The Insurance Council of Australia (ICA) yesterday launched its first roadmap setting out the strategies insurers can use to attract and retain employees with the range of skills required to meet current and future industry needs.
The report, “Insurance Industry Talent Roadmap”, outlines a comprehensive six-year strategy designed to draw talent to an industry that provides purposeful and rewarding careers through a wide range of occupational opportunities.
Using data from the Australian Bureau of Statistics and the industry, the roadmap estimates that 30% of the current insurance workforce is set to reach or exceed retirement age by 2030, making talent attraction, retention, and growth for this dynamic industry more important than ever.
The roadmap has identified four significant workforce challenges confronting the insurance industry:
-
Talent and skills shortage
-
Climate change impacts on insurers’ workloads
-
Reaching diverse talent
-
An ageing workforce
The roadmap sets out the actions insurers and the ICA must take to meet these challenges, including promoting industry capability.
To support this objective, the ICA is concurrently launching an advertising campaign in Queensland and New South Wales highlighting just some of the career opportunities available in insurance. The campaign will run over three months and feature real people who work in insurance and the meaningful work they do on behalf of Australians every day.
Both initiatives represent a coordinated effort by the insurance industry to build a strong, diverse, and capable workforce that can meet the challenges of the future.
ICA CEO Andrew Hall said, “Insurance is a cornerstone of Australia’s economy, with many different types of rewarding roles on which to build a career.
“From frontline community assistance to data analysts understanding where AI can transform insurance, there is a wealth of job opportunities in insurance in Australia.
However, recent research conducted by the ICA found that Australians have a limited understanding of the diversity of roles and the exciting career opportunities that exist in our industry.
“With 30% of the sector set to reach or exceed retirement by 2030, we need to do everything we can to make known the fantastic opportunities to build a rewarding career.”
Many insurers are already leading work in this space; however, the ICA also knows that more work needs to be done.