The enterprise and the workplace are increasingly influenced by technology and technology-driven processes. With digital upskilling becoming an increasing priority, this often comes with a new level of competency and a shift in demand on the skills required to fulfill the needs of a job.
This is particularly true in the insurance industry, where we are seeing a confluence of events. Such as accelerated digital transformation, rapidly-changing customer demands, and the migration to hybrid work models.
This has a direct effect on talent and the workforce.
As a result, many companies are increasing their investments in digital upskilling and reskilling their employees to prepare staff to capitalize on this golden market opportunity.
Building a Digital-Ready Workforce
With new digital tools, connected technologies, and better access to real time data, there is a balance between tried and true insurance methods. This includes new ways of analyzing information and insuring risk. Using new digital tools eliminates or automates repetitive tasks to free up talent to analyze and interpret client needs.
Reskilling, upskilling, and training employees is crucial for companies to build digital-ready workforces to carry their businesses into the future. This will lead to industry modernization and inspire teams to develop solutions that meet evolving customer needs.
Adopting Unique Learning Methods
According to Mercer’s 2021 Global Talent Trends Insurance Industry Outlook, insurance companies are 1.5 times more likely than other industries to develop skills related to innovation and adapting existing products. Additionally, insurers look to drive digital innovation and enhance the user experience to meet evolving customer needs.
This is great news for both current and budding insurance professionals. It is also a warning signal for carriers that are not investing the right time and resources in their talent.
New technology integral to the insurance industry presents an exciting ground for recent graduates. This is also true for employees from other fields looking to make a career transition. To take advantage of this opportunity, both employers and employees must take on a proactive learning mindset.
But appealing to everyone and their preferred way of receiving tools and technology training is a huge undertaking. When it comes to learning and development, teams have to think how to engage generations in the workforce today. While older generations are used to classroom learning, Gen Z and Millennials prefer YouTube videos or snippets of learning available. Companywide training programs incorporate different learning combinations, such as lecture, demo, and hands-on lab exercises.
Training to Suit All Ages
Incorporating the following steps, insurance industry leaders can train different generations across the tools required for learning and technology.
- Determine the organization’s digital workforce goals: Identify the benefits leaders can expect from their digital upskilling investments and the steps that will be critical to the team’s success.
- Connecting with the whole organization: Reskilling is not an individual project. Make sure training is available to staff across all levels and incorporate different learning styles to stay in tune with how everyone learns.
- Provide recognition: Learning additional skills on top of an existing workload is not something that should be taken lightly. Rewarding staff for upskilling will help with employee morale, retention, and engagement.
- Measuring success: Employees must embrace continuous learning so that reskilling does not fade. To mitigate this possibility, a digital workforce strategy must extend beyond learning and development to influence culture and ways of working.
Finding out which skills are missing across your organization and within specific teams will help you create a stronger workforce.
Embrace the Diversity of Different Generations
Having a range of ages on your staff adds value to the organization. As the age of retirement rises, companies need to explore adopting more inclusive policies to accommodate an older workforce.
Younger employees are more accustomed to rapidly developing technology and adapting to the changes it drives. Similarly, more mature employees have knowledge from the duration of their experience that can guide decision-making.
Creating an environment where all generations can learn from one another allows for mutually beneficial mentoring opportunities. When you have multiple generations in the workforce, those with more years of experience can advise younger employees on career development. Additionally, cross-generational mentoring will allow more junior employees to educate mature workers due to their familiarity with current trends and technology.
When it comes to reskilling and upskilling, it is not only about the generations already in the workforce, but companies also need to provide tools for those reentering the workforce. Reentering the workforce includes re-training of both technology and basic workplace skills.
Digital Upskilling is Here to Stay
As technologies evolve, the need for digitally skilled talent is not just for the short term. Insurers must foster a culture of innovation to develop skilled professionals internally – a culture that attracts them from the outside and helps retain them for the long haul.
One thing is certain: the insurance industry will continue to digitize to meet productivity goals and provide customers with an engaging experience. If companies can proactively address digital upskilling; customers, employees and the overall organization all benefit.