BDA AGENDA 02/24 | COMMENT OF THE WEEK | January 25, 2024

Dr. Andreas Eurich, Chairman of the Employers' Association of Insurance Companies in Germany and Chairman of the Management Board of Barmenia Versicherungen

The shortage of skilled workers is one of the key challenges facing companies today. And this affects all sectors of the economy, including the insurance industry. The increasing demand for qualified specialists combined with demographic change poses a serious threat to long-term competitiveness.

This development requires a strategic approach in order to make the most of the available resources. Training and development plays a key role in this. Companies should invest more in programs that ensure their employees are always up to date with the latest technology and industry trends. This can be achieved through internal training, cooperation with educational institutions and the promotion of lifelong learning.

Another aspect is the attractiveness of the industry for potential specialists. Innovative approaches are needed here to attract and retain young talent. Companies should rethink their work culture to offer more flexible working conditions and opportunities for personal development. Promoting diversity and inclusion can also help to attract a broader spectrum of skilled workers.

Unfortunately, the number of young recruits will probably not be sufficient to compensate for the departure of older employees. This is why the issue of retaining older colleagues is also coming into focus. As a result of demographic trends, almost five million more people will retire by 2030 than will enter the labor market. With the so-called baby boomers, know-how and experience that make mixed-age teams so successful will migrate.

It is crucial that the insurance industry rethinks its HR policy and adopts innovative approaches. On the one hand, the promotion of internships, mentoring programs and the creation of clear career paths can help to attract and retain young talent in the long term. On the other hand, age structure analyses can be used to identify needs and retain older employees with a targeted HR policy.

Overall, tackling the shortage of skilled workers in the insurance industry requires a holistic and cooperative approach. Only through a combination of investment in education and training, a modern, supportive work culture, innovative technologies, health promotion and close cooperation between all relevant stakeholders can we ensure that the insurance industry will continue to have the highly qualified specialists it needs to successfully meet the challenges of the dynamic business world.