It's just a shell, so it's not insulated.  But... here's why (in my opinion) a shell is better than an insulated jacket for skiing.
With a shell you just wear layers under it, so you can dress super comfortably according to the weather.  If it's 10 degrees fahrenheit, rock a long sleeve shirt, then a medium weight fleece or something, then the shell.  If by noon it warms up, just drop the fleece, and rock the long sleeve shirt and you'll be comfortable.  When it's spring time, and 50 degrees you can just wear the shell over a t-shirt and be comfortable, rather than having insulation that you can't remove.
Overall a shell is more versatile.