The CEO of Lloyd’s of London has said that the insurance industry worldwide urgently needs to attract the skills and talent of Millenials in order to secure its future. Only those businesses that can adapt and change with times will survive, Inga Beale
Speaking in support of Insurance Careers Month, Beale said that the pace of change is happening ten times faster than the industrial revolution, and that the digital revolution taking place right now is going to have 300 times the impact that the industrial revolution did over 150 years ago.
“During my 30 year career in the insurance industry I’ve seen the world transform at an unprecedented pace,” Beale said. “The pace of change right now means we need the best and brightest talent to join us to keep us modern, to cope with the innovation and technological capabilities that we all need to equip ourselves with.”
The Lloyd’s chief said digital natives are living in a different world to what the ageing insurance industry is used to.
“They’re multi-screening and adapting to new technologies that are quite foreign to someone like me,” she said. “We want to engage, encourage and excite those young people to come and join the insurance sector in order to secure our future. It’s only the business that can adapt and change with the times that will become successful.”
The insurance industry currently employs 2.5 million workers and nearly 400,000 new jobs will be added by 2020. But the number of insurance professionals aged 55 and older has increased 74% in the past ten years according to the US Bureau of Labor Statistics and AARP and the NACE Recruiting Benchmarks Survey. Insurance Careers Month aims to put a younger face on the industry through the recruitment of Millennials.