Failing to fall into the category of glamour career or even high-earner career, the insurance industry is finding it increasingly difficult to recruit new talent. Faced with mounting debt from college loans, today’s college grads are aiming for big paycheck careers like engineering or finance. Others seek the excitement of advertising or marketing. Most consider insurance boring.
A recent article in Insurance Headlines points out that recruiters are having a tough time finding candidates eager to join the insurance industry. Chairman and CEO of Ryan Specialty Group, Patrick G. Ryan believes that insurance offers a “unique career to young people,” but “too often, they get a good education and think they ought to be a lawyer or a banker and don't look carefully at the insurance industry.”
Some industry leaders suggest that the industry needs to educate job seekers about the benefits of working in the insurance field. “The greatest challenge is that the insurance industry isn't necessarily a destination for top students,” said Brian Little, vice president, human resources and head of business partnership at Zurich Insurance Co. Ltd. in Schaumburg, Ill. “That sometimes prevents talented students from getting into the pipeline to begin with,” adding, “We have to do a better job of telling our story.”
This sentiment was reiterated by Maura Quinn, Boston-based manager of university relations for Liberty Mutual Group Inc. “One of the greatest challenges is that students really don't understand the industry,” said Quinn. “If they think they know something about it, they think it's boring. Liberal arts majors don't even think the insurance industry would hire them, and business majors are tempted by other fields,” she added.
A recent article in PropertyCasualty360 advised insurance companies to do more in promoting a positive image of their industry. It underscored the need to showcase insurance as a viable career with advancement opportunities in many areas, including underwriting, claims, loss control and sales. It urged the industry to become more involved with local colleges, to conduct job fairs and to offer internships.
Jon Beckham, Chief Marketing Officer for Accident Insurance Company, noted that the goal is to enlighten students about the benefits inherent in an insurance career while they’re still formulating life/work decisions. Once found, talent must be nurtured, or it will simply move on. Here, corporate culture can be key in talent retention. It’s important that young staffers feel engaged in the overall success of the company, which in turn will ignite their commitment to the organization. For agencies, it’s important for young producers to be awarded a percentage of ownership of their personal book of business.
Clearly the challenge insurance recruiters face is one of promoting their industry and the benefits it offers to young grads.
Image courtesy of MorgueFile.com.
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