Some would say the property and casualty (P&C) insurance industry is likely to change more over the next five years than it has in the past 50 years. That may well be true if the industry can fully embrace technological advances like artificial intelligence and machine learning, big data analytics, internet of things, insurtech, blockchain advancements, and more. It is even more likely if the industry has a workforce that can keep pace with these innovations.
The Insurance Institute of Canada’s demographic research over the past decade indicates that the last 10 years have shown significant changes already—at least in terms of the composition of the industry’s workforce. For years, the industry has talked about the need to attract youth to the industry. Preliminary findings from the 2017 demographic research census suggests a shift has taken place since 2007.
Margaret Parent, Director of the Professionals’ Division Insurance Institute of Canada
In simple terms:
In 2007, the biggest cohort of employees in the industry was ‘Baby Boomers.’
Now in 2017, the biggest cohort of employees in the industry is ‘Millennials.’
Understandably, the age profile of the industry has been a primary concern from the start. Here is how the industry’s demographic trend has evolved since the Institute’s first comprehensive research study in 2007.