In the second section of the research, Michèle Bacchus asks more than 50 young insurer employees about their lives in the insurance industry itself.
Experience, especially in the world of insurance, demands time, motivation and knowledge, and the 52 young insurers who participated in this research are happy to put in the hours, literally.
Hard at work
The next generation is working hard at their jobs within both personal lines and commercial insurance companies: three-quarters work more than 40 hours a week, with one especially driven person spending an average of 70 hours a week on their professional life. Those heading for the top senior positions or aiming to run their own company are putting in a slightly higher weekly average of 45 hours and several other young insurers are working more than 50 hours each week.
Balancing work with life seems to be an easy feat for the young insurers, despite the higher-than-average working hours, and they are happy with the responsibility they hold. “The level of responsibility is very high for someone of my limited experience,” said one young insurer. “My manager is very trusting of me and if we ever disagree it is open to debate rather than ‘his way or the highway’.”
Only one respondent thought they had too much responsibility and 10 wished for even more responsibility, suggesting managers are gauging the competencies of their young team members effectively and nurturing them well.
Peers play an important role in maintaining a happy working environment and all the young insurers felt they had the respect of their co-workers. For one-third of the respondents this respect could have been a shade stronger but on the whole the participants felt their opinions were valued.
Four out of 52 respondents thought their manager did not respect them. Although this is only a small proportion, those four could well be the first to resign if an alternative career opportunity arose but senior management can set this right by being an example: regularly encouraging their own team of managers and demonstrating first-hand how to supervise. One respondent explained what good management meant to them: “My current manager allows for his team to openly challenge processes in place to help us adapt and keep best practice at heart.”
Effective people management is vital for employee satisfaction, staff retention and company growth. “[Company] is a great place to work with great people,” said one young insurer. “The management team look after you and definitely have the right ethos.” This person is clearly not looking to leave.
- Analysis: The mystery of the missing Insurance Fraud Taskforce report
- Green light for UK-US insurance trade deal
- Roundtable: Is a single customer view taking off in insurance?
- Travel insurtech Pluto begins beta test
- O’Connor replaces Fairchild at the helm of Broker Network
- Blog: What workplace inequality means for insurers
- Majority of customers support a ban on dual pricing