Let’s face it; we live in a digital era where everything is online. Everything. Technology has transitioned drastically and has the ability to transform even the insurance industry. Future talents have now become so tech savvy, that they have changed multiple industries into virtual businesses.
The broking industry has managed to stay the same for many years, with few looking to disrupt the industry and ignite a hunger for technological advancement, despite current digital trends. Whilst there is an increasing expectation from clients to deal with insurance in a more user-friendly way, there hasn’t yet been a push for brokers to be innovative; instead the industry still relies on the pen and paper.
So in order for the broking industry to catch up to their clients and societies expectations, future talent is needed to revolutionise insurance broking. The greatest way for brokers to attract future talent would be increasing the focus on digital technologies. Young talents of today are looking online for opportunities; and they expect certain aspects of a job to be tech-enabled and easy to use.
This lack of technological advancement within insurance could be contributing to the large talent gap in the industry; McKinsey and Co. have reported that:
25% of professionals in insurance will retire by 2018
Not only has the absence of modern technology repelled future generations from joining insurance, but also shows a lack of progression, where customers are not the heart of the proposition.
Recruitment of the future generation is necessary in keeping the insurance industry alive. A forward thinking broking house would allow additional opportunities that a tech enabled business could bring from increased efficiency, to delighted clients. Therefore broking houses need to prioritise reducing the skills gap before it's too late.
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