Big data and cyber risk redefining the insurance industry and driving need for talent wired to respond to continual change
Toronto, ON (Sept. 18, 2018) – The Insurance Institute of Canada (IIC) today released two studies that reveal the dramatic changes underway in the property and casualty insurance sector which employs more than 126,000 people in Canada.
The studies, Demographics of the P&C Insurance Industry in Canada and A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada, were researched and authored by The Conference Board of Canada, and published by the IIC this month. Together they reveal important insights on the industry’s current and future workforce and how technology is redefining the industry’s talent needs.
Key findings include:
- Tech is driving the need for people in the insurance industry who are wired to respond to perpetual change.
- A seismic demographic shift has taken place in the insurance sector with millennials overtaking boomers as the largest cohort in the sector.
- Millennials now account for 39 percent of the insurance industry’s workforce – a higher percentage than the general Canadian labour force.
- IT, data and digital specialists are needed to build systems, analyze data, recognize patterns, and draw insights from big data.
- In an increasingly tech-driven world, customer experience is quickly emerging as the key brand differentiator in property and casualty insurance.
- The face of the insurance industry in Canada is now a 42-year old woman, not the 60+ year old male many believe it to be.
“Any one of these key findings would be significant on its own,” said Margaret Parent, Director, Professionals’ Division, IIC. “Taken together they represent change and challenge ahead for this industry.”
“The insurance industry needs service oriented people with creativity, flexibility and adaptability,” added Parent. “These are the new in-demand skills the insurance industry needs to successfully navigate new technologies and new emerging risks.”
For more information on the studies, please visit www.insuranceinstitute.ca/research.
About the Research
As a direct response to the industry’s concerns about recruitment and retention, the Institute started conducting workforce demographic research in 2007. These research reports have been invaluable to industry employers as they develop and implement their talent management strategies. The reports also inform the initiatives of the Institute’s Career Connections program and mycareer resources, and influence the educational offerings of the Institute.
About the Insurance Institute
The Insurance Institute of Canada is the premier source of professional education and career development for Canada’s property and casualty insurance industry. Established in 1899, the Institute is a not-for-profit organization serving more than 39,000 members across Canada through 19 volunteer-driven provincial Institutes and Chapters.
Source: Insurance Institute of Canada (IIC)