As the world continues to wade through the unrest of the last two years, this year is set to bring more changes to the workplace – not least to the insurance industry. In fact, in it's 2023 Global Insurance Industry Outlook report, Deloitte commented that our industry is at a crossroads to shaping long-term success. They also added that those organizations who “effectively transitioned during the pandemic to a remote workforce, as well as virtual customer and distributor engagement, could be better positioned to capitalize on a more agile digital infrastructure.” So, if your firm embraced remote working and all that came with it, you might be one step ahead of the game.
But there are two sides to every story. Although the pandemic fueled the digitization of our industry – from our working styles through to consultancy processes – it also increased employee expectations. To ensure you’re prepared for what the future holds, let’s explore one of the biggest L&D challenges facing the insurance industry this year.
A focus on long-term skills building
According to a recent PwC survey, 39% of insurance professionals think their job will be obsolete within five years. So, it’s no surprise that high-performing employees are focused on building long-term skills to future-proof their careers. But this long-term view isn’t typical behavior for insurance workers, and it certainly hasn’t been the focus of our organizational development. So, this shift in employee mindset and ambition means L&D have to do something different once and for all.
In 2023 and beyond, we need to become more intentional about upskilling. Instead of focusing development budgets solely on inductions and compliance, it’s time to provide team members with the opportunity to develop broad skills that they might not have the opportunity to develop otherwise. Now is the time to move away from our traditional approach to career growth. Until recently, our employees have joined the firm, and worked their way up the metaphorical career ladder. They’ve stayed in incredibly similar fields, developing and harnessing a tight, specific group of skills to become a specialist. Today’s new talent is unlikely to follow that linear career growth – they need to be prepared for the squiggly career they may face.
New Level Partners (NLP), founded in 2001, specializes in training solutions for the Property and Casualty Insurance Industry. NLP designs, develops, and delivers customized and interactive training programs, both instructor-led and web-based. Learn more at https://www.newlevelpartners.com #NetVUSilverPartner #NetVUPartner