Automated insurance industry could attract more young professionals
Published: November 24, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
The insurance industry is increasingly moving towards automated “paper pushing” and while this could mean less jobs in the future, it could also be a gateway for young professionals to enter the industry.
“Certainly, there has been much anticipation that technology will start to eliminate certain roles, and that the numbers of people required in the industry to ‘shuffle paper’ will become redundant,” said Margaret Parent, director of the Insurance Institute of Canada’s professionals’ division, responsible for the Institute’s Demographic Research study.
“But I think insurance as a career choice will be even more attractive to university grads if and when the job becomes more problem solving, advising and serving customers in a proactive or preventative way, rather than just ‘shuffling paper’ and ‘processing information.’”
New talent is a concern for the industry as more sectors compete for the best young professionals. Insurance is not always viewed as an attractive option, but growing technological innovation could spur employment growth.
However, technology and automated practices will also reduce the workforce. Last week, RSA Canada CEO Martin Thompson shocked attendees when he predicted automated tech could reduce the Canadian property & casualty insurance industry workforce by 40% over the next decade.
“While we will continue to require a pipeline of talent coming into the industry, new entrants will need to be a higher-level candidate since they will start in roles where they are assessing more complex risks without the opportunity to learn on simple risks, since the simple risks will be automated,” Parent said.