Page 23 - Insurance Times November 2023

Youth in Insurance

and Reinsurance: A

Transformative

Force for the Future Rohit Boda

Group Managing Director
J. B. Boda Group

This industry faces the challenge of an aging workforce, which underscores the need for young
talent to step into this ever-evolving sector. The involvement of youth in insurance and reinsurance
is not only a necessity but a transformative opportunity in inject fresh perspectives, innovation,
and technological advancement into the field.

T he insurance and reinsurance industry are at the Despite the ample opportunities for career growth and

advancement in a sector that offers job stability, diverse
heart of financial security and stability. It plays a
vital role in safeguarding individuals, business, and
career paths, and the potential for significant financial
the global economy against unexpected risks.
making this sector their primary choice of career.
However, this industry faces the challenge of an aging rewards, Young professionals have not been inclined towards
workforce, which underscores the need for young talent to
step into this ever-evolving sector. The involvement of youth The Benefits for Youth in Insurance and
in insurance and reinsurance is not only a necessity but a Reinsurance
transformative opportunity in inject fresh perspectives,
innovation, and technological advancement into the field. A Changing Landscape: The insurance and reinsurance
sector has long been associated with complex actuarial
calculations, underwriting procedures, and conservative
The Aging Workforce Dilemma
business practices. However, the rapid advancements in
The re/insurance industry is often perceived as traditional technology, the growth of Insurtech, and changing customer
and risk averse. This perception has, in part, contributed to expectations have disrupted this traditional model. Young
the delayed influx of younger talent. professionals, known for their digital literacy and
adaptability, have emerged as valuable assets in this shifting
One reason for the demographic imbalance is the lack of landscape.
awareness among young people about the diverse and
exciting career opportunities within the insurance and Technological Innovation: Young professionals are often
reinsurance sector. As a result, the industry is at risk of losing tech-savvy and open to adopting new technologies. Their
critical knowledge and experience as the older generation knowledge of digital platforms, data analytics, artificial
retires. intelligence, and other emerging technologies can

22 November 2023 The Insurance Times