ICA launches bold strategy to combat insurance workforce challenges
ICA launches bold strategy to combat insurance workforce challenges | Insurance Business Australia
Insurance News
ICA launches bold strategy to combat insurance workforce challenges
Plan released as 30% of current workforce is expected to reach retirement age by 2030
Insurance News
By
Roxanne Libatique
Released Tuesday, the Insurance Industry Talent Roadmap outlined a six-year approach to attracting and retaining employees equipped to meet both current and future industry demands.
The roadmap highlighted a critical concern: 30% of the current insurance workforce is expected to reach or surpass retirement age by 2030. This anticipated shift underscores the importance of developing strategies to ensure the sector can sustain and grow its talent pool.
a shortage of skilled workers
the impact of climate change on insurance workloads
the need to diversify talent recruitment
an ageing workforce
The roadmap provided a framework for insurers and the ICA to tackle these issues by focusing on promoting industry strengths and drawing new talent to the field.
ICA’s “It’s our policy” campaign
As part of this initiative, the ICA is launching a three-month advertising campaign in Queensland and New South Wales.
The “It’s our policy” campaign aims to raise awareness of the variety of career paths available in insurance, featuring real-life stories from professionals in the industry.
These efforts reflect a broader push to ensure the industry builds a robust and diverse workforce capable of addressing future challenges.
ICA CEO Andrew Hall highlighted the industry’s range of roles – from community support positions to advanced data analytics and AI-driven jobs.
“Insurance is a cornerstone of Australia’s economy, with many different types of rewarding roles on which to build a career,” he said.
However, with a significant portion of the insurance workforce nearing retirement, Hall emphasised the importance of highlighting the rewarding career aspects within the industry.
The Insurance Industry Talent Roadmap is part of the ICA’s broader commitment to enhancing diversity, equity, and inclusion within the industry. While some progress has been made, the insurance watchdog acknowledged that more needs to be done to meet these goals.
The roadmap, along with the new recruitment campaign, aims to support insurers of all sizes in attracting and retaining top talent.
New standards for expert reports
The ICA released the roadmap after the introduction of a new standard aimed at improving the use of independent expert reports in the insurance claims process.
The standard outlined expectations for the creation and use of expert reports, focusing on clear communication, factual accuracy, timely delivery, and impartiality. It also stressed the importance of customer engagement and offered guidelines for addressing customer vulnerabilities, ensuring transparency regarding expert qualifications.
To help consumers understand these updates, the ICA has issued a fact sheet that explains the new standards.
The insurance watchdog plans to recommend that this new standard be incorporated into the next version of the General Insurance Code of Practice.
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