A CHANGING WORKFORCE: Impact of technology and demographics on the p&c insurance industry in Canada

Insurance Institute Northern Alberta

204-10109-106 Street, Edmonton, AB, T5J 3L7 [Map]
Date and Time: October 16, 2018 8:45 - Noon

A CHANGING WORKFORCE:
Impact of technology and demographics on the p&c insurance industry in Canada
MULTI-CITY TOUR

FALL 2018

Two key factors are impacting Canada’s P&C insurance industry: demographic change and technological-driven change

What are the impacts and how can the industry better prepare to tackle new challenges?

This fall, join the Insurance Institute on a multi-city tour to learn about and workshop the findings coming out of two new important reports:

  1. Demographics of the P&C Insurance Industry in Canada
  2. A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada

DID YOU KNOW? Demographic change is one of the key factors that will shape the industry’s workforce.

  • Based on the industry’s current age and retirement profile, more than one in four workers will retire by 2027. Most of these retirements will occur over the next five years.
  • A strong pace of recent hiring has supported a surge in the millennials’ share of the workforce over the past decade. Millennials now represent the largest cohort within the P&C insurance industry, ahead of both the Boomers and Generation X.
  • The P&C insurance industry scores highly on both job satisfaction and engagement. Eighty-seven per cent of employees said they were somewhat or very satisfied with their job.

  • DID YOU KNOW? Technological-driven change represents another key force impacting Canada’s P&C insurance industry.

    • Driven by the emergence of innovations in telematics, robotic process automation, and other digital technologies, the industry is being redefined. Three in four executives believe that technological change is advancing at a faster pace than they can adapt.
    • Industry executives believe that technological trends, including incorporating big data analytical capabilities into operations, meeting the rising demand for cyber insurance, and investing in digital engagement with customers will contribute to job gains.
    • The two areas identified as having the most potential by industry executives in the next five years are digital quoting and binding, and implementing blockchain technologies into their operations.

    Who should attend?

    • Insurance professionals in various stages of their career who are interested in gaining personal insight into how roles and skills in the industry are are changing.
    • Human resources professionals who are concerned about their talent management strategies.
    • Business owners and managers who are interested in a big picture perspective of where the industry is today, and where it is going in the near future.
    • Industry leaders who are making important decisions about technology and talent.

     

    Presenters:

    Michael Burt, Director, Industrial Economic Trends, Conference Board of Canada

    In his role with the Conference Board of Canada, as Director, Industrial Economic Trends group, Michael Burt is responsible for overseeing the maintenance and production of regular forecasts for more than 40 different sectors of the Canadian economy. He is also the project manager for the consulting work that the group completes. Michael conducts research on a variety of topics related to industrial performance and has completed many studies examining the impact of socio-economic variables on the performance of the private sector. Michael is also a spokesperson for the Conference Board and does presentations on the industrial forecasts to clients and the public and is often cited in the media.

    Michael joined The Conference Board of Canada in 2004 as the industrial forecasting product was being developed. As a result, he was deeply involved in the creation of the industry models and laying the groundwork for how the analysis would be conducted. Prior to that, Michael worked in the industry forecasting group at Moody's Analytics, an economic consulting firm in the United States. He has nearly twenty years of experience conducting industry forecasting and analysis, a Master's degree in economics from the University of Toronto, and has also completed the Chartered Financial Analyst program.

    Margaret Parent , Director, Professionals’ Division, Insurance Institute of Canada

    Margaret is responsible for the Institute’s graduate community nationally (CIP Society), for the Institute’s Research Division, and for promoting careers in the insurance industry through the Institute’s Career Connections and mycareer career mapping programs. In her 12+ years with the Institute, Margaret has overseen the Institute’s Demographic Analysis of the P&C insurance industry’s workforce in Canada in 2007, 2012, and in 2017/18 (study currently in progress). Margaret also directs the Institute’s Emerging Issues Research Series, publishing insightful research reports on the issues impacting the P&C insurance industry in Canada. Previous topics have included cyber risks (2015), automated vehicles (2016), and sharing economy (2017).

    Visit www.insuranceinstitute.ca/research to find out more.