The Chartered Insurance Institute is enhancing its talent strategy, focusing on engaging with local Institutes and developing new support content to bring new blood into the profession.
According to the CII, young people are attracted to various aspects of the insurance profession but these interests have not always been the focus of recruitment strategies.
As a result, the CII will embark on a new talent strategy later this year to help bring young blood into the sector.
Ian Callaghan, president of the CII, said: "The 2022/23 CII New Generation Underwriting group has carried out some interesting research around the important topic of talent attraction.
"As a sector, we are aware of the risks we face if a concerted effort is not made to address the talent gap."
This comes as a survey carried out by the CII into the talent shortage crisis revealed that TikTok and environmental, social and governance were" driving forces" in attracting young talent to the insurance industry.
The report drew on data from a diverse group of stakeholders, including new entrants to the underwriting field, seasoned industry professionals, emerging risk specialists, and CII Local Institutes representatives.
Among its most significant findings were that social media, particularly TikTok, played a significant role in attracting Gen Z to the insurance sector.
For example, a trainee underwriter from Axa Insurance shared a testimony, stating: "Funnily enough, TikTok [attracted me]. It was about insurance in London and how they said you can have the Big Banking lifestyle and wages, but not have those working hours and stresses."
The survey highlighted what the CII called a "crucial shift" in how younger professionals perceived and were drawn to the insurance industry. The report also showed the importance of addressing emerging risks and climate change to engage new talent.
Also quoted within the report findings was a head of climate working within the sector.
They emphasised the need for real-life interactions with industry ambassadors and discussions on relevant topics, such as climate change and political risk to captivate Gen Z candidates.
However, the report said that, despite its vital role in society, the insurance industry's reputation remained a challenge.
The report noted: "Tech is ‘sexy’, insurance is ‘steady’. Insurance acts as a ‘silent’ service, weaving through society quietly in the background, only realised when someone needs it."
Fardeen Anan is an intern at FT Adviser
