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Together with The Network,

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BCG surveyed about 3,000 employees

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from the insurance industry

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as part of our Decoding Global Talent series.

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We uncovered four big themes.

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First, preferences as to where and how people want to work

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changed during the pandemic.

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Second, relationships remain a vital part

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of the workplace environment.

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Third, new societal values gain in importance.

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And finally, people from the insurance industry

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are concerned about the future of their jobs

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and are willing to learning new skills.

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The shift to remote worked very well for most insurers.

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Looking now into the future,

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a full 94% of our respondents

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want to continue working remotely

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some or even all of the time.

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In addition to that,

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most of them would also prefer more flexibility

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with respect to their working hours.

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Employees from the insurance industry

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are especially concerned about automation-

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almost 50% fear to become redundant over the upcoming years.

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The good news though is,

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people are very willing to invest in up and reskilling.

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71% of our respondents indicated their willingness

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to invest in new skills.

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This makes the insurance workforce one of the most willing

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to invest in up and reskilling

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in a cross-industry comparison.

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Two things stand out that are quite unique.

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First, relationships are absolutely key at the workplace.

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This even increased compared to 2018.

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Secondly, global issues increased in importance.

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People care deeply

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about their employer's environmental responsibility

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and about diversity, equity, and inclusion.

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50% of our respondents would even decline a job offer

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if their employer did not match their own beliefs and values

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in those topics.

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COVID accelerated the digital

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and the workforce transformations

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many insurers had already started.

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For the future, they now should define strategies

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that help them retain valued employees

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and attract new talent.

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Develop a strategic perspective on your workforce

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and on the skills required to fulfill the business strategy.

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Invest in up and reskilling

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to give employees the chance to develop those skills

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needed in the future.

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Take global issues seriously by developing real strategies,

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ambitions, and KPIs associated with topics.

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And finally, continue the transformation

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to become a truly bionic company,

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one that balances human capabilities and technology

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and embraces new and agile ways of working.