The Insurance Council of Australia (ICA) has unveiled a strategic plan to address workforce challenges within the insurance sector.
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.
Four primary challenges facing the industry were detailed in the report:
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.
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.
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.
This new standard was established in response to concerns from consumer groups and policyholders, as well as findings from ongoing reviews, such as the parliamentary inquiry and the independent review of the General Insurance Code of Practice.
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.
