If you ask the majority of young people within the industry how they ended up on this career path, it is likely that they will tell you they just landed in the industry. Very rarely do you come across a young person who proactively chooses to enter the field.
For some reason, there is a stigma to insurance where people see it as a boring industry made up of actuaries and salesmen. This is not to say that there are no young people within the industry. There has been a gradual increase over the years, which is great. There is, however, still a lot more that needs to be done to encourage the youth to join the insurance industry, and once they are in, companies need to drive more youth orientated initiatives.
Here are three steps that need to be taken:
Step 1: Shift in perception
In order to drive more young people to choose to enter the insurance industry, the perception of the sector needs to change, starting at university level. There needs to be a revised focus on educational programs, learnerships and specific initiatives that make the industry "sexy" again.
The youth seem to be somewhat blurred by the bright lights of investment banking and stock broking, but most young people would be amazed at the friendly environment conducive to the dynamic operations and innovation, and the endless opportunities and growth potential within the insurance industry. If there was a shift in perception, the insurance sector would quickly become the first port of call for young career orientated individuals.
Step 2: Moving forward in the long run
It is essential to bring young talent into the industry not only because growth and longevity will increase, but because they will also play a vital role when it comes to succession planning. Without a succession plan, a broker’s business is limited as he or she is running the show, and the potential of the business is restrained to his or her efforts alone. There are quite a few companies in the industry who play a big part in cultivating young talent that will drive the industry forward in the long run.
“Our role as market makers naturally connects us to talented individuals in the industry, and as a young dynamic team ourselves, we are key investors in young talent. We aim to do this through finding, training and mentoring promising youngsters, and connecting them to our network of intermediary partners. As we execute on our strategy, these youngsters will help our partners to grow their businesses and manage succession when the time is right.” says Matthew Marais, a Fulcrum Capital Executive.
As market makers these companies are naturally connected to talented individuals in the industry, and as many of these companies have young dynamic teams, they are key investors in young talent.
Step 3: A collaborative effort
Those within the insurance sector need to work together for the greater good of the industry to spot opportunities that will drive youngsters into the field, and once they are in, mentor them and ensure that they receive the proper guidance and education they need to excel in the industry.
There has been significant growth in the number of young people who have entered the industry in the past few years, and there are organisations and companies who are currently doing brilliant things for the younger generations. The Insurance Institute of Gauteng (IIG) has just introduced their “Class of” project which aims to promote mentorships for young people in the industry. It is interesting to note that Zuriel Naiker, President of the IIG, and Justin Naylor (previous President of the IIG) were both graduate recruits who were mentored by Carel Nolte, Head of People & Brand at Fulcrum, upon entering the industry. Both Naiker and Naylor have experienced, first-hand, the immense value of good mentorship, and are now paying it forward with this initiative that has been started.
The Insurance Apprentice is yet another example of harnessing existing talent and bringing in new blood within the industry.
The real winners in our industry will be those who have the foresight to invest in the youth now.
Get the latest issue of FAnews