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Talent Shortage Looms In The Insurance Sector- Data Shows

by kenya-tribune

The insurance sector in Africa may continue suffering from a shortage of employee in the future if recent data is anything to go by. The data from Audit Firm PricewaterhouseCoopers (PWC) shows that lack of investment in technology and actuarial skills has made the industry less attractive to young graduates.

The data also shows that the largest shortage in skill was in digital operations, with half of the respondents experiencing either large or moderate shortages in this area and a third experiencing slight shortages.

Actuarial skills shortages came in second place, followed by nonexecutive directors with specific insurance industry experience.

Other areas that experience the greatest shortage are Capital Management and Audit Committee.

The report also projects that a third of the global workforce will be made up of millennial by 2020, with up to 79 per cent of them preferring opportunities with flexibility.

‘’An inability to retain younger employees lost to international opportunities, in addition to a shortage of experienced senior members for non-executive board positions are a few of the problems facing the insurance industry across all of Africa.’’ The report states.

Adding that ‘’more recently, individuals with digital and data skills, who are innovative and can deal with the ever-changing technological world, have increased in demand. Insurers need to find a balance between retaining experienced professionals, training the unskilled young, the need for the external hiring of innovative technology professionals, and developing a work-force of the future.’’

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