Insurance Industry Facing Talent Shortage

Roderick Mann, jadetimes staff

Source: https://local-insurance.ca/insurance-company-ontario/technology-affects-insurance-rates

Introduction

The insurance industry is indeed facing a significant talent shortage. Chief among the reasons is the fear of Gen AI obsoleting these jobs, a fear that pervades a lot of the legacy career opportunities. Many employees have left their jobs in search of more fulfilling work and better work-life balance, a trend that has affected various industries, including insurance.

Gen AI is breaking through old hurdles and barriers, requiring a completely new assessment of business operations, creating vastly improved operational performance and excellence. Focusing Gen AI on the administrative side of insurance is reducing costs and improving productivity, enhancing risk management, and reinventing and redefining what is possible in insurance.

The younger generations aren’t interested

Younger generations often perceive traditional industries like insurance as less exciting and offering fewer growth opportunities compared to sectors like technology. Young high performers are focused on building long-term skills.

PwC conducted a global "Hopes and fears" survey of over 30,000 workers. The results revealed that 39% of employees think their jobs will be obsolete within five years. The respondents know they’ll need to be able to do something different in the future, but the immediate effect is to create a compelling disincentive toward jobs perceived as eventually replaced by Gen AI algorithms.

And they may have a point!

The insurance industry is leveraging generative AI (Gen AI) with innovative ways to improve upon efficiency, accuracy, and customer experience. Gen AI can analyze vast amounts of both structured and unstructured data to identify patterns and provide risk-based pricing recommendations. This approach optimizes underwriting decisions.

AI-driven systems can expedite claims processing through the process of detecting anomalies and seeking to minimize fraudulent claims. By generating examples of fraudulent and non-fraudulent claims, Gen AI can train machine learning models to better detect and prevent fraud.

 AI-powered chatbots and virtual assistants handle customer inquiries, provide real-time information, and assist in the claims process. All-in-all this is improving customer satisfaction while at the same time reducing the human workload.

Gen AI can generate marketing material, provide product descriptions, and custom communications with tailored content. Gen AI can create synthetic data from existing datasets, which it then uses to improve the performance of predictive models.

The older generations are retiring

A large portion of the current insurance workforce is nearing retirement, with projections indicating that nearly 50% of the workforce will retire within the next 15 years. This is a significant shift. Baby Boomers, many of whom have held leadership and expert positions in the insurance industry, are retiring en masse. This transition will bring a few challenges and opportunities. The departure of seasoned professionals may create a gap in institutional knowledge and experience.

Changes and entirely new skills are needed

The industry requires new skills, especially in areas like technology and data analysis, which many current employees may not possess. Insurers are exploring solutions such as process automation, up-sourcing complex tasks to a global workforce, and creating more compelling career paths to attract and retain talent.

A new era of risk means new technology to deal with it. Risk resiliency remains relevant but not much progress is being made given new and more catastrophic natural disasters and increasing claims. The insurance industry’s immediate response is to raise the cost of insurance. Insurers must change their traditional business methods and technologies used for assessing and managing risks, for they are no longer working.

Modern insurance is hamstrung, struggling with an out-of-sync business operating model and poor technology foundation. Legacy processes and the built-in business assumptions need to be revamped into entirely new operating models and technologies.

Insurers will need to leverage technology and redefine and optimize their business model that will obsolete the old ways. A new technology paradigm shift is going to enable agility, scale, innovation and operational optimization, to align with these new risks.

So, what’s in it for you?

Four areas will see heightened interest and demand by customers. These are areas you might want to focus upon and pursue expertise in if you’re interested in an insurance career:

1.        Usage-based products:

a.        Telematics Devices: These gadgets, installed in vehicles, track driving habits such as speed, distance traveled, and braking patterns.

b.        Data Analytics: Insurers analyze the collected data to determine risk levels and adjust premiums accordingly.

c.        Personalized Premiums: Drivers with safer driving behaviors benefit from lower insurance costs, while high-risk drivers may face higher premiums.

2.        Parametric insurance that covers a wider array of threats. Parametric insurance is a specialized form of coverage designed to address the challenges posed by disasters further fueled by climate change and other new emerging risks, like cyber.

3.        Specialty insurance tailored to meet unique or niche risks. Specialty insurance addresses specific risks and unique circumstances that standard insurance policies may not adequately cover. The insurance offers tailored solutions for businesses and individuals with exceptional needs, ranging from high-value assets to niche industries.

4.        Greater demand for supplemental and worksite benefits. New sales for workplace life insurance, disability insurance and supplemental health products have increased significantly, according to new data from LIMRA’s workplace benefits sales surveys.

Since most younger people have dismissed insurance as a possible career choice, the opportunities will abound, but the workers will be few. Why not consider taking advantage of a field that is at the beginning of a technological revolution that most people haven’t even noticed?

Surfing in Australia

Iruni Kalupahana Jadetimes Staff

I. Kalupahana is a Jadetimes news reporter covering Australia

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Image Source: Garage

Australia is globally recognized as one of the premier surfing destinations, boasting over 35,000 kilometers of coastline and some of the world’s best waves. Surfing is not just a sport in Australia it is a way of life, deeply embedded in the coastal culture and traditions. Millions of Australians either participate in or follow the sport, with surfing shaping local economies, tourism, and lifestyle choices. Australian surfboard makers have played a significant role in surfboard innovation since the mid 1960s, developing lighter, faster, and more maneuverable boards. The country is also home to global surfwear giants such as Billabong, Rip Curl, and Quiksilver, which have influenced surf culture worldwide.

