February marks Inaugural Careers in Insurance Month
Imagine being a brand new college graduate ready to conquer the world. Bright-eyed, altruistic, and constantly engaged in every societal issue through social media and technology. Imaging hearing about an opportunity to plug into something that is the backbone of our economy, responds to catastrophes and creates quality jobs through innovation and creativity. Want to be a part of this awesome opportunity? If our brand new college graduate is part of the millennial generation the answer should be a resounding yes.
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This February will be the inaugural Careers in Insurance Month with the goal of figuring out how to draw more young talent into our amazing industry.
In an open letter to the industry, leading industry CEOs Brian Duperreault of Hamilton Insurance Group, Inga Beale of Lloyd’s of London and Dan Glaser of Marsh & McLennan Companies implore all insurance brokers, agents and carriers to get involved in an effort to reach young talent and communicate the exciting opportunities a career in insurance has to offer. This effort to enlighten will begin with the first annual Insurance Careers Month, to be held in February 2016.
“Insurance is the career trifecta: it’s stable, it’s rewarding, and it’s limitless”
This is the message that leading industry CEOs want to communicate to the young generation of professionals who are set to begin their careers. As enticing as the message sounds, it is clear that it is not one shared by Millennials. In the letter, Duperreault notes that with 25% of insurance professionals eligible for retirement within the next three years less than 5% of millennials are interested in working in our industry. This is a daunting hurdle the industry will face, with potentially 400,000 open positions projected to be unfilled by 2020.
“When asked why, they said they thought the industry was dull, conservative, and doesn’t offer much of a chance to make a difference,” said Duperreault in an IIS Global Insurance Forum speech.
Throughout the month of February, companies have pledged their commitment to enlighten and increase their scope of engagement with young professionals. In the 2015 Deloitte Survey, Millennials highlight certain attributes of an attractive company being “job creation”, “profit generation” and “improving society”. They want to be a part of an organization that has strong, defined goals and pursues policies that have a positive impact on wider society. With that, companies like Google and Apple top the list of places that exemplify their core values. February is the month to highlight that an insurance company has much to offer and deserves to be high on their list.
“IASA, as one of the insurance industry's largest, and most well represented trade associations, will be part of the discussion to move forward the goal of reaching Millennials and demonstrate the positive value working in insurance can offer” says Tim Morgan, President of IASA.
Through this collaborative effort, February will kick-off our industry’s strategic approach to reach as many young professionals as we can to spread the word that insurance is innovative, fluid, challenging and, of course, anything but dull. For more information on how your company can join this initiative, please register at: http://insurancecareerstrifecta.org/.
Written by Tracey Howells, IASA Industry Relations Committee Member and Controller,
Admiral Insurance Group (a W. R. Berkley Company)