AN ANALYSIS OF CRUCIAL SKILLS REQUIRED IN THE MODERN WORKPLACE BY INSURANCE SECTOR EMPLOYERS

Abstract

Purpose: The insurance industry is one of the industries that have experienced the Fourth Industrialization Revolution due to the ever-changing technology which will greatly affect the future of labour market. As a result, most insurance companies are reinventing their business and organizational strategies in order to modernize their workplace as well as acquire employers and employees with skills that can adapt to the new changes in technology. The objective of this study was to analyze the crucial skills required in the modern workplace by insurance sector employers. The aim of this study was to help the readers understand the crucial skills required by employees in the modern workplace and their importance in the insurance sector. Methodology: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over five years old. Findings: Most insurance sectors aim to remain efficient and competitive in the rapidly changing global market. The challenge that affects the competitiveness and productivity of insurance sector are closely linked with the lack of the crucial skills necessary in the modern workplace. It is evident that from this review, researchers have emphasized on acquiring of various crucial skills that adapt to the ever-evolving technology in the modern workplace and specifically in the insurance sector. Unique contribution to theory, practice and policy: The following are the recommendations were made: Insurance sectors should oftenly conduct training programs that will enable insurance providers gain essential skills that align with the evolving technology in this industry. Employers should not focus on gaining professional and technical skills only but also learn the soft skills that are essential when interacting with colleagues and customers. Insurance providers should document their work ethics to the public even if it’s through the online platform.