Millennials are not only playing a bigger role in the insurance workforce, but are needed by insurers in order to drive innovation in the digital market, two recent studies have found.
The two 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 both published by the Insurance Institute of Canada (IIC) and authored by the Conference Board of Canada. The reports sought to uncover any trends in the property and casualty insurance sector, which currently employs over 126,000 Canadians.
The key findings of both studies include:
- Technology is driving the need for people in the insurance industry, “who are wired to respond to perpetual change.”
- Millennials have overtaken boomers as the largest demographic cohort in the P&C sector.
- Millennials account for 39% of the insurance industry’s workforce – a higher percentage compared to the general Canadian labor force.
- The insurance industry needs IT, data and digital specialists to build systems, analyze data, recognize patterns, and draw insights from big data
- Customer experience is emerging as the key brand differentiator in P&C 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,” commented IIC Professionals Division director Margaret Parent. “Taken together they represent change and challenge ahead for this industry.”
The findings all together suggest that the insurance industry, in order to keep up with technological and customer service demands, will need a workforce that is tech-savvy, resourceful, and consumer-friendly – a job that millennials might be perfectly suited for.
“The insurance industry needs service oriented people with creativity, flexibility and adaptability,” Parent explained. “These are the new in-demand skills the insurance industry needs to successfully navigate new technologies and new emerging risks.”