Pete-Miller-The-Institutes

Peter Miller, President and CEO of The Institutes, joins WRIN.tv to discuss talent acquisition and development, cyber risk, Big Data and more.

According to Mr. Miller, there is a large number of skilled people who are getting ready to leave the industry. The Bureau of Labor Statistics says that by 2022 the insurance industry will have to fill around 500,000 jobs. Those getting risk management or insurance degrees make up a small percentage of the total number of people needed to fill those positions. One of the main challenges, Mr. Miller says, is “the disconnect between what young people want in a job and their perception of the insurance industry.”

The Institutes’ “My Path Initiative makes the case and connects the dots between what the industry does and what young people want.” In addition, the program identifies what would be needed to get young people interested in a career in the insurance industry. This includes the creation of internships, scholarships, developing courses of studies, and career videos’ that speak to young people about opportunities in the industry.

Mr. Miller sees cyber risk as a changing and diverse threat, one that the industry is starting to become more aware of. The Institutes has created a Cyber Risk course that helps participants identify cyber risk exposures, what products are available and what the issues are for insurance organizations. It also identifies risk management techniques and gives recommendations on how to mitigate the risk.

The industry is undergoing a lot of change, according to Mr. Miller. Among the major changes affecting the industry are topics like Big Data, the Internet of Things, the move by companies to captives, and the influx of capital.. In terms of Big Data and the Internet of Things, it is estimated that there are over 50 billion devices connected on the Internet, which can allow for the “real time collection of data” and the ability to manage risk in real-time.

Mr. Miller will be at the upcoming DIMA conference in Dublin, where he will participate in a joint session with the CPCU European chapter discussing the benefits of education.

For more information on cyber risk and talent development, visit The Institutes website, or the WRIN.tv On Demand Library.

And watch for coverage of the European Insurance Forum from Dublin, on WRIN.tv.

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