For the Insurance Industry, the Future Is Now
This post was originally published on www.OhioInsurance.org.
Times are changing for many industries, and insurance is no exception. On October 15th, insurance professionals from across the state came together in Columbus to discuss the future of the industry from career and succession planning to drone technology.
OII/OAMIC/B&E Fall Seminar speaker consensus revealed that greater expectations and demand for talent, technology and leadership development will drive insurers to evolve.
Below, we share some of their insights.
Supporting our industry’s future
It’s no secret that the insurance industry is facing a major talent gap. In fact, 25% of current insurance professionals are set to retire by 2018, leaving many open positions. The industry is also facing a major perception problem, as many believe all insurance jobs are related to sales.
The need to support the future of our industry was one of the hottest topics at this year’s seminar. Both Cheryl Hay, deputy chancellor of Higher Education-Workforce Alignment for the Ohio Department of Higher Education(@OhioHigherEd), and Brent Maurer, vice president of Paul Werth Associates (@WerthAssociates) spoke on this topic.
Hay said Ohio supports the future of the insurance industry through provisions of the state budget by:
- Developing strategies to embed work-based learning in all insurance degree programs
- Utilizing the OhioMeansJobs site
- Implementing competency-based tests developed by the industry
In addition, the presenters touched on the need to attract existing talent. Key takeaways include:
- Professionals interested in a career change are critical to filing the 26,000 open jobs. Their skills and talent are needed to replace departing leadership.
- There are three primary pockets for insurance employment, including Cleveland, Columbus and Cincinnati, but jobs exist in all 88 Ohio counties
- Tactics to attract this talent include career fairs, referral programs and awareness of transferable skills
Importance of succession planning
With the talent gap at the industry’s forefront, the Fall Seminar succession planning panel addressed the importance of having a plan in place before leadership begins to retire.
Important discussion points included:
- Keys to a successful succession plan include preparation and its execution by management
- The need for companies to assist insurance agencies with succession planning
- The importance of communicating the plan to potential successors within the company
- Company need to develop employee management training and leadership programs with an eye for future leadership development
- Succession plans need to be transparent
National Association of Mutual Insurance Companies (@NAMIC)’s Jimi Grande, senior vice president of federal and political affairs, shared the following current practical uses for drones:
- Collection of low-altitude measurements of greenhouse gases
- Emergency supply deliveries
- Search and rescue missions
Grande talked about the future of drone use in the insurance industry, pending approval for commercial use. He noted some of the many industry-related uses, including underwriting-related capabilities and damage assessment for claims.
Seminar presentations posted online
As the industry continues to evolve, we need to prepare ourselves for the future. Check out presentations from this year’s Fall Seminar for more.