The London Market Group (LMG) has announced a new initiative known as the “Futures Academy”. Starting today (July 3), the two-week program will invite over 100 Year 12 students to gain industry insights within the EC3 insurance community.
During the first week, each student will have the opportunity to spend a day at a different broker or underwriter’s office located in EC3, learning more about the industry and discovering the prospects of pursuing a career in specialty insurance. For the second week, each student will be assigned to an individual host insurance business.
“The London market has long needed to advertise itself as a desirable career option for young people entering the workforce. We want to shine a spotlight on specialty insurance as an interesting and exciting place to work. For too long, we have complained about the market’s talent problem. Let this be the beginning of its talent solution,” said Sean McGovern, CEO of AXA XL UK and chair of the London Market Group.
The initiative aims to raise awareness among students about the opportunities that specialty insurance offers, particularly at a time when they are contemplating entry-level roles, apprenticeships, or higher education. The long-term vision is to reshape the age demographics of the London Market, which currently has a higher percentage of workers over 50 than those under 30.
“Every day the London insurance market comes together to pool capital and share risk. This initiative reflects that collaborative spirit as we make specialty insurance a destination career. It is a landmark moment for the industry. I am looking forward to welcoming the next generation of insurance professionals into the London Market, and I hope to see many of them take up careers within our industry in years to come,” said Caroline Wagstaff, CEO of the London Market Group.
Nearly 50 firms have signed up to host a total of 115 students. The fortnight-long program will culminate in a careers’ fair on Friday, July 14.
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