“I’d like to be at the top of the ladder at some point, whether that’s in an existing company or setting something up from scratch.”
The future leaders of the industry already seem to know who they are and where they want to get to. Almost a quarter of the young insurers are aiming for senior management or for the top dog role, and a handful would like to run their own firm one day. One respondent’s goal was “probably to run my own insurance company or managing general agent where I can go out and use my experience and skills in relationships I’ve gathered over 10, 20 years and then create something of my own.”
Perhaps HR departments and senior management may want to make a point of finding out who exactly in their company has high aspirations, and start nurturing them through mentoring and shadowing. Or companies may risk losing the leaders the industry will so desperately need in a few decades’ time.
In terms of providing career aspirations, the industry seems to be getting something right: 42 of the 52 respondents still saw themselves in insurance in five years with most expecting to be in a more senior role, and 40 of those hoping to stay till retirement. “I’m in it for life now unless something amazing comes along,” said one young insurer, a thought reiterated by another who added: “It would have to be something quite spectacular to make me consider leaving, if I’m honest.”
The majority of young participants were happy with the idea of progressing in their present line of business and only a few envisaged leaving the industry completely.
One person said: “Looking to be successful and certainly in my line of business, I’m quite keen to continue to help the business and hopefully take that mantra into a senior underwriting or management position.” Another young insurer wants to be “an expert in my field, but I also want to be an exceptional manager of people”. The next generation of managers are aiming for well-rounded careers too. “To build and manage my own claims team,” explained one person, “and also to become a prominent figure within insurance to speak at insurance seminars and different events.”
Despite the somewhat haphazard way in which they found insurance, it is clear these young insurers would like to stay, and they are fully prepared to develop their career within insurance. The industry must not let them down or they will take their talent elsewhere. Managers seem to be doing a good job encouraging the industry’s younger generation, however they must provide continued support over the longer term as the new recruits settle in and gain experience, and more should be done to help them gain those much deserved qualifications.
Read the remaining instalments in the State of the Young Insurer Nation research series
- Part two: Life inside insurance
Young employees tell of their lives in the insurance industry and what motivates them
- Part three: Relationships
A look at how young employees see the relationship the insurance industry has with the government and the general public
- Part four: Tomorrow's world
In this final instalment, young employees tell of how they see the future of insurance and what they feel they can learn from the older generation
We are excited to announce that @SFoodbanks and the Sunday morning initiative team will be joining us at this years @WDragonboat ! The team will have their collection van so bring any food donations you can for local foodbanks #HungerDoesntWearClubColours #CharityTuesday pic.twitter.com/UT9Diup11C— Carpenters Group (@CarpentersGroup) August 20, 2019
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