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McKinsey report on The Future of Life Insurance identifies reskilling and “future proofing” of workforces as a major opportunity

In its recent report called “The future of life insurance: Reimagining the industry for the decade ahead”, McKinsey identify three key priority areas for Life Insurers to focus on, including investment in people:

1. Personalisation – personalise every aspect of the customer experience
2. Product innovation – develop flexible products for a challenging regulatory and low interest rate environment

3. People investment – reinvent skills and capabilities

Focusing here on the third element, the report identifies the ageing of the employee workforce and the need for new employees to have appropriate learning opportunities:

In the war for digital talent, life insurance companies are at a disadvantage. The financial-services industry trails other sectors in volume of digital and tech talent. In fact, 80 percent of millennials say they have limited knowledge of the insurance industry, a troubling sign for an industry in which 25 percent of employees believe themselves to be within five to ten years of retirement.

Seventy-five percent of global executives agree that upskilling and reskilling employees must account for at least half of their skills gap solution. Life insurance companies that prioritize those efforts and develop operating models capable of responding to changing demands will distinguish themselves from peers and position themselves at the forefront of “future-proofing” their workforces
.”

 

Find out more about the TDI Academy

 

Hugh Terry is CEO of The Digital Insurer (TDI), which is the world’s largest knowledge and community platform on digital insurance. TDI’s purpose is “working together to accelerate the digital transformation of the insurance industry”. More information on the TDI Academy can be found here.

 

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