The Insurers Federation of Egypt (IFE) has emphasised the importance of strengthening the integration between academic education and the insurance market, in light of rapid changes in the labour market.
In a weekly bulletin, IFE Chairman Alaa El-Zoheiry noted that the transition from academic study to the labour market requires combining theoretical knowledge and practical skills, along with the ability to adapt to changing job requirements.
According to Mr El-Zoheiry, as the insurance sector demands a mix of technical, financial and technological skills, it needs personnel who possess a diverse skill set, including an ability to leverage technology, analysis, effective communication and teamwork, as well as some familiarity with basic insurance concepts.
Reducing the skills gap
As such, the IFE stressed the importance of developing training programmes to provide students and graduates with practical opportunities, alongside linking curricula to the actual needs of insurers and the manpower market.
Strengthening cooperation between universities and insurance companies may contribute to reducing the gap between academic education and practical application, as well as allow graduates to prepare to join the sector, Mr El-Zoheiry argued. At the same time, the industry would benefit from students and graduates who possess the skills required to meet rapid developments in the industry.
Insurance jobs are being reshaped by technology
The continued advancement of technology has translated into fundamental changes in business models and service delivery mechanisms in the insurance industry in recent years, driven by an increasing reliance on data and evolving customer needs.
Mr El-Zoheiry also explained that these transformations have directly affected the nature of jobs in insurance companies, as knowledge alone is no longer enough to keep pace with job requirements. Rather, the sector now needs personnel who can combine technical and digital skills.
This new nature of work “requires a greater ability to use modern technologies in data analysis, risk assessment and improving customer experience, as well as developing more flexible and innovative insurance products that suit market needs”, said Mr El-Zoheiry.
New risks mean more diverse specialisations
The IFE also emphasised that the changes taking place in the insurance sector “are not limited to digital transformation, but also include the emergence of new risks, such as cyber risks, climate change and geopolitical risks, which impose new requirements on insurance companies and their staff”.
According to Mr El-Zoheiry, these new risks have reinforced the need for more diverse specialisations, and also require personnel to learn continuously and adapt to a rapidly changing work environment, to enable businesses to develop tools and methods for risk management.
He pointed out that investing in new skills “has become an essential element to maintaining the ability of insurance companies to respond to emerging risks, as well as provide insurance solutions that are appropriate to the nature of the challenges facing customers and markets”.
Emerging jobs
The IFE also expects more jobs and specialisations related to technology, data analysis, risk management and cyber insurance to emerge in the insurance industry, in conjunction with continued digital transformation and development of business models.
Mr El-Zoheiry noted that these developments require institutions to continuously invest in developing employee skills in areas like technology, products and risk management.