Gallagher’s King on securing talent pools

In the insurance industry, we talk a lot about attracting talent and ushering in the next generation of insurance professionals. 

Graduate and emerging talent programmes can offer mutual benefits to both companies and to young people who are looking to kick start their careers.

When looking to bring emerging talent into a business, it is crucial that programmes or schemes are designed in a structured way so that participants can get the most out of their experience. 

Having the opportunity to learn new skills and qualifications while earning is a huge draw for those looking for a start in their career. 

Therefore, insurers and brokers must be purposeful with how they design programmes so that they can develop potential future leaders and industry experts by offering the skills, knowledge, experience, and relationships necessary to grow a career.

Since launching our emerging talent programmes, we have seen a year-on-year increase in the number of young people applying for roles within our business. Our current retention rate, of those who have completed these programmes and stayed in the business, currently sits above 80%.

Hiring the next generation of insurance professionals with the intention of keeping them in the industry should be a focus point if insurers and brokers are looking to secure the talent pool within their organisations.

At Gallagher we are actively investing in bringing young talent into our business through a number of emerging talent programmes, which are designed to attract diverse, participants into the industry. 

Since launching our emerging talent programmes, we have seen a year-on-year increase in the number of young people applying for roles within our business. Our current retention rate, of those who have completed these programmes and stayed in the business, currently sits above 80%.

As well as offering a clear development plan and career path, it is crucial that they are given the opportunity to make contributions during their time in the business. 

By encouraging colleagues to make a difference early on and to get hands on experience with clients, insurers and brokers will benefit from fresh ideas and a different perspective. This can be bolstered through mentoring schemes that sit alongside emerging talent programmes.

At Gallagher, we provide our colleagues with mentoring and networking opportunities with senior colleagues and those at executive level. 

This is invaluable as our emerging talent colleagues are likely to have innovative perspectives on our business, how we service clients and, as they haven’t been acclimatised to the company culture, they may be able to spot opportunities for better ways of working.

Brokers and insurers should consider the skills that their business, and the industry, will need in the future and make sure their programmes are tailored accordingly. 

For example, the industry needs people with knowledge and expertise in cyber and artificial intelligence, and by offering learning opportunities in these areas firms can ensure they have the skills they need for the future. For example, this year Gallagher Re launched its Cyber Academy with the aim of attracting and nurturing talent in the cyber space, providing them with comprehensive and bespoke training in broking, analytics, and cyber security. By making recruitment programmes fit for the future, the industry can work to future proof their talent pipelines.

Reach out

The challenge in bringing fresh talent into any insurance business is reaching them, as insurance isn’t a career that most young people consider without encouragement. 

Spreading awareness of the variety of roles in insurance is also key to attracting talent, as most programmes offer roles within HR, IT, project management and marketing. Insurers and brokers should look to partner with organisations that specialise in recruiting diverse young talent as a way of heightening the awareness of the viable career paths that are available within the industry.

At Gallagher we work with industry groups such as iCan to reach young professionals who are looking for the next step in their careers but may not have considered insurance as an option. 

We also work with Zero Gravity, which is a B-corp that enables businesses to reach the vast talent pool of young people from diverse socio-economic and academic backgrounds. Partnering with groups such as these is beneficial to the industry as it can help make the insurance industry more accessible by offering career paths to young people from all backgrounds.

Programmes that are well planned, structured, offer opportunities to learn new skills and provide a clear pathway for progression are proving to be attractive to young people who are looking at the next step in their career. 

There is a clear place for these programmes in the insurance industry and they can play an important role in attracting and retaining diverse talent of the future.