Development trends in insurance and future employee skills
Study carried out on behalf of the Swiss Insurance Association (SIA) to identify the key development trends in insurance and the skills that insurance company employees will require in future.
The Swiss Insurance Association (SIA) commissioned a study to determine the impact of current development trends on the insurance industry and their effect on employee skills requirements in future. The mandate includes two coordinated study phases which were carried out by the Institute of Insurance Economics at the University of St. Gallen and by SFUVET.
In phase 1, the Institute of Insurance Economics carried out a survey amongst Swiss insurance companies to assess ten trends that may impact on the sector to 2030 and identify a scenario with five trends which are highly likely to occur and will also result in significant potential changes in terms of skills requirements. Based on this scenario, SFUVET forecasted future skills requirements in phase 2 with employees from insurance companies who work in various areas of activity and possess different educational qualifications. They were also analysed to identify transversal skills that employees must (further) develop in all parts of the insurance value chain to meet their future professional challenges.
To assess the relevance of the ten future trends in the insurance industry, the Institute of Insurance Economics conducted a quantitative online survey in which around 60 representatives of Swiss insurance companies took part.
SFUVET held two workshops with 39 insurance company employees in total to identify future changes in their areas of activity and the associated skills requirements. A qualitative analysis of the future skills requirements from the participants’ perspective showed that these can be grouped into five transversally relevant skills categories.