Young, driven, ambitious: 2022 IBC Awards search for the next up-and-comers

What it takes to be a young achiever, and why the insurance industry needs more of them

Young, driven, ambitious: 2022 IBC Awards search for the next up-and-comers

Insurance News

By Gia Snape

The search for the next big up-and-comer in the insurance industry is underway. Nominations for the 2022 Insurance Business Canada Awards are running until July 15. The annual awards honours not just organizations and top executives, but young insurance professionals showing uncanny talent and scaling new heights in the industry.

PAL Insurance Brokers, which has sponsored the Young Achiever Award for half a decade, has a clear idea of what it takes to be rising star in a competitive field.

“In the brokerage world, young achievers tend to be driven, ambitious young people who can think outside the box. They give new and fresh perspectives on old problems. This is crucial because it infuses the industry with a much-needed modern approach to everything, from sought-after insurance coverages to the technology used to offer them,” explained Amber Morrison, marketing director of PAL Insurance Brokers.

Young achievers are also integral to the industry’s ongoing digital transformation. “Technology is changing so quickly that it can be hard for many insurance businesses to keep up. Younger people can help bridge the gap between how business is done now or in the recent past, with how business can and should be done in the future,” Morrison told Insurance Business.

At the same time, young achievers should have unique insights into their peers’ needs and wants, Morrison said. This allows the industry to tap into those growing markets more effectively.

COVID-19 was a wake-up call for people in their 30s and under, in terms of getting insurance coverage. Majesco’s 2022 Consumer Survey Report noted nearly half of Gen Z and Millennials felt that insurance has become more important due to the pandemic.

“Young people can provide insights into the younger generations’ needs and wants when it comes to the different insurance coverages they are seeking, as well as the ways in which they obtain such coverages,” said Morrison.

2021 Young Achiever of the Year Marisa Berezowski, from Aon, said that having a mentor was a foundation to her success. It helped her to get involved in programs that kickstarted her career as a broker.

“Recognizing these programs and finding ways to support them while students are still learning is a way to really build a community and to have students excited about their future after graduation,” Berezowski told Insurance Business Canada last year. She credits having “strong leaders” in her corner as critical to her achievements.

Morrison agreed: “As sponsors of the Young Achiever award for over five years, we have consistently heard from nominees that having a mentor in the industry is invaluable for success. Creating and sustaining mentorship programs in all corners of the insurance industry, from brokerages to MGAs and beyond, is integral for the development of young people.”

Young insurance professionals benefit tremendously from the knowledge and skills of those more seasoned. But barriers to entry mean fewer even have access to those opportunities.

“For young people breaking into insurance, it can be difficult to navigate obtaining an insurance license and other requirements. The cost in terms of time and money to move through the process can prevent some people from starting on the insurance path,” said Morrison.

The ultra-competitive hiring environment also makes it difficult for young professionals to get their foot in the door. Fresh graduates may find themselves facing the ‘need experience to get experience’ conundrum as they apply for roles – even as insurance companies struggle to fill them.

“Many companies are experiencing staffing shortages right now, and while they are looking to hire more staff, more insurance experience seems to be preferred. This can prevent companies from taking a chance on a young person who has no experience,” Morrison admitted.

And it’s not just about getting younger folk started in insurance careers. Insurance workplaces should be aiming to hire a diverse group of young people that reflects the diversity of their markets and fosters a rich and creative working experience, according to Morrison.

“Training programs would assist with ensuring young people of all backgrounds get the chance to begin a career in insurance, regardless of their level of experience in the industry,” she continued.

Know someone making their mark in the insurance world? We want to know who you think should be on this year’s list of Canada’s most outstanding brokers, underwriters, MGAs, CEOs, brokerages, and service providers.

Nominations for all categories for the 2022 Insurance Business Canada Awards are open until July 15. Winners will be revealed live at an awards ceremony this November in front of peers, sponsors, friends, family, and the entire Insurance Business community.

For full list of categories and criteria, please visit ibawards.ca.

 

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