General Insurance comment
A recent report issued by the Chartered Insurance Institute (CII) was highly critical of the insurance industryís efforts to recruit the next generation of talent.
The You Gov survey asked 1079 university students and 676 secondary school pupils for their views on where the next generation to fill underwriting jobs, broking jobs and claims job were going to come from.
A key problem for the profession is that there is a widespread lack of knowledge as to what a career in insurance could offer. Young people are only aware of insurance when things go wrong with a claim, and there is a strong perception that insurance is sold purely on price, rather than the skills and service provided by those who work in it. This is a major turn-off for young people.
In addition, it found that insurers, brokers, loss adjusters and other insurance organisations are making little effort to engage with young people directly or via social media and the internet. There are few places where jobs in insurance for graduates or school leavers are made available, and work placements or internships which may lead to an underwriting job or a broking job are few and far between.
All of this is in contrast with the ĎBig Fourí accountancy firms, who make huge efforts to attract the finest potential new members of staff. 20% of university students had seen an accountancy firm on a campus visit, whilst this figure dropped to just 3% for insurers.
A new approach is clearly needed if future jobs in underwriting, broking or claims are to be filled with the finest talent available. The CII is therefore working closely with forward-thinking insurance organisations to bring about a sea-change in the way fresh talent is attracted.
The training and development element of the CIIís Aldermanbury Declaration (which was launched in March to set a common framework for professional standards in the insurance industry) highlights the opportunity presented by younger entrants to the insurance profession. The CII has received support from almost every leading insurer, broker and loss adjuster, and whilst there is still a long way to go before a job in underwriting, broking or claims is a natural choice for school leavers and graduates, some progress is at least being made. The launch of the CIIís www.discoverrisk.co.uk website should play a major part in improving the situation.
With increasing numbers of graduates working through the education system there will be massive opportunities for forward-thinking insurers or brokers to find a golden generation to fill their future underwriting jobs, broking jobs and claims jobs.
For further information relating to this article and its effects on broking jobs, underwriting jobs and claims jobs, contact Steve McNamee at Exchange Street.