Can a Career in Insurance Appeal to the Next Generation of Our Workforce?
Sadly, the insurance industry appears to have developed a reputation for being old fashioned, or boring.
We asked a Generation Z child their opinion about working in the insurance industry. She said “it sounds like one of those jobs that I just associate with boredom. I picture falling asleep at a desk.” Where has this perspective come from? How can the insurance industry make themselves appealing and relevant to the workforce of the next generation?
Do young people want to work in insurance?
Our interviewee is not alone in her opinions as a young person. It appears that this attitude may persist through childhood into being a young adult, judging by the unfortunately low number of people in their 20s and 30s currently looking at insurance as a career. A study by ACORD showed that only 4% of millennials (born between 1981 – 1997) would think about working in the insurance sector. This is concerning, given that millennials are likely to be 75% of the UK workforce by 2025. [i]
Of course, in 2023, as we look towards the future of insurance, we are not only talking about recruiting millennials, who are now aged 25 plus and may be already on a chosen career path. Now is the time to start appealing to Generation Z (born approx. 1997 – 2012) and then Generation Alpha (born 2013 onwards).
A new generation
Recruiting young people into careers in insurance is vital to the general insurance sector. Not only are they needed for future numbers, as previous generations look to retirement, but their ideas and skills are needed now. Generation Z are the first generation that grew up from childhood with social media as a normal way of communicating. They have seen huge growth of technology and a lot of political and economic upheaval. They lived formative years through the Covid epidemic, with all the complexities that brought. All this makes generation Z an adaptable, technologically-adept generation, with the capability to display outside-the-box thinking.
What can the insurance sector do to be relevant?
Start early
Targeting graduates who may never have thought about working in insurance could be too late. Aiming to advertise the industry to young people as they choose their GSCEs, A-levels and other further education options is a much smarter move. These young people are at a point where they are considering what their future careers may look like and putting insurance on their radar at this point widens the net considerably.
Showcase diversity
To reach a diverse range of young people, it is vital that they see diversity at the top. When young people look up and see no one like themselves, it is discouraging and makes them think there is no place for them. It is important for talented young people from a diverse range of backgrounds to have support to become advocates for the industry and mentors within the industry. Help young people in their professional development by putting them through courses on management and supervision, ensuring that the next generation can see successful people they relate to as they seek to enter the industry.
Advertise career opportunities
There are such a wide range of careers within the insurance sector, including being a broker, an underwriter, a claims specialist or working in customer service roles. Each of these areas have different opportunities and specialisms within the teams. People of any interest and a variety of aptitudes can work within insurance. There is a place for people who are good at management, or good with people, or individuals who prefer working on data or accounts. Almost anyone could find a fulfilling role within the insurance sector. This needs to be widely advertised so that young people can see the opportunities that are there for them. Insurance is not just “sitting at a desk, falling asleep”!
Find your target audience
The insurance industry is used to recruiting graduates and there are already some good graduate schemes available. However, not everyone with an aptitude for working in insurance can be found in universities. It’s important to widen the net. Social Media is significant and relevant to Generation Z and is a good place to advertise jobs and apprenticeships that are available straight from school. Businesses could look at hiring individuals for marketing and PR positions who are experts in digital platforms including TikTok, Instagram and other on-trend forms of social media.
Offer career progression
Don’t require prior experience for entry level positions. Think about transferrable skills and qualifications that are important for the roles. Create opportunities with apprenticeships. Make sure there is clear career progression, good pay, and flexible working available so that the business can retain the young people they are investing in.
Once people are recruited, make sure that they’re nurtured and supported. Set up a mentoring system, with mentors that will introduce new starters at networking events, helping them to make the links they need to progress, as well as offering industry advice and guidance around professional development.
Insurance recruitment specialists
As you consider recruiting the next generation of insurance employees for your business, speak to Aston Charles, specialist insurance recruitment agents. Our recruitment strategies always target a diverse range of candidates. If you’d like to discuss a marketing campaign for entry level positions and apprenticeships, as well as a good mentoring and guidance package to retain these individuals and help them to progress in their careers, please contact us today.
[i] REG Technologies. 2022. Young People in Insurance and the Barriers they Face Entering the Market. [ONLINE] Available at: https://reg.uk.com/news/young-people-in-insurance-and-the-barriers-they-face-entering-the-market/. [Accessed 31 July 2023].