Workforce demographics a concern for insurance industry

Workforce demographics represent a major issue looming over the horizon, according to five senior executives sitting on the CIP Symposium 2007s leadership panel in Toronto.
Silvy Wright, the president and CEO of Markel Insurance Company of Canada, says she has often heard people in the insurance industry tell stories of how they simply fell into the insurance industry in the past, almost as if by accident. We need to turn that around, she said.
Karen Barkley, the president and CEO of ACE Canada, said the industry should focus in the future on managing recruitment with the long-term interests of the industry in mind.
It is not simply about recruiting new people into the industry, she said, but about making sure the current mix of employees is balanced so as to ensure the smooth transition of leadership succession. I believe companies will have to consider balancing their workforce with age groups, capabilities and expertise to move them fully through succession, she said. As much as weve complained over the years, the insurance industry is a great place to work and I think we all need to change the perception the public has about insurance.
John Kartechner, the senior vice president and executive committee member of Aon Re Canada, said industry recruiters should attempt to approach students at an early age possibly even as early as the high-school level. I can remember having different professions coming into talk to us in high school, but I cant remember the insurance industry coming in, he said.
Scott Tannas, president and CEO of Western Financial Group Inc., said one challenge for the industry is to meet the expectations of a young generation that enjoys learning and challenges. Such lofty expectations must be met even though the industry does feature some routine, mundane, albeit necessary tasks (such as data entry, for example).
George Cooke, the president and CEO of the Dominion of Canada General Insurance Company, noted workforce shortages might be exacerbated if insurers cant offer employees dynamic tasks, opportunities, tools and challenges in todays environment.
For example, Cooke said, if you are looking for IS [information systems] graduates and your principle system is 50-year-old technology, youre not going to get the best and brightest out of [the University of] Waterloo. Theyre going to go someplace else.