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Are Gen X and Y the future of insurance?

  • by The Quotesonline Team

Despite ongoing speculation over the ‘war for talent’ and looming skills shortage, Perth brokers are emphatic that retiring Baby Boomers will not leave the insurance industry stranded.
This was the conclusion at the first ever Vero Expo Great Insurance Debate with 78 per cent of approximately 200 Western Australia brokers voting that Gen’s X and Y were the future of insurance. They handed a win to the negative team of CEO Anthony Day, Mike Blackman from Marsh, Vero’s Head of Casualty Alex Green and WA Business Development Manager Rebecca Mullins.
Vero reports, “Captain of the affirmative team and Vero’s Executive GM Andrew Mair was gracious in defeat, conceding that despite the potential shortage of experienced underwriters, brokers and risk managers, Generations X and Y are capable of taking the reins when Baby Boomers retire. Joining Andrew on the affirmative side was Mary Cropley from Willis, Vero’s WA Sales Leader Mark Spencer and Business Development Manager Claire Fernandez.”
Vero’s GM Andrew Mair said, “The insurance industry has come a long way with its use of technology, and our new online tools have definitely made life easier when it comes to managing claims, quoting and binding, and finding information. But our people are always going to be crucial – insurance is all about relationships and technology will only get you so far. It’s vital that the industry has succession plans and training programs in place so we can learn from the experiences of Baby Boomers. Our industry is resilient – we’ve shown how well we can adapt to change and respond to major challenges like the GFC and natural disasters – this should give us confidence.”

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