Attracting and retaining talent has become more complex as the industry searches for members of the new generation to enter the industry. With Gen Z constantly on the move, the importance of strategically marketing a career in insurance to younger professionals has become essential.
Underwriting associate at TruStar, Holly Fenton (pictured) spoke to Insurance Business about how the industry can help attract new talent. To start with, she noted that the industry must ensure ESG goals are in place and at the forefront of a company’s public image.
“The younger generation is passionate about social values and are on top of environmental issues,” said Fenton. “If corporate policies aren’t mirroring the social and environmental change that they want to make, younger professionals will look to a different company that aligns with their goals.”
She mentioned that internally, there should be a comfortable corporate culture that promotes open communication, trusting relationships and flexibility. The typical 9-5 office work week has become an outdated model as younger generations are looking for a healthy work-life balance.
“If employers are not willing to offer that level of flexibility, attracting new talent will be a challenge,” she explained.
The pandemic and shift to remote working life has forced companies to be flexible and, as office life re-adjusts to a new normal, new employees expect a hybrid office model moving forward.
“Good benefits are also very important to attract and retain employees. There’s a standard of benefits most employers have, but if you’re innovative with a benefits structure then you have that competitive advantage,” she added. “At TruStar we have an ‘adventure fund’ which allows employees to not feel financially burdened about taking a holiday. If you provide an incentive to use your paid time off, you’re going to come back rejuvenated and perform better which will benefit the success of a company in the long-run.”
Persuading young professionals towards a career in insurance is no easy task. Fenton said that what the younger demographic fails to realize is that insurance is in everything.
“Insurance doesn’t just relate to your home or car, it effects every business and rural walk of life,” she said. “Regardless of your interest, there’s a segment within the insurance industry that deals with it. You can underwrite jewellery, construction or manage loss control for hair and beauty salons.”
“If you’re passionate about a certain area and have a unique perspective, the insurance industry would love to have that knowledge to supplement them in underwriting, claims or even on the actuarial side,” she continued.
Fenton also spoke to the importance of spreading awareness about insurance and reaching out to post-secondary institutions as there is a lack of industry presence in events such as career fairs.
Additionally, she mentioned that offering more internships will also open doors for students and recent graduates, assisting with that first step into the industry. Promoting a career in insurance to Gen Z or millennials is essential and leveraging technology to do so increases the chances of attracting new demographics.
“Social media is an interactive and fun way to reach younger generations,” she said. “Being open to tech-based marketing initiatives makes the industry look more accessible and provides a great opportunity to promote company culture.”
In a digital world, the new wave of talent looks to social media for information about a company as well as job opportunities, and Fenton emphasized the importance of having job descriptions align with company values.
“Do you value experience? Do you value education? Or is it a mix of both?” she asked. “Young professionals are hungry to learn and will work hard to understand what’s needed to succeed.”
Having a forward-thinking approach will help attract younger talent to the insurance space and with the right strategies and goals in place, retaining talent will be a walk in the park.
