These insights are by Howard Dean – FOIL President and Partner at Keoghs LLP. The Insurance Museum is the FOIL President’s nominated charity for 2025.
As the insurance industry evolves, it’s becoming increasingly vital to dispel the myths that have held back the next generation from considering it as a rewarding career path. The term ‘insurance’ often carries an outdated and uninspiring image, leading young people to wrongly assume that it’s a field dominated by dull paperwork and traditional roles. This couldn’t be further from the truth. At its core, insurance is about risk—an exciting, dynamic, and ever-changing aspect of our lives.
In today’s tech-driven world, careers in insurance are not only diverse but also increasingly innovative. The misconception that insurance is a static industry does a disservice to the exciting and varied roles available within it. To ensure the future of the industry, it is essential to communicate the real value of these careers and highlight how the industry is embracing new technology and adapting to an ever-changing landscape.
One of the most common misconceptions about insurance is that it is a dry, uninspiring field that revolves solely around selling policies and processing paperwork. However, the true essence of insurance lies in risk management. Whether it’s protecting against the fallout from natural disasters, providing coverage for complex cyber threats, or offering solutions to new risks presented by emerging technologies, insurance plays a crucial role in every aspect of modern society.
Far from being a dull job, working in insurance is about problem-solving, forward-thinking, and addressing challenges that impact businesses and individuals across the globe. The thrill of navigating these risks and developing innovative solutions makes the work of insurance professionals far more dynamic than many realise.
The insurance industry is undergoing a transformation. While traditional roles like underwriting, claims management, and actuarial work are still essential, new, technology-driven opportunities are emerging. We are moving into an era where skills in AI, machine learning, and data analytics are becoming crucial to how insurers assess and manage risk.
Far from being limited to the more traditional roles, today’s insurance companies are looking for people with a wide range of skills. Those who are passionate about AI, coding, and data science have a wealth of opportunities available to them within the industry. Insurers are increasingly relying on technology to enhance everything from risk assessment to claims processing. This shift is creating new, exciting roles for people who are looking for careers at the intersection of technology, business, and risk.
For younger generations interested in tech, the insurance industry is an untapped sector where they can use their skills to drive innovation. The demand for talent that understands technology and its application to risk management has never been greater, making insurance a truly exciting field for those with a passion for tech and problem-solving.
Another misconception is that a career in insurance requires a specific set of skills or qualifications. While certain roles in the industry may require specific expertise, the path into insurance is far more accessible than many think. Young people may not realise that they don’t have to follow a traditional academic route to enter the industry. Apprenticeships, work placements, and vocational training schemes are excellent entry points into the sector, allowing individuals to gain practical experience while avoiding the burden of high tuition fees.
In fact, the insurance industry has a wide variety of career paths that cater to different strengths and interests. Whether someone is interested in law, technology, finance, or business, there is a role that can match their skill set. This flexibility is a key feature of the industry, allowing individuals to move between roles or specialise in areas that truly interest them, from underwriting and claims to legal work and data analysis.
One of the greatest challenges the insurance industry faces is attracting young talent. Many young people mistakenly view insurance as a boring, outdated field. It’s essential for those of us in the industry to change this narrative and showcase how dynamic, diverse, and future-proof careers in insurance truly are.
Howard Benge, Director at the Insurance Museum, says: “Studies indicate that approximately one-third of children have already chosen their career paths by the time they finish primary school. However, many of them do not learn about insurance until they reach adulthood and have already made choices about their future jobs.
This highlights why it is so vital that children are introduced to insurance at an early age. By showcasing how it can benefit them and society as a whole, we can help to foster and encourage future talent.”
We need to show that the work of insurance professionals is not limited to policy sales and paperwork but extends to solving complex problems, working with cutting-edge technology, and shaping the future of risk management. Whether it’s through social media, industry events, or school outreach, we must engage with younger people and show them that a career in insurance is one that can be both rewarding and impactful.
This effort to highlight the exciting opportunities available in the sector is more crucial than ever, especially as the industry adapts to the technological challenges of today’s world. By showcasing the real value of careers in insurance and the diverse opportunities available, we can ensure the continued success and innovation of the sector.
Be the first to comment