NexGen Skills Are Now Essential in the Insurance Industry

The insurance industry is laden with technology debt, meaning it has continued to rely on outdated systems. Many of the systems used today are on-premise analog systems that are hindering its ability to meet future customer needs. It also means that insurance workers interested in working in up-to-date technology environments are leaving insurance industry jobs in search of jobs at companies that will enhance their skills in NexGen working environments.

But, that is changing as more insurance carriers embrace and invest in NexGen digital systems. According to McKinsey, the top digital trends that will disrupt the industry are Applied AI, Distributed or Cloud Systems, Connectivity and IoT, and Trust Architecture. Examples would be automation systems for claims, IoT systems for real-time collection of customer data, and enhanced digital security systems for handling customer data. 

Along with this shift to digitization, employee skills will also need to evolve to successfully work in this type of environment. For now, there is a considerable gap between this technological evolution and employee abilities. In a 2019 Insurance CEO survey conducted by PwC, 81% of respondents said they were concerned about whether their workers had the skills to operate in a NexGen digital work environment. 

How will the insurance industry manage this skill shortfall? Firstly, many of the largest carriers are employing “digital fitness” assessments to help upskill current workers. Secondly, the insurance industry will direct recruiting efforts to include proficiency in basic digital skills such as MS Office, Excel, and Project Management tools. If you are an insurance professional seeking a new role or someone seeking a career in the insurance industry, these skills will be key to winning a job.