A CHANGING WORKFORCE:
Impact of technology
and demographics on the p&c insurance industry in Canada
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
join the Insurance Institute on a multi-city tour to learn about and workshop
the findings coming out of two new important reports:
- Demographics of the P&C Insurance Industry in Canada
- 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?
represents another key force impacting Canada’s P&C insurance
- 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
- 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.
leaders who are making important
decisions about technology and talent.
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
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.
Parent , Director, Professionals’ Division,
Insurance Institute of Canada
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).
www.insuranceinstitute.ca/research to find out