The boundaries between insurance companies and technology employers are becoming less distinct as digital platforms, artificial intelligence (AI) and data reshape the way insurers operate. Insurance companies are increasingly competing with technology firms, fintechs and global capability centres (GCCs) for professionals skilled in AI, cloud engineering, cybersecurity and digital product development.
For insurers, the shift goes beyond adopting new technology. It is changing the nature of work, the skills organisations need and the proposition they must offer to attract and retain talent.
In an interview with People Matters, Mrinal Sinha, Chief People Officer, Axis Max Life Insurance, discusses how the changing technology landscape is influencing talent competition, why compensation alone is insufficient to attract professionals and how AI could reshape workforce requirements over the next three to five years.
Why insurance companies are entering the technology talent market
Insurance technology has moved beyond traditional enterprise systems and back-end maintenance. Cloud-native architectures, API-led ecosystems and AI-driven decision-making now support functions ranging from customer acquisition and underwriting to servicing and claims.
At Axis Max Life, technologies such as predictive AI, Generative AI, intelligent automation and advanced analytics are being applied across the business value chain, Sinha said.
This shift has changed the responsibilities of technology professionals within insurance companies. Engineers, data scientists and product teams are increasingly involved in developing business-critical capabilities that influence revenue, productivity, risk outcomes and customer experience.
Sinha said the industry is now competing for many of the same talent pools as technology companies. The opportunity, he noted, also lies in applying technology to complex problems connected with financial security.
AI, cloud and data skills drive the competition
The strongest competition is emerging around specialised technology roles. Insurers are seeking professionals who can develop and manage digital infrastructure while delivering customer-facing solutions.
According to Sinha, the roles seeing heightened demand include:
AI and machine learning engineers
Data scientists and advanced analytics professionals
Cloud engineering specialists
Cybersecurity professionals
Digital product managers
Engineers building customer-centric digital experiences
Customer expectations are also influencing hiring requirements. Policyholders increasingly expect the same simplicity and convenience from insurance platforms that they experience with consumer technology products.
This is pushing insurers to strengthen their digital product capabilities and attract professionals who can build scalable, integrated systems.
How insurers are changing their talent proposition
Competing with technology firms, startups and GCCs requires more than offering conventional technology roles. Sinha said Axis Max Life focuses on production-grade AI challenges, end-to-end product ownership and the opportunity to work on systems operating at scale.
The company's engineering teams work on cloud-native platforms, Agentic AI workflows, machine learning-based underwriting engines and India Stack API integrations.
Alongside technical responsibilities, the organisation is placing emphasis on continuous learning and career development. Its academy-led learning ecosystem provides access to certifications, skill assessments and personalised learning interventions.
Internal mobility, cross-functional exposure, stretch assignments and mentoring are also part of its approach to employee development.
The company's workplace policies include parental and adoption leave, pet care support and Pragati, a returnship initiative for women re-entering the workforce.
These measures reflect a broader shift in how insurers are approaching talent attraction, combining technology exposure with learning opportunities and workplace support.
Compensation is no longer the only consideration
While compensation remains important, Sinha said candidates increasingly assess employers on a wider range of factors, including meaningful work, career progression, leadership quality and organisational culture.
Employees also place value on feedback, mentoring and opportunities to develop their capabilities. The relationship between managers and employees plays an important role in shaping their workplace experience.
For organisations, this means recruitment and retention require different considerations. Competitive compensation may attract professionals, but the quality of work, leadership and opportunities for growth influence their decision to stay.
Sinha highlighted talent identification, succession planning, development and internal mobility as important elements of the company's approach to employee engagement and retention.
What insurance companies can offer beyond technology roles
Insurance companies also bring a different dimension to technology careers through their distribution networks, customer relationships and commercial responsibilities.
Sinha said life insurance distribution can offer professionals early exposure to business ownership, including responsibility for markets, revenues, teams, customer relationships and business outcomes.
Such opportunities can help employees develop commercial judgement and leadership capabilities alongside their functional expertise.
He also highlighted the importance of human interaction in insurance. Building customer relationships, understanding financial protection needs and influencing stakeholders remain central to the business, even as technology automates routine processes.
For established insurers, exposure to different distribution models, customer segments and business functions can also create opportunities for employees to build broader professional experience.
How AI could reshape workforce requirements
Over the next three to five years, Sinha expects workforce requirements to become increasingly skills-based as AI takes on more routine and execution-led tasks.
Digital fluency, he said, will become essential across functions rather than remaining limited to technology teams. Employees will also need to learn how to work with and create AI agents to improve productivity and decision-making.
However, the increasing use of automation is also expected to place greater emphasis on distinctly human capabilities.
Critical thinking, problem-solving, judgement, empathy, collaboration and adaptability will become important differentiators, particularly in roles involving customer relationships and financial advice.
Sinha expects people managers to take on a stronger role in building capabilities, supporting technology adoption and helping teams adapt as responsibilities evolve.
This could also change traditional career progression. Skills-based talent management and career lattices may create more opportunities for employees to move across roles and functions rather than following conventional promotion pathways.
What will determine insurers' ability to attract technology talent?
The growing technology intensity of insurance could make the sector an increasingly attractive destination for digital professionals. However, Sinha said the ability to offer interesting challenges alone would not be sufficient.
He identified three areas that will influence insurers' ability to compete:
Meaningful technology challenges: Opportunities to apply AI, analytics and automation at scale, with visible business and customer outcomes.
Innovation-led culture: Greater autonomy, experimentation and faster decision-making, supported by modern technology environments.
Career development: Continuous learning, exposure to emerging technologies and opportunities for professional growth.
As insurance companies expand their use of AI and digital infrastructure, their competition for technology professionals is likely to extend beyond conventional hiring strategies.
For the sector, the challenge will be to combine technological capabilities with domain expertise, commercial understanding and customer relationships. As Sinha noted, insurers will need to position themselves not simply as financial services companies adopting technology, but as technology-enabled businesses solving meaningful problems.
