For Post’s first research project of 2016, Michèle Bacchus asks more than 50 young insurer employees why they joined the sector, where they think the industry is heading and whether they want to be a part of its future.
Considering this industry began with one man centuries ago protecting ships that left the old world for the new, insurance has come a long way.
These ships sailed away as old experienced vessels and returned with new and exciting wonders, but has this industry reached a point where the old vessels are still leaving and the new wonders are a little less forthcoming?
Senior management is becoming increasingly senior and when the leaders leave, who will take their place? There may be a talent crisis looming ahead if the industry overlooks the importance of attracting and training new recruits so Post decided to survey 52 insurer employees who were under 30 years old and who had been in the industry for less than 10 years to gauge their opinions.
We spoke to 52 insurer employees in the UK who were under the age of 30 and had been working in the insurance industry for less than 10 years. Between November 2015 and March 2016, all participants filled in an online survey and were interviewed over the phone, answering a total of 113 questions. Only one of the interviews was conducted in the presence of a company PR representative. The young insurers work across 37 different insurance companies including the top five UK insurers, and all responses have been reported on a non-attributed basis.
Respondents were from the following companies: Ageas; AIG Europe and AIG; Allianz; Amlin; ANV Syndicate 1861; Arch Insurance; Aviva Plc and Aviva UK GI; Axa Insurance; Brit Global Specialty and Brit Insurance; Channel Managing Agency; Co-op Insurance; Covéa Insurance; Direct Line Group; ERS; Hiscox; Insure The Box; International General Insurance Co (UK); LV; Lloyd’s Market Association; Markel International; NFU Mutual; QBE; RSA Insurance Group; Swiss Re; Tokio Marine Kiln; XL Catlin; Zurich Global Corporate UK and Zurich Insurance
Who are they?
The young insurers are a diverse bunch: army officers, pilots, trampoline instructors, TV producers, rally drivers, vets, scuba divers and spies – or at least they might have been had they not found insurance instead.
They work across all classes of business in both commercial and personal lines and sit predominantly in underwriting, loss adjusting, claims and digital. They are generally associates, assistants and analysts in large companies; only 30% came from organisations with less than 500 employees.
Although the majority of respondents entered insurance after university, only five are on a graduate scheme. Six participants, all over the age of 23, have already reached managerial positions. Of these six, time spent in the industry varied hugely but in every case the company employing a young manager has more than 100 employees, with most over 500. (Click for a larger version)
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