We’ve been honored to partner with the International Insurance Society throughout the past several months to share insights related to findings from their Shin Research Program. As the industry continues to evolve and adapt, there are a number of vital skills standing out as both important and/or investible for the next few years:
Data-Driven Decision Making
The Shin Research Program shares data scientists are the fastest-growing segment within insurance. The Bureau of Labor Statistics expects this area to increase by 34% over the next decade – outpacing anticipated overall average growth for all occupations and signaling a shift toward data- and analytics-driven decision-making. To take advantage of this wealth of information, organizations must cultivate a culture rooted in agility, innovation and ongoing learning. Champion data literacy, encourage curiosity, and commit to ongoing upskilling and reskilling. Having the right workforce in place is essential for turning an influx of information into actionable recommendations.
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Read more in the article, “Fueling Innovation with Data-Driven Decisions.”
Interpersonal Skills
Communication and interpersonal skills are critical differentiators in today’s environment. Human judgement remains essential for effectively managing complex and nuanced situations. The Shin Research Program found that customer service is considered the most vital skill for sales and service professionals within the insurance space. Active listening, empathy, patience and problem-solving are all key skills that can’t be fully replicated by a machine. By strengthening these areas, your team will be best prepared to augment the capabilities of AI and maintain a human touch.
- Read more about interpersonal skills for customer-facing individuals in the article, “Building Strong Interpersonal and Communication Skills.”
- Read more about interpersonal skills for managers in the article, “Building Trust, Connection and Confidence: Core Soft Skills for Managers.”
Leadership
Team leadership is considered a critical skill for today’s managers, according to the report. Yet, leadership does not come naturally for everyone. It’s important for insurers to invest in building leadership skills at every level – whether individuals are current managers or future leaders. Organizations often lack formal management training; however, these skills are vital to your organization’s ongoing health. In fact, 70% of the variance in employee engagement is dependent on an individual’s manager. Having the right leaders in place – and continually building leadership skills within your talent pipeline – impacts productivity, retention, job satisfaction and much more.
- Read more in the article, “Preparing Insurance Leaders for Peak Performance.”
Critical Thinking
Nearly 90% of insurance professionals report critical thinking and problem-solving are highly important to their success, according to the Shin Research Program study. Evaluating accuracy, context, bias and ethics are just a few areas that are more important than ever in an increasingly AI-dominated landscape. Especially as more seasoned employees retire, supporting younger talent in absorbing the information that may be left behind and being able to understand how different pieces work together is essential. Today’s challenges involve multiple stakeholders, competing priorities and a number of potential risks. Critical thinking and problem-solving skills can help professionals make informed decisions, even in complex situations.
- Read more in the article, "Mastering Critical Thinking in the Age of AI."
By identifying and investing in the skills that will be most valuable in the future, your team will be positioned to evolve along with the industry. New capabilities and tools will continue to emerge, yet having the right skills in place will enable your organization to rise to new opportunities and challenges.