their understanding and comprehension of the theory of reinsurance and the function of their job. At this stage the thought process is the most important part of solving the problem. The answers are almost secondary
- Develop a list of functional job task that are testable and throughout the first 100 days test often and provide feedback where necessary
- Peer Review. Have senior members of your team review their work and offer feedback (this is a great development opportunity for your senior staff and facilitates the knowledge transfer required for effective succession planning
Can you see it? The light at the end of the tunnel! New hires -you’ve made it through the first 100 days as an administrator, and managers – you’re contributing the rise of reinsurance analysts and also being proactive in addressing the future challenges of upcoming retirements! This is just the beginning of a successful journey ahead. Continue the progression through ongoing training, development and education.
Download our Training Guide for Reinsurance Managers and start mastering these four phases.