Millennials have overtaken boomers in insurance: Insurance Institute

Millennials have overtaken boomers as the largest cohort working in the P&C industry, according to research released on Tuesday by the Insurance Institute of Canada (IIC).

Two new reports researched and authored by the Conference Board of Canada—Demographics of the P&C Insurance Industry in Canada and A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada—unveil dramatic changes that are underway in the industry.

Millennials now account for 39% of the industry’s workforce, which is a higher percentage than the general Canadian labour force. And the face of the industry is now a 42-year-old woman; not the 60-something male many believe it to be.

Other key findings include:

• Tech is driving a need for people in the insurance industry who are wired to respond to perpetual change.
• IT, data and digital specialists are needed to build systems, analyze data, recognize patterns and draw insights from big data.
• In an increasingly tech-driven world, customer experience is quickly emerging as the key brand differentiator in property and casualty insurance.

“Any one of these key findings would be significant on its own,” Margaret Parent, director of the IIC’s professionals’ division, said in a news release. “Taken together, they represent change and challenge ahead for this industry.”

Learn more about the studies here.

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This story was originally published by Canadian Insurance Top Broker.