The application process
Around two-fifths of participants joined insurance either owing to a positive experience with an internship, apprenticeship or work experience, or because they already had a genuine interest in the industry. “The opportunity to gain professional qualifications and obtain chartered status showed to me that the insurance industry was a well-regarded profession and that it would be a great challenge to take on,” enthused one respondent.
However, another two-fifths of participants simply fell into insurance. “It was purely the role that enticed me,” explained one young insurer, “the industry was more of an afterthought and was not particularly an industry I was in any way interested in.” Others said it was “by fluke” or “by chance” they found their job, although some did cite stability, security and career progression as their reasons for joining.
Banking and law were the top two alternative industries considered for a career, which may explain why insurance has such a problem enlisting young talent – these two sectors spend great time and effort attracting the younger generation and are usually prevalent in talent hot spots such as recruitment fairs.
Only two out of 52 respondents entered insurance through a careers fair whereas 21 found their job on the internet. This would suggest potential insurance recruits are being snapped up first by the banking and law sectors because insurance is absent from these talent pools. Or maybe recruitment in insurance relies on random job searches on Google. More targeted recruitment campaigns would surely bring in a sizeable chunk of those browsing the internet for jobs?
The overwhelming majority of respondents were very keen to secure their current position in insurance, and competition during the application process was said to be fairly high, with almost half of the companies stipulating a degree as a minimum requirement. More often than not, the degree had to be minimum upper second class.
(Click for a larger version)
#CupcakeDay is finally here and we can’t wait to see all the fun!— Alzheimer's Society (@alzheimerssoc) June 13, 2019
We’ll be sharing some of our favourite pictures across the day, so remember to use #CupcakeDay and keep an eye on your notifications.
Have a completely delicious day, and thank you for rising against dementia 🧁 pic.twitter.com/BPfL9FLjuq
- Guy Carpenter suspends senior boss following harassment claims
- Blog: MoJ fixed costs consultation is whack-a-mole for policymakers
- Q&A: National Windscreen managing director Jan Teo
- This week: Dual pricing and sexual harassment claims
- First Central's Andy James on trusting in insurance
- Analysis: Diversity and Inclusion: A marked shift in commitment
- Ecclesiastical appoints Denise Cockrem as group chief financial officer