Earlier this month, Insurance Business’s Rising Stars 2022 report highlighted and celebrated dozens of the standout future leaders of the insurance profession, and tapped into their insights on what’s happening across the market. A key area of focus for the report lay in the long-standing question of how to attract more young talent into insurance – and how to retain them once there.
A 2022 IBUK Rising Star, Chika Austin, claims professional at Travelers Europe, lent her insights on the subject and she believes that bringing in young talent is all about representation and progression.
“You can’t aspire to be what you can’t see,” noted Austin. “For any employee who is a member of a minority [community], if they look to leaders throughout the organisation and see themselves represented, it communicates that the company honours diversity and there may be a viable career path for them there.”
She added that one solution to bridging this gap is companies taking small steps towards internal progress, even just with the use of diverse images on their websites.
Visits to schools and universities are another solution, she said, and also critical is supporting diversity networks such as London Market Group’s London Insurance Life, the African-Caribbean Insurance Network (ACIN), and The Brokerage.
But aspiration alone will not allow a company to retain talented young people, Austin said. Once people have overcome the hurdle of joining the insurance sector, they must be offered the opportunity to progress. Therefore, companies should consider what practical help and resources can be offered to help young people succeed.