On behalf of the industry, The Institute started
conducting demographic research in the summer of 2007. This came about as a
direct response to the industry’s concerns about human capacity issues such
as recruitment, retention, succession planning, and education and training.
The
Institute believes that the first and now this second research study provide
information that is valuable to our stakeholders and the industry, inform
the initiatives of the Institute’s Career Connections program, and provide
employers with the impetus and information to develop and implement
appropriate strategies to meet their future human resource requirements.
The 2007-08
Research Study
The
first research report, entitled “A Demographic Analysis of the Property &
Casualty Insurance Industry in Canada 2007 –2017,” was published in May
2008. The purpose of the first study was to conduct a census of the
demographic composition of the insurance industry and to forecast human
resources needs and capacity into the future.
Forty-three (43) insurance and reinsurance companies, adjusting firms, and
brokerage firms provided demographic data on their current, and in some
cases terminated employees. As well, four insurance councils/regulators
provided demographic data on their membership. The Insurance Institute was
extremely pleased with the response and the submission of nearly 80,000
records (plus 10,000 terminated records).
The
final report (available as an Executive Brief, Executive Summary and Full
Report, below) provides the analysis of the data, projections on the growth
of the industry work force over the next 10 years, and recommendations
regarding the strategic implications of demographic trends for the insurance
industry’s work force.
DOWNLOAD:
A Demographic Analysis of the Property & Casualty Insurance Industry in
Canada 2007-2017
The 2008-09 Research Study
As a
continuation, this second study provides more information about the four
strategic labor market segments (youth, immigrants, aboriginals, and mature
workers) and how best to attract potential new recruits within these cohorts
to the insurance industry. The study comprised four components:
- Develop a statistical portrait using Statistics Canada Census 2006 data
and other sources, in order to know more about the characteristics and
labor market participation of these four cohorts.
- Conduct an extensive literature review of web sites, government
policies, and research studies in Canada and U.S., in order to gather
best practices in recruitment and retention outside the industry that
have been targeted at these cohorts.
-
Survey the senior HR professionals within the industry to identify
initiatives and resources that support recruitment and retention, in
order to understand the organizational, financial, and other resources
that are available to support recruitment and retention efforts within
the P&C industry.
-
Survey the industry’s current employees in strategic occupations and
cohorts on their jobs and career development.
The final report (available as a Full Report and an Executive Summary,
below) provides those concerned about human capacity issues with a resource
comprising a whole range of information – greater understanding of
incentives and drivers, tools and checklists to reference, and examples from
other sectors – that will help in the development of a multi-pronged
approach for recruitment and retention.
DOWNLOAD:
A Demographic Analysis Part II:
Recruitment and Retention Issues in the P&C Insurance Industry in Canada
The
Institute would like to express its appreciation to the project team at
R.A.L. Consulting, and in particular Dr. Richard Loreto, for his expertise
and guidance through the research studies and the writing of these reports.
If you have any questions or comments regarding the research, please e-mail
iicmail@insuranceinstitute.ca.
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