The insurance industry in Singapore could draw more graduates by rebranding itself to better align with young professionals’ career goals, according to a recent report from global specialty re/insurer Canopius Group.
Titled “Listening to Tomorrow’s Leaders: Attracting and Retaining Young Talent in Insurance,” the study explored the motivations of Singapore’s recent university graduates as they enter professional fields such as insurance, finance, banking, and consulting.
The report arrives as competition for young talent grows across sectors, underscoring a need for insurance firms to more effectively showcase the industry’s potential.
Although insurance is aligned with many priorities that graduates value, the report found that these attributes are often under-communicated, making the sector less visible to those exploring career options in the professional services field.
The research indicated that when evaluating career choices, recent graduates in Singapore prioritise financial benefits, with 31% rating salary and benefits as their top factor.
Job stability ranked second, at 17%. Other aspects, such as work-life balance (13%), company culture (8%), and travel opportunities (7%), held less influence on career decisions.
Professional growth opportunities also featured prominently in graduates’ preferences, with 92% of respondents citing formal training as essential and 91% prioritising clear career advancement pathways.
Reputation also matters, with 89% looking at a company’s standing in the market, and mentorship programs and on-the-job training appealed to 88% of respondents.
The study also revealed perception gaps that may deter graduates from pursuing careers in insurance.
When asked if they viewed insurance as a promising career path, 56% said yes, while 28% did not consider it appealing.
Those with reservations about the industry cited concerns such as limited growth prospects (70%), a lack of accessible information about career paths (48%), and perceptions of the sector as less dynamic (36%).
In comparisons between insurance, finance, and consulting, graduates associated insurance with job stability (72%) and work-life balance (71%). However, finance and consulting scored slightly higher in both categories, indicating an opportunity for the insurance industry to emphasise its own strengths to remain competitive.
The report suggests several measures insurance companies can take to enhance their appeal.
Among these, graduates recommend offering improved starting salaries and benefits (51%) and strengthening work-life balance programs (44%).
Soon Keen Lee (pictured), CEO of Canopius Group for APAC and MENA, stated that the industry must refine its messaging around career advancement, compensation, and the positive work environment within insurance.
“From our research, it is encouraging to see that what young graduates seek is in line with what the insurance industry is already offering. Instead of reinventing the wheel, our focus should be on improving how we communicate about the job progression, compensation packages, and the positive work environment that a career in insurance can offer,” she said.
She added that working collectively as an industry could position insurance as an attractive career choice for the next generation.
