The disruption of human capital caused by the demographic change in the insurance industry

: challenges, opportunities and strategies for adaption

Abstract

This dissertation investigates the impact of demographic changes on human capital in the in surance industry, with a particular focus on the challenges, opportunities, and strategies for adaptation in the areas of knowledge management and the integration of artificial intelligence and robotic process automation. As a significant portion of the insurance workforce reaches retirement age, the sector faces a major shift in its workforce demographics, which poses risks to knowledge preservation. The research employs a qualitative semi-structured interview approach with industry experts and a comprehensive literature review to analyze demographic trends and their consequences for knowledge management. The study highlights the importance of strategic planning to handle demographic shifts and the role of technology in facilitating knowledge transfer and retention. The findings indicate a pressing need for innovative personnel management and technological advancements in knowledge management. A key contribution of the research is the develop ment of the "Knowledge Implementation Cycle", a framework that guides insurance companies in incorporating AI tools and developing robust knowledge systems. This framework addresses digital integration challenges, generational workforce gaps, and the need for continuous knowledge management improvement. It finds that adapting to demographic changes through technological innovation and strategic knowledge management is crucial for insurance companies to sustain competitiveness and via bility. The findings offer actionable insights for insurance companies to address the challenges posed by demographic changes.

Date of Award	25 Jan 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Peter V. Rajsingh (Supervisor)