Are you up for the challenge?

03 February 2016 Myra Knoesen

More than 300 industry organisations in the UK have partnered to establish the first annual Insurance Careers Month in February 2016 in order to inspire young people to choose insurance as a career, share what makes the industry a great one to work in and collaborate and share best practices.

Insurance Careers Month is the kick-off of a cross-industry, multi-phased initiative designed to raise awareness of the dynamic career opportunities in the risk management and insurance profession and to recruit the next generation of industry leaders.

A collaborative effort helmed by Hamilton Insurance Group, Lloyd's of London, Marsh & McLennan, the Institutes, MyPath, Valen Analytics, the Jacobson Group, InVEST and PCI, the first phase of this campaign is promoting insurance as the "career trifecta," because it is stable, rewarding and limitless.

Jumping on board

Leading industry CEOs, including Brian Duperreault of Hamilton Insurance Group, Inga Beale of Lloyd’s of London and Dan Glaser of Marsh & McLennan Companies, have already lent their support to Insurance Careers Month, publishing an open letter calling for brokers, carriers and business partners to get involved.

We at FAnews would like to challenge the South African insurance industry to take part in this initiative by banding together to promote the rewarding careers the insurance industry has to offer. If not this year, we should jump on board next year in February and be the first African country to encourage, excite and engage our young natives to join our industry.

Individual companies and organisations interested in participating in Insurance Careers Month will be encouraged to broaden their local outreach and share what makes the industry a great place to work, amplifying the message that the insurance industry is hiring and has solid opportunities to offer next generation talent.

Thinking of the future

The UK initiative reports that, as the industry continues to grow and the current workforce begins to retire, organisations will need to fill more than 500,000 jobs between now and 2022. Yet, very few students and young professionals are even aware that these careers exist. Insurance Careers Month aims to build excitement around the many opportunities available.

“Our industry is at a critical juncture, with new risks fueled by rapidly evolving technology,” said Mr. Duperreault. “It’s an exciting time to work in companies that help keep individuals, families, communities and governments safe. If a young person wants a purpose-driven career, he or she will find it in insurance.”

“We’re at an exciting crossroads in our industry where innovation and growth are propelling organisations to new levels, and we need an influx of top talent to provide support and bring new perspectives to the table,” said Peter Miller, President and Chief Executive Officer (CEO) of The Institutes, which, at the insurance industry’s request, launched MyPath (a UK iniative) in 2014 to unify the industry and excite the next generation of talent.

“As insurance professionals mature, baby boomers prepare for retirement, and organisations shift their focus toward building up their staffs, insurers are facing a growing ‘war for talent,’” said Greg Jacobson, co-CEO for The Jacobson Group. “The focus needs to shift toward recruiting and engaging the next generation of talent and BREAK  bringing millennials into insurance. Insurers must join together and rebrand insurance as the industry of choice for young professionals.”

“To attract millennials into our industry, we need to better tell our story and connect on issues important to this generation,” said June Holmes, COO and Treasurer, at PCI

“By participating in Insurance Careers Month, the industry will speak with a unified voice to attract millennials to the industry and promote the diverse and rewarding careers insurance has to offer,” says Bob Rusbuldt, Big “I” President & CEO.

Recruit millennials

We know how hard it is to excite young people about the possibility of entering an insurance career—but we also know it’s possible. Our industry has been facing a talent crisis for some time, and we’re beginning to feel it. That’s why the inaugural Insurance Careers Month is so important.

In the UK, these are just some of the tips that are being used to encourage businesses and organisations to take action:

  • Change your Facebook profile or cover photo to the Insurance Careers Month image.
  • Use the social media guide to share social posts using the designated hashtags #careertrifecta and #insurancecareersmonth.
  • Engage millennials in your office to share their message through your social channels about why they love the insurance industry. Consider creating videos, articles or brief social media posts.
  • Develop internship programs to attract millennials.

Now is the time for others to recognise our industry as an exciting and rewarding career opportunity for millennials to not only enjoy, but find success. Join us this February, and together our voice will be heard.

As Beale said, “the pace of change is happening so fast, it is happening ten times quicker than the industrial revolution. Thus the reason why we need a new breed of talent to join our insurance industry. We need digital natives because with those talents among us we can secure our future.”

See what these CEOS have to say about the initiative:

Inga Beale, CEO of Lloyds of London
Brian Duperreault, CEO of Hamilton Insurance Group
Mike McGavick, CEO of XL Catlin
Dan Glaser, CEO of Marsh & McLennan
Bob Rusbuldt, President & CEO IIABA

Editor’s Thoughts:
Beale said the pace of change right now means we need the best and brightest young talent. It’s only those businesses that can adapt and change with the times will be successful. Do you agree? Will you take part in this challenge?Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts


Added by Sipho Nxumalo, 04 Feb 2016
The idea of bringing fresh blood in our industry is of critical importance. It's perfect for succession planning.
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