The Institutes Knowledge Group Releases 2024 Skills Report Highlighting Key Trends in Risk Management and Insurance

The Institutes Knowledge Group has officially released its 2024 Skills Report, shedding light on the evolving landscape of skill development within the risk management and insurance industries. Adam Carmichael, President of The Institutes Knowledge Group, emphasized the importance of a skills-first approach to professional development, highlighting the organization’s commitment to building world-class learning programs.

In 2023, the Institutes’ global community of learners completed nearly 100,000 courses, earning over 11,000 designations. The report identifies a high level of engagement among learners at the beginning of their educational journeys, presenting an opportunity for organizations to foster a culture of continuous learning.

The report stresses the critical nature of foundational skill development, especially in light of the U.S. Bureau of Labor’s forecast that half of the current insurance workforce will retire within the next 15 years. This impending shift underlines the need for strategic learning pathways that build resilient talent pipelines to fill the looming void of over 400,000 positions.

Key findings from the report reveal that the most utilized courses in 2023 centered around fundamental industry knowledge, including claims handling, risk management, and compliance, as well as soft skills like communication and negotiation. These courses are designed to equip learners with the necessary tools to excel in their roles and advance within their careers.

Moreover, the report highlights the increasing importance of data analysis skills, advocating for the integration of data and technology education into learning pathways to future-proof the workforce. Leadership development is also flagged as a critical area needing more focus, suggesting that organizations should enhance the visibility of leadership pathways and support them with mentorship programs.

The Institutes Knowledge Group’s 2024 Skills Report not only maps out the most critical skills needed today but also guides organizations on how to strategically prepare their workforce for the future challenges of the industry.

For more detailed insights and to view the full report, visit The Institutes Knowledge Group’s official website.