The Conference Board of Canada has published new research and recommendations specifically for the insurance industry, in a new report: Navigating the Transition, Identifying Pathways to Careers in the Insurance Industry.
In the report, authored by the Future Skills Centre (founded by a consortium of the Toronto Metropolitan University, Blueprint and The Conference Board of Canada), the researchers say insurance professionals and job seekers agree that a knowledge gap exists between the industry and job seekers about opportunities and pathways to employment in the industry. “Both groups agree that this is a considerable barrier to attracting talent,” they write.
Barriers for those interested in transitioning to the sector include the cost of formal training. Top transferable skills identified include communication skills, customer service skills and a willingness to learn. Additional skills include attention to detail, computer proficiency, a general knowledge of mathematics and good time management skills.
“If employers in the industry can attract people with many of these transferable skills, the employers can help the recruits acquire the technical and regulated competencies through education and on-the-job training,” they write, saying time and financial support to obtain education may also be needed from employers. “Participants who are mid-career workers emphasize that the idea of pivoting to a new and lucrative career in insurance seems exciting, but they often have families depending on them for support.”
They continue, saying the industry is expected to grow from 250,000 employees today to almost 300,000 by 2040, according to the Conference Board’s research. “Staring down these growth prospects, human capital is expected to remain a critical issue for Canadian insurance businesses in the coming years,” they state.
Recommendations from the study, conducted with Hamilton, Ontario’s Mohawk College, include promoting the sector (even with reports of ample job opportunities, job seekers do not appear to be aware of the opportunities or how to access them), providing financial support, identifying creative approaches to programming and expanding the availability of co-ops and work-integrated learning. “While social media and employee referrals are commonly used to recruit people to the insurance industry, more innovative and deliberate recruitment strategies are required.”
