Millennials are the future of insurance and are increasingly showing interest in joining the industry
Published: September 19, 2018
Millennials are often touted as the future of the insurance industry, especially as a driving force behind adopting new innovations. The good news for insurers is millennials are increasingly seeking a larger role and turning to a career in insurance for opportunities.
Two studies – Demographics of the P&C Insurance Industry in Canada, and A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada – show that trend in employment throughout the 126,000 strong Canadian insurance industry.
The reports were published by the Insurance Institute of Canada (IIC) and authored by the Conference Board of Canada. Among the key findings in the studies include:
- Technology is driving the need for people in the insurance industry, “who are wired to respond to perpetual change.”
- Millennials have overtaken boomers as the largest demographic cohort in the P&C sector.
- Millennials account for 39% of the insurance industry’s workforce – a higher percentage compared to the general Canadian labor force.
- The insurance industry needs IT, data and digital specialists to build systems, analyze data, recognize patterns, and draw insights from big data
- Customer experience is emerging as the key brand differentiator in P&C insurance.
- The face of the insurance industry in Canada is now a 42-year old woman, not the 60+-year old male many believe it to be.
“Any one of these key findings would be significant on its own,” said IIC Professionals Division director Margaret Parent. “Taken together they represent change and challenge ahead for this industry.”
Millennials are an important part of the future of insurance, the study suggests. The reason is their ability to work with current technology and adapt to disruptive innovations as the market changes:
“The insurance industry needs service oriented people with creativity, flexibility and adaptability,” Parent explained. “These are the new in-demand skills the insurance industry needs to successfully navigate new technologies and new emerging risks.”