In the latest issue of Intelligent Risk, the quarterly magazine for the Professional Risk Managers' International Association, Teresa Chan explained how the insurance industry has helped to usher in some of the most revolutionary technologies in last decade and argues that the rate and nature change will continue to accelerate, placing new demands on the profession.
To keep pace, she says, risk management professionals and insurance providers should be "increasing collaboration between stakeholders, including risk managers, providers, and intermediaries and investing in human capital that is prepared to lead, facilitate, and foster innovation." Chan offers five areas of opportunity for insurance and risk management professionals especially as they grapple with the compounding effects of COVID-19 and other ongoing forces of disruption.
With about half of the insurance workforce expected to retire over 10-15 years and with investors committing record amounts of money into cutting-edge insurance businesses, the insurance industry stands to gain from a new generation of "tech-savvy, curious, and resourceful" professionals who can keep the industry in step or ahead of what's to come in the next decade. This can be achieved by investing in multidisciplinary professional studies, Chan wrote.
In addition to incorporating a multidisciplinary curriculum, the Master's in Insurance Management at Columbia University — which launches this Fall — engages with insurance enterprises, risk management and professional associations to enrich the students’ academic experience. Marsh, CPCU and PRMIA are among the 14 organizations involved with the program's Corporate Advisory Network.
