The Chartered Insurance Institute’s (CII) new generation underwriting group has published a report examining the talent shortage crisis in the UK market, offering insights on what’s key to attracting insurance talent.
The group collected data from different portions of the market: individuals in their first year of underwriting, those with over five years of experience in insurance, emerging risk specialists, and representatives from CII Local Institutes.
The report found that social media, particularly TikTok, significantly influences the decision of industry newcomers. New entrants see a strong social media presence as vital for attracting Generation Z talent.
A trainee underwriter from AXA Insurance shared that a TikTok video inspired them to join the sector, saying: “Funnily enough, a TikTok. It was about insurance in London and how they said you can have the big banking lifestyle and wages but not have those working hours and stresses.”
Emerging risk specialists, meanwhile, stressed the importance of clearly communicating the industry’s commitment to addressing risks like climate change to attract potential new talent.
The report includes insights from a climate head who emphasised the effectiveness of engaging Gen Z through direct interactions with company ambassadors. The report recommends discussing climate change and political risk to connect with Gen Z candidates.
The report also underscored the need to engage with CII’s Local Institutes members.
Commenting on the findings, CII president Ian Callaghan stated: “The 2022/23 CII new generation underwriting group have carried out some interesting research around the important topic of talent attraction.
“As a sector, we are aware of the risks we face if a concerted effort is not made to address the talent gap. We encourage firms, and those in a position to do so, to be proactive, forward-thinking, and innovative in their talent attraction strategies.”
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