Davies secures government funding for new initiative to plug data skills gap

Davies has secured two years’ worth of government funding for a new programme to help plug the data skills gap in insurance, a statement released yesterday (29 January 2024) said.

Called the Digital Skills Bootcamp, the 12-week initiative had been designed by industry experts to give those working in claims, broking and underwriting the knowledge and skills required to understand, explain and present data.

Davies explained that the programme “comes at a time when insurers are handling an increasing amount of data as the trend of digitalisation continues to grow rapidly.”

The rise of digitisation within the insurance industry is natural, especially given the impact of the Covid-19 pandemic.

For example, it was noted that the pandemic had fast-tracked the adoption and implementation of touchless claims – which refers to a claim filed with very little contact from a human, often via an app – during a roundtable hosted by Future Processing on 15 June 2023.

However, Craig Potter, vice president of professional education at Davies, said the ”skills shortage is increasingly applying pressure to the sector”.

“This funding is much needed to not only plug the data skills gap that’s ever growing, but to ensure that insurance is increasing retention of vital talent within the industry by upskilling the existing workforce.”

Details

The programme, which will contain short duration and flexible courses, are free to learners, with employers expected to contribute an amount towards the training. 

Places on the bootcamp can also be extended to include any other roles where data is interpreted and used by insurance individuals, such as in operations, as well as front and back office roles.

“We are thrilled to be part of such a powerful initiative to empower new and existing insurance workers to thrive in the industry,” Potter said.

The first cohort to take part in the programme will begin their learning at the end of February.