Today the 2022/23 Chartered Insurance Institute (CII) New Generation Underwriting group publish a report examining the insurance market’s ‘talent shortage crisis’. The report highlights barriers to entry as well elements of the industry that attracted respondents to the sector.
The group gathered data from four key stakeholder groups: individuals in their first twelve months of employment in an underwriting role; individuals with at least five years of industry experience; emerging risk specialists; and representatives from CII Local Institutes.
Social media, specifically TikTok, was identified as a key influence to join the industry for respondents in their first twelve months of employment, who suggest a presence on social platforms to be a key factor in attracting Gen Z talent.
On what attracted them to join the industry, a Trainee Underwriter from AXA Insurance said: “Funnily enough, a TikTok. It was about Insurance in London and how they said you can have the Big Banking lifestyle and wages but not have those working hours and stresses”.
Respondents from the emerging risk specialist group suggest ‘being clear on our desire to protect against emerging risks, and our commitment to tackle areas such as climate change’ in the interest of appealing to potential new candidates. The report also includes comments from one Head of Climate within the sector, who advised that Gen Z candidates are most effectively engaged through real life interactions with ambassadors from insurance companies. They also suggest topics such as climate change and political risk, as key talking points when engaging with Gen Z candidates.
On reputation, the report states: The problem is tech is ‘sexy’, insurance is ‘steady’. Insurance acts as a ‘silent’ service, weaving through society quietly in the background, only realised when someone needs it, and even then, there is not much opportunity to understand it.
Ian Callaghan, President of the CII, said: “The 2022/23 CII New Generation Underwriting group have carried out some interesting research around the important topic of talent attraction. As a sector, we are aware of the risks we face if a concerted effort is not made to address the talent gap. We encourage firms, and those in a position to do so, to be proactive, forward thinking, and innovative in their talent attraction strategies.”
The report also made specific recommendations around the CII’s talent strategy, highlighting the importance of engaging with members of the CII’s Local Institutes. The CII is now building on a recently launched careers initiatives to develop more forms of support, including working closely with Local Institutes to develop new content for members, which is set to be launched later this year.
The full report is available via this link.
2022/23 CII New Generation Underwriting group
- Chantal Abbott-Devaney
- Thomas Hedges
- Fionn O’Reilly
- Akbar Alikhan
- Benjamin Scotter
- Meredith Bankes-Hughes
- Markus Mohr