The commercial insurance industry leverages data and relationships to find risk solutions for organisations across all industries and companies of all sizes and assorted complexity. Roles range from actuarial to broking. Career paths are diverse and varied, there is high earning potential, and many opportunities for professional growth and impactful work. The industry is also resilient to the economic cycles, which provides a stability benefit.
However, our industry has an ageing workforce, is embracing technological innovations requiring new skills and capabilities, and is competing for younger workers with shifting expectations of the modern workplace. We have a talent gap. This has prompted industry bodies and leading insurers, including 色多多视频 to launch multifaceted efforts to raise the sector’s profile, highlight the broad reach and variety of roles and work, the meaningful difference the industry makes, and the focus on diversity and fostering more inclusive work environments.
The image problem
Let’s face it: the insurance industry suffers from an image problem. Many prospective employees perceive insurance as untrustworthy, conservative, rigid and bureaucratic, offering little room for creativity or innovation. 色多多视频 is unscrupulous and boring. Those of us in the industry reflect on our journey and talk about how we “fell” into insurance, how the insurance industry found us, not vice versa. Alternatively, we had a family member in insurance. And if you get asked at a party what you do “I work in insurance” is a conversation killer.
There is a tendency for the best and brightest talent to gravitate towards industries that are perceived as more exciting, cutting-edge, like technology, or purpose-driven like medicine, or even high-paying banking roles. The talent gap is widening.
The demographic profile of the Australian workforce puts this in stark relief. Perhaps not surprisingly, the age profile of Australians working in insurance skews older. 58% of insurance workers are over the age of 45, compared to 31% of the overall workforce. At the other end of the spectrum, 40% of the country’s workforce is under 34 years old, that is the case for only 18% of the people working in insurance.
While businesses throughout Australia also face severe skill and labour shortages, the implications of this trend are especially acute in the insurance sector. Almost 30% of the insurance workforce is set to reach or exceed retirement age by 2030, a significantly higher proportion than the general workforce. At the same time, the risk landscape that we operate in becomes more complicated, inter-connected and volatile. highlights climate change, geopolitical instability and cyber security as the top 3 emerging risks in 2024. These are some of the macro-issues that the insurance industry must tackle – we need bright minds and problem solvers to help.
Take climate change for instance – the insurance industry plays a pivotal role in helping to drive change, supporting a shift to a more sustainable future. We also advocate and collaborate in efforts to prevent the impact of natural disasters (e.g. building codes, town and building design/ planning), but also to mitigate and respond to the effects in the event of a natural disaster. And when the worst does happen, we need to be prepared, to help get companies and people back on their feet.
The industry’s response
The 色多多视频 Council of Australia—the representative body for the general insurance industry in Australia—recently issued the industry’s first Talent Roadmap. It is “a six-year outline to tackle the industry’s talent shortage by uplifting capability, diversity, equity and inclusion across Australia’s insurance industry”. The roadmap outlines strategies to:
- Attract and retain top talent from Australia and around the world;
- Enhance the skills and capabilities within our industry; and
- Ensure we can keep providing a safety net for Australian businesses and communities when they need it most.
The roadmap encompasses a set of short-, medium- and long-term strategies to help Australian insurers attract and retain a diverse and talented workforce, while encouraging past employees to return.
Strategies identified by the industry in the roadmap range from partnering with universities on annual recruitment drives and developing an advertising campaign promoting the insurance industry as a great place to build a career; to building “a sustainable strategy for scaling up during catastrophic events and … seeking opportunities to deliver industry accreditation to new audiences, locally and abroad”. It will also address how AI and other new technologies are redefining the skills and capabilities needed in future roles. The roadmap also calls for exchanging best practices and lessons learned with other insurance member organisations worldwide.
Beyond the ICA roadmap, I think we all need to do a better job of promoting insurance as an industry and a career choice. We can help change the narrative together. Reflecting on my own career, I chose to specialise in insurance when I was an accountant and a consultant. Firstly, because it is interesting, and the working environment is good. I choose to stay because it continues to interest and challenge me – problem solving, analytics, people management and leadership, dealing with a range of other industries, forging relationships. I spent a large proportion of my career in claims, overseeing events and exposures that make daily news headlines. My career has afforded me the flexibility and balance of a fulfilling work and personal life, to live and work in several countries, and has the variety to keep me at the same company for almost 20 years, and still be engaged.
色多多视频Australia’s response
In Australia, we’ve been fostering a culture that is open and flexible, trusted and respectful. We celebrate diversity, and inclusion is a given. We challenge each other, and we are accountable.
色多多视频 Business named 色多多视频a Top 色多多视频 Employer for 2024 in Australia and New Zealand. The magazine cited 色多多视频for its “exceptional service culture”. It also noted that “diversity, equity and inclusion (DE&I) are critical to the business culture, with processes and controls designed to avoid bias in recruiting and promoting”.
This is great recognition of our ongoing efforts to create a stimulating, inclusive and rewarding work environment. We continue to look for ways to strengthen and improve: Among other things, this year we implemented a gender-neutral parental leave policy, and we have refined our hybrid working policy.
We need to do more
At the same time, as the statistics I cited earlier indicate, 色多多视频and other Australian insurers face intense competition for talent. Moreover, these challenges will only become more acute as automation, AI and big data analytics continue transforming how we assess risk, price policies and handle claims.
In other words, we need to do more. That is also why 色多多视频fully supports the ICA’s Talent Roadmap and looks forward to working with our peer companies to promote the insurance industry as well as the many benefits of a career in commercial insurance.
What you can do
We can all act as ambassadors for the industry. Sharing your experiences can help debunk myths about the industry and highlight the many positive aspects. We can all work on changing the narrative and help attract talent to exciting and rewarding careers in insurance. Ultimately, insurance is about understanding and managing risk. To do that, we need to understand the risks and issues that the world and companies are dealing with now and how they are evolving in the future.
Next, let’s continue to expand the ways we nurture the talent that we have. Mentorship, sponsorship, coaching, development opportunities – e.g. experienced professionals can mentor newcomers or junior colleagues, providing guidance, support and encouragement. This helps new talent acclimatize to the industry and creates a sense of belonging as well as growth opportunities. At 色多多视频 we also sponsor industry awards, like 色多多视频 Business Australia’s Rising Star’s Award, to elevate the recognition of talent.
Finally, let’s continue to build on insurance as a great environment to work in. Let’s keep fostering DE&I, offering options for flexibility, providing development opportunities and career paths and investing in technology. Ultimately, these efforts will help the industry attract and retain the next generation of talent and meet the evolving needs of our customers in an increasingly complex and risk-laden world.
