Insurance sector needs more young people
Insurance chiefs have joined forces to back the first-ever careers month for the industry.
And Hamilton Insurance Group chief Brian Duperreault, Inga Beale of Lloyd’s of London and Dan Glaser of Marsh & McLennan have sent an open letter calling for brokers, carriers and business partners to back next February’s push for new blood in the industry.
Mr Duperreault said: “Our industry is at a critical juncture with new risks fuelled by rapidly evolving technology.
“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.”
Mr Duperreault has highlighted in several speeches the lack of diversity in the industry — and the lack of interest in careers in insurance among millennials, people born between 1980 and 1995.
The open letter said that the insurance sector in the US faced a crisis, with 45 per cent of management executives set to retire within three years and 400,000 jobs likely to be vacant by 2020.
But fewer than five per cent of millennials express an interest in joining the industry.
Hamilton Insurance Group has teamed up with MyPath, part of The Institutes, Valen Analytics, the Jacobson Group, INVEST and US insurance industry association PCI to promote February 2016 as insurance careers month.
Greg Jacobson, co-CEO of the Jacobson Group, said: “The focus needs to shift towards recruiting and engaging the next generation of talent and bringing millennials into insurance.
“Insurers must join together and rebrand insurance as the industry of choice for young professionals.”
PCI chief operating officer and treasurer June Holmes said: “Some of the ways insurers are innovating is by developing new solutions to meet the demands of cyber security, green technology, the sharing economy and other emerging trends.
“To attract millennials into our industry, we need to better tell our story and connect on issues important to this generation.”