Perceptions of Insurance an Obstacle to Attracting Young Talent

Less than a third of young respondents in the U.S. and U.K. consider insurance an appealing career choice, highlighting significant gaps between their career aspirations and perceptions of the insurance sector, according to a survey by consultant Free Partners LLP.

The survey, which asked 1,017 young people about their career aspirations and perceptions of various industries, highlight the insurance industry’s struggle to attract young talent, with significant gaps between what young people want in a career and what they think working in insurance would be like. Asked to identify business sectors that people found most appealing to work in, insurance came in last.

Insurance Industry’s Perception Problem

The survey uncovered big gaps in perceptions of insurance for three of the top four career aspirations for young people: personal balance and growth, greater purpose and fun and social.

A full 87% of survey respondents seek personal balance and growth above all else in their careers, but only 46% think they can get that in insurance. Similarly, 79% want to see a greater purpose in their work, but a mere 34% feel insurance could provide that purpose. And while 71% would like to work in a fun, social environment, just 30% say that sounds like insurance.

There are smaller perception gaps when it comes to more practical considerations. For example, 76% of young people surveyed are looking for a career they can feel secure in, and 54% see insurance as an industry that can provide that security. Working in an industry they already understand or one that is innovative and modern is less important to the respondents.

“To attract more young people, consider how you can better embrace a powerful social role,” the survey authors advise companies in the insurance sector. “Take actions and launch initiatives that deliver on it, engage your people in furthering your purpose and delivering your mission.”

Promoting Potential for Fulfilling Work

Insurance has the potential to satisfy young people’s needs for ethical, career and everyday fulfilment, the report’s authors said. However, they added, insurance must overcome negative perceptions to make the case that the profession can satisfy these needs.

In terms of ethical fulfilment, being helpful and offering something that’s genuinely needed is deeply important to young people (79% agree), as is feeling their work is meaningful and positive for the world (78% agree).

While 41% of young people surveyed agree that insurance has the potential to have a positive impact, 54% think that insurance businesses only care about money, and only 22% believe insurance has honorable intentions when it comes to paying claims.

For career fulfilment, 87% of those surveyed aspire to a career that offers personal balance and growth, but only 46% associated this with working in insurance, the report stated.

“A career in insurance can be many things. From the relationship-building broker to the model-building actuary, the insurtech techy to the specialty specialist, the benefits boffin to the calm claims manager. The range of skills needed in the industry are expansive,” the report stated.

In addition to career fulfilment, insurance also can provide everyday fulfilment, according to the report.

While 71% of young people surveyed said they want a fun, social work environment, 67% thought a job in insurance would be boring.

“Insurance is an ecosystem unlike any other industry. To function well, it needs people to collaborate. It’s an industry where relationships must be created and maintained,” the report stated.

To attract more purpose-driven young talent, the report recommends insurers take several steps to better embrace their social role.

First, “take actions and launch initiatives that deliver on it.” Second, “engage your people in furthering your purpose and delivering your mission.”

Finally, the report advises, “It comes down to your brand – your values, mission and vision. Revisit them and ask yourself if they’re true, if they’re meaningful and inspiring, if they’re actionable. Do they connect you to something bigger than yourself?”

View the full report here. &