We are in a whirlwind of change, primarily driven by significant transformations in the P&C insurance industry workforce demographics and career expectations. The Insurance Institute of Canada's report, Demographic Analysis of the P&C Insurance Industry in Canada, shows...
How do we attract new people to the industry and promote existing ones to leadership roles?
The Answer: Empowering the Rising Generations in Insurance
Studies show that most young insurance professionals can be their best and most productive selves when they have support, resources, and job skills. Therefore, your existing leadership team is responsible for providing the next generation with these key elements. In short, you can easily make empowerment a vital part of your organization's daily routine.
Being empowered gives staff the freedom to work how and where they want. And when they have this freedom, they feel super confident, productive, and happy with their career. But the best part? An empowered young professional gives clients and prospects an exceptional customer experience.
What Does Empowerment Mean to the Rising Generations in Insurance?
Test Your Knowledge
True or False?
Does the P&C insurance industry have a higher educational standard than the national average?
True
False
True
According to Demographic Analysis of the P&C Insurance Industry in Canada, the educational qualifications of the P&C insurance sector are on the rise. Only 26% of eligible Canadians hold a bachelor's degree or higher, while 43% of P&C employees have a bachelor's degree or higher.
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Jumping Into Different Talent Pools
The insurance landscape is no longer static. It’s dynamic and agile. Reliance on outdated, manual reporting is no longer sufficient in this new environment. If you want to remain competitive, it’s time to invest in data analytics to maximize the value of your data. Riches await those who do.
All post-secondary institutions, including those not offering insurance or risk management courses
Newcomers to Canada
Career changers
What are some of the strategies for attracting and retaining new talent?
While implementing data analytics into your agency has never been easier, the impetus to invest in data analytics never greater, and the time to adopt data analytics never better, a thoughtful approach and plan of action are key to success.
How to Make Data Analytics Work at Your Agency
Empowering the Rising Generations in Insurance
7-Point Framework for Attracting and Retaining Talent
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Hiring Campaign and Candidate Selection
Look for candidates who match 70% to 80% of the “must-have” skills and provide learning opportunities to train them on the rest.
2. Talent Sourcing
Reach out to unexplored markets, like retired, newly immigrated, and career changers.
3. Channel Strategy
Partner with professional affiliations like Professional Young Insurance Brokers (PYIB) and post-secondary institutions like Humber College to offer tailored curricula and work experiences to build a talent pipeline with relevant skills.
4. Compensation and Benefits
Ensure stable and predictable pay, especially for lower-wage and entry-level employees.
Use technology to improve ease of work, including language assistance and tools to accommodate older, newly immigrated, or neurodiverse employees.
6. Career Development
Design mentorship and sponsorship programs and schedule peer-to-peer coaching.
7. Culture
Develop communities of interest to support diversity, inclusion and belonging.
Want to learn more?
Discover practical solutions for attracting and retaining young insurance professionals in our eBook, Empowering the Rising Generations in Insurance.
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8.5%
of employees in the P&C insurance industry plan to retire by the end of 2026
55%
of employees in the P&C insurance industry are aged 35-54
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Strategies for Attracting and Retaining Talent
If you want to enhance your hiring strategies, one of the easiest approaches is to identify the areas that require improvement and begin from there. Some tactics for attracting and retaining top talent include re-evaluating existing hiring procedures, assessing and updating compensation and benefits to ensure they're competitive and appealing, upgrading outdated technology, introducing mentorship programs, and more.
5. Work Strategy