UK insurers commit to doubling apprenticeships

The Association of British Insurers (ABI) has announced that its members have pledged to double the number of apprenticeships across the insurance and long-term savings sector over the next three years.

Insurers in the UK have outlined a target to double the number of apprenticeships to 2,500 by 2025 to:

• Boost socio-economic diversity at entry-level across the industry by offering opportunities to school leavers and upwards to help those who might not otherwise have considered a career in the sector;
• Increase career opportunities across the UK, which the insurance and long-term savings sector deemed crucial in boosting economic growth and contributing to the “levelling up” agenda; and
• Increase access and inclusion to boost the number of entry-level and training opportunities in the industry and build a workforce where talent can thrive, no matter what stage of their career or their background.

Barry O’Dwyer, ABI president and Royal London Group CEO, commented that ABI members’ commitment to making the insurance and long-term savings sector more accessible and inclusive “brings benefits all around.”

“The greater the breadth and depth of our workforce, the stronger we are as a sector, the more we can support jobs around the UK, and the better we can serve our customers. There is always more we can do to improve diversity across the industry, and this is another step in the right direction,” O’Dwyer said.

Manuel Thompson-Oloko, early careers manager at the Chartered Insurance Institute, emphasised the importance of insurance apprenticeships and upskilling and retraining the existing workforce.

“They provide a great channel for boosting socio-economic diversity, improving access and inclusion, and increasing opportunities across the UK. We welcome ABI’s commitment, and [we] will play our part in ensuring the success of this initiative,” Thompson-Oloko continued.

There are currently around 1,200 apprentices working in insurance-specific programmes and broader business schemes in the UK.

Commenting on the ABI members’ pledge, ABI director general Hannah Gurga said: “As one of the largest industries in the UK, employing 320,000 people, we have an important role to play in supporting and developing people’s careers throughout the country. Doubling the number of apprenticeships is an important step in our continued efforts to boost diversity and inclusion across the sector