The Good News Stories Coming Out of the Latest Research
The insurance industry isn’t always viewed in the best light.
If you jump down to the comment section on any insurance-related news story, you’ll often find personal anecdotes describing disappointment with – or outright anger at – the industry.
As an insurance professional, you may have found yourself uncomfortably bracing while someone asks the “So what do you do?” question during introductions. You might have even felt obligated to justify the how and why you ended up in the industry to an acquaintance.
And when someone unfamiliar with our workforce tries to describe the face of the industry, they often call to mind a white-haired middle-aged insurance salesman. While that remains a subset of the industry, it is by far no longer representative of the industry at large!
The latest round of the Institute’s demographic research offers the industry some great ammunition that can effectively deflect these outdated and ill-conceived views that have plagued us in the past. In Demographics of the P&C Insurance Industry in Canada, 2012-2027, the research shows that the face of the industry is in fact a 42-year old woman who is most likely a people manager in underwriting or claims. The industry is actually 62% female, and millennials (those aged 22 to 37) now represent 39% of the industry (up from 27% in 2012), making us younger than the general labour market.
And for an industry that is often viewed negatively from the outside, from the inside, the view is encouragingly positive. In fact, 87% of employees surveyed say they were somewhat or very satisfied with their job in 2017. Ninety seven percent of industry employees somewhat agree or strongly agree that they contribute to their company’s success; and 94% indicate they are proud to work in the insurance industry. Now those are some good news stories to share!
And more surprises come out of the Institute's companion report published this fall. In A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada, a survey of top executives reveals that the industry is looking at innovation, analytics and data analysis, as well as creativity and flexibility, as key skills for future recruitment.
A younger, more technologically inclined and nimble workforce may mean that the adoption of new opportunities such as digital quoting/binding and blockchain will happen at a faster rate. Which could have a surprising effect on how the industry looks to the outside world in the future.
GTA Members: Join us for an opportunity to gain valuable insight into the research reports at the TORONTO TALENT SUMMIT on November 19th. Find out more and register.