Insurance Industry Faces Talent Crunch; ESG a Key Factor
Key Takeaways
- The insurance industry grapples with a severe talent shortage.
- Social media, especially TikTok, is great for attracting young talent.
- Focusing on new risks like climate change and ESG can make the industry more attractive.
A new report from the Chartered Insurance Institute (CII) reveals a growing talent crisis in the insurance industry.
The CII's New Generation Underwriting group conducted the study, pointing out challenges in attracting new talent and identifying what draws people to the sector.
The research surveyed four key groups: early career underwriters, industry veterans, emerging risk specialists, and local insurance representatives. A standout finding is the influence of social media, especially TikTok, on young people's career choices. Many recent hires cited TikTok as a factor in their decision to join the insurance industry.
To attract Gen Z talent, the report suggests a strong online presence and a clear focus on emerging risks like climate change. One trainee underwriter described being drawn to the industry after seeing a TikTok that portrayed insurance as offering a good work-life balance and competitive pay.
Industry experts stress the insurance sector's role in tackling global issues like climate change. They suggest meeting young people in person and discussing topics like climate change and political risk to attract potential candidates.
Despite the challenges, the CII remains optimistic. The organisation is developing new initiatives to support talent development and is working closely with local insurance groups to create fresh content for members.
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.”
Click here to access the full report.
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Source: CII
