Said no graduate ever to their friend from Uni, as they bump into them after a gap year in Laos.
Herein lies the problem for attracting new talent to the sector. It isn’t an exciting career path for many people. In a way it is understandable because insurance is all about safety nets in life or business, long term planning, having a back-up plan. A bit boring, quite sensible, not as exciting as being some type of Influencer on a lifelong freebie.
Maybe the insurtech and data niches are where brands can tempt new talent into the sector? Data use via AI is a boom sector and will transform, some might say also empower people’s lives, by offering them instant cover exactly when and where they need it. Not some old binary TPFT vs Comp choice for example. But flexible vehicle cover, on demand, per journey, per asset.
The sector needs bright people to build those dream products. Personalise choice. Reward those who do the right thing.
Here’s the word from MS Amlin for you;
The insurance industry faces a looming recruitment crisis as new research reveals talent is shunning the sector because it’s ‘boring’.
Two thirds (68%) of Brits say they wouldn’t consider a career in insurance, citing it as ‘monotonous’, ‘repetitive’ and ‘uninspiring’. The majority (91%) don’t think it’s creative or exciting, while 88% say they think working in insurance would be ‘unrewarding’. And 93% of Brits don’t think a career in insurance provides opportunities to make a meaningful impact. The data, from Lloyds of London insurer, MS Amlin, paints a troubling picture for a sector where as many workers are over 60 as they are under 30.
The impending talent shortage will be felt far beyond the insurance industry. The London market contributes almost £50 billion to the UK’s GDP economy each year (equating to two per cent of the national economy and a third of the City’s GDP) and is crucial for supporting and stimulating global economic growth. If the sector fails to attract new talent, the repercussions for the UK economy will be significant.
What’s more, the need to bolster the workforce is ever-more pertinent as internal data from MS Amlin reveals complex global risks are increasing worldwide, with claims related to conflict and civil unrest up over 1,500% in 2024 vs 2019, and natural catastrophe claims up almost 300% in the same time period. Insurance professionals do crucial work in protecting businesses against these risks – work that will only become more important in coming years if this upward trend continues.
Aiming to dispel the misconceptions and attract sparkling new talent to the industry, MS Amlin is launching a first-of-its-kind partnership, pairing its underwriters with Hollywood stunt doubles to reveal the uncanny – if unexpected – parallels between the two professions, bringing a sprinkle of movie magic to the Square Mile.
Designed to show that a career in insurance is anything but boring, the explosive collaboration reveals that insurance professionals and stunt performers are kindred spirits sharing a twin trait: the mastery of complex risk. Whether it’s tracking a political coup or mapping out the risks associated with extreme weather, MS Amlin’s underwriters tackle high-stakes and hazardous situations every day – just like their stunt performer counterparts.
MS Amlin CEO, Andrew Carrier, said: “From drone strikes and cyber-attacks to earthquakes and wildfires, insurers are working behind the scenes to help tackle some of the toughest challenges of our age.
“While underwriters and stunt performers might seem worlds apart, both are experts in planning for the unpredictable and managing extreme risks. For stunt people, this skill results in movie magic; and for our people, it provides invaluable peace of mind for businesses worldwide.
“By pairing the two professions, we hope to shine a light on the industry’s often-hidden risk expertise and show future talent that a career in insurance is anything but ordinary.”
To find out more and watch the STUNTS launch film, visit msamlin.com.
Be the first to comment