Surfing History and Evolution

Surfing was introduced to Australia in 1915 when Hawaiian legend Duke Kahanamoku demonstrated the sport at Freshwater Beach, Sydney, using a handcrafted wooden board. This moment sparked a national fascination with surfing, leading to the formation of surf lifesaving clubs and the rapid growth of the sport. The introduction of Malibu boards by American lifeguards in 1956 further revolutionized Australian surfing, making it more accessible and dynamic. In the 1960s, Australian surfboard designer Bob McTavish invented the V-bottom surfboard, which transformed surfing by allowing sharper turns and greater speed. Over the decades, Australia has produced legendary world champions, including Mick Fanning, Stephanie Gilmore, Layne Beachley, and Mark Richards, cementing the nation's status as a global surfing powerhouse.

Competitions and Surfing Culture

Australia hosts some of the world's most prestigious surfing competitions, attracting elite surfers and massive crowds. The Quiksilver Pro Gold Coast, Rip Curl Pro Bells Beach, and Margaret River Pro are flagship events on the World Surf League tour, highlighting Australia's powerful surf breaks and high performance surfers. Other important tournaments are the Australian Open of Surfing and the Noosa Festival of Surfing, which honor both professional and amateur talent. Surfing is also interwoven in Australian culture, inspiring movies, music, and fashion trends. Beyond competition, the sport is recognized for its physical and mental health benefits, improving cardiovascular fitness, muscle strength, and mental well-being by promoting relaxation and stress relief in natural environments.

Surfing Popularity and Participation

Surfing is an integral part of Australian life, with approximately 2.5 million recreational surfers and over 420,000 annual participants. The country supports a thriving surfing community, with more than 2,000 accredited coaches and over 100 surf schools helping beginners master the waves. Research suggests that one in ten Australians engages in surfing, reflecting its widespread appeal across different age groups. The sport also plays a key role in coastal tourism, generating millions of dollars annually and supporting local businesses in popular surf destinations such as Byron Bay, the Gold Coast, and Torquay. With continuous advancements in surf technology, strong grassroots development programs, and a rich surfing heritage, Australia remains at the forefront of the global surfing scene.

Tragedy at KIIT: The Enigmatic Death of Prakriti Lamsal and the Consequences for Nepali Students

Diya Upreti, Jadetimes Staff

Diya Upreti is a Jadetimes news reporter covering asia news

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Image Source : X

Tragedy at KIIT: The Enigmatic Death of Prakriti Lamsal and the Consequences for Nepali Students

On 16 February 2025, a 20-year-old Nepalese B.Tech student named Prakriti Lamsal was found dead in her room at the Kalinga Institute of Industrial Technology (KIIT) in Bhubaneswar, Odisha, India. The death, which is alleged to have been a suicide, has rocked both Indian and Nepali societies. Although officials are yet to investigate the causes of her death, the incident has ignited fiery arguments over campus safety, the well-being of students, and bureaucratic mismanagement.

Allegations of Harassment and Emotional Blackmail; cause of death

Prakriti’s father, Sunil Lamsal, has alleged that his daughter faced harassment and emotional blackmail, which may have played a significant role in her tragic decision. According to reports, Prakriti had been struggling with personal and academic challenges, and there are claims that she was subjected to undue pressure within the university environment. The exact details remain unclear, but the allegations have fueled calls for a transparent investigation into the university’s handling of student welfare.

Forced Eviction of Nepali Students

Following Prakriti’s death, tensions escalated on the KIIT campus, particularly among the large community of Nepali students studying there. Protests erupted as students demanded justice and accountability from the university administration. However, rather than addressing their concerns, the university issued orders for over 500 Nepali students to vacate the campus immediately.

This compelled eviction resulted in scenes of chaos, with numerous students stranded without proper arrangements for accommodation or return home. Some students vented their complaints on social media, claiming they were treated unjustly and intimidated by university authorities. Numerous Nepali students were forced to appeal for urgent help from their embassy to secure a means of returning home.

Allegations of Administrative Mismanagement

The handling of the situation by KIIT’s administration has drawn severe criticism. Many have pointed out the lack of crisis management measures and the absence of psychological support services for grieving students. Instead of ensuring that students felt safe and heard, the abrupt decision to evict Nepali students raised questions about whether the university was attempting to silence dissent.

Moreover, it has been reported that KIIT did not handle the case of Prakriti in an open manner with both students and the public. Parents and students have called for explanation on what actually happened in the lead-up to her death and whether there were measures in place at the university to avert tragedies.

Diplomatic Intervention and Public Outcry

The case not only impacted KIIT students but also interested Nepal's government. Nepali authorities have made representations to Indian authorities to highlight the treatment of Nepali students and to ask for a thorough investigation. Student unions and human rights groups have also spoken up, calling for institutions to care more about students' mental well-being and ensure that international students are not treated discriminatorily.

A Call for Justice and Reform

Prakriti Lamsal’s tragic death serves as a painful reminder of the pressures faced by students, particularly those studying abroad. It has highlighted the need for universities to implement stronger mental health support systems, anti-harassment policies, and crisis management strategies.

While investigations are still ongoing, it is crucial that this case does not fade into obscurity. Justice for Prakriti must involve not only uncovering the truth behind her death but also ensuring that no other student has to endure a similar fate in the future. The incident should serve as a wake-up call for institutions everywhere to prioritize the safety and well-being of their students over institutional reputation and convenience.