The growing importance of behavioural analysis

In this IIL London Market lecture Ulrich Seega talked about how managers can make behaviour based decisions to conquer two big challenges in an ever so changing world: hiring and developing the best person a) for the job at hand and also b) for culture, performance and individual potential.

The abundance of capital, the speed of technology development, and changing regulation have an unprecedented and direct impact on the world of insurance. Underwriting and broking processes are under review. Efficiency wins over top-line growth and tasks that were previously conducted twice a year are now happening in real time. The concept of hard and soft markets does not seem to exist anymore.

The impact on people is huge: The technical functions need to be faster and a higher emphasis on relationships, presentation skills and strategic thinking is required. Front-line staff need to be more technically savvy and are required to know more about the product detail. A higher level of strategic input is required from functions that in the past were rather removed from business strategy. All in all, change is more present and more complex than it has ever been.

What is the impact on individuals, hiring processes and talent development?

People naturally lean towards others similar to themselves. They also find it the easiest to judge future performance based on historic track record. In an ever so changing world however, talent decisions, and with it the quality and sustainability of those decisions, need to be more reliable, transparent and supportive of a reduced bias. By assessing behaviours in addition to skills talent decisions and team effectiveness can be tremendously improved.

The study of human behaviour dates back many 100 years. The Doctors Joyce and Robert Hogan however, were the first to claim a direct link between personality and performance. They have been around with their assessments for over 30 years and modern data helps them and others in the market to become more reliable and tailored.

Current forms of assessments range from face to face interviews to questionnaires that are facilitating large-scale volume driven research & assessments as well as highly tailored individual insights.

An introduction to tools and case studies were provided to showcase the impact this approach can have on companies and individuals.

By the end of this lecture members would have gained an insight into:

• Importance of behaviours (performance, ethics, regulation)
• Tools of behavioural assessments
• Application of those tools in recruitment and development

Chair:
Lynsey Cross (formerly COO, AmTrust International)

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