Demographic research - coming fall 2018!
As you hopefully already know, the Institute has been conducting demographic research for the benefit of the industry since 2007. Our previous reports (2007, 2009 and 2012) have provided valuable insight into the current state and future talent needs of the Canadian p&c insurance industry.
For this latest round of research (2107/2018), the Institute has contracted with the Conference Board of Canada, and the research has been conducted in five phases of data collection and analysis beginning in April 2017. As in previous years, the research will be published in three formats, scheduled for distribution this fall:
1. The full report
2. The summary
3. The brief (with infographics)
As we wait for the full story behind the latest research to develop, we have begun telling the parts of the story we know at key events and via trade publications.
Notably, we understand that a number of themes have emerged in the research, including:
Millennials in insurance
Women in insurance
Impact of retirements
Entry to exit ratios
Impact of changing skill sets
Impact of technology on the workforce
Satisfaction and engagement in the industry
Margaret Parent, Director, Professionals’ Division and lead on the Institute’s demographic research projects since the beginning, has presented research highlights at IIO-GTA's Symposium event on April 10, and at Insurance Business Canada's Millennials in Insurance event on April 24.
But don't worry, you haven't missed the main event(s)! Margaret, along with the Conference Board's Michael Burt, will be touring the country to bring you the full research story in 10 key centres between October and November 2018. A full-day event capped by a Talent Summit is being planned for the GTA. Locations and dates will be released shortly.
In the meantime, we encourage you to look for the demographic research in the news, including coverage in Canadian Underwriter and a regular column in Canadian Insurance Top Broker Magazine.
List of demographic articles to date:
Preparing for the Demographic Revolution | October 2017 | Special Interest Feature | Canadian Insurance Top Broker
How to attract more young people to careers in insurance has been a concern for CEOs and human resource (HR) managers in the Canadian property and casualty insurance industry for years. When the Insurance Institute of Canada undertook its first round of research into the demographics of the industry in 2007, the findings confirmed the fears of many. The baby boom generation made up to 49 percent of the workforce, while millennials were a mere 12 percent - significantly below their representation in the general labour market.
Millennials Rising | January 22, 2018 | Feature | Canadian Underwriter
Some would say the property and casualty (P&C) insurance industry is likely to change more over the next five years than it has in the past 50 years. That may well be true if the industry can fully embrace technological advances like artificial intelligence and machine learning, big data analytics, internet of things, insurtech, blockchain advancements, and more. It is even more likely if the industry has a workforce that can keep pace with these innovations.
P&C industry faces looming shortage of IT workers | April 11, 2018 | News | Canadian Insurance Top Broker
IT workers in Canada’s property and casualty insurance industry are starting to resemble the legacy systems they are servicing — nearing retirement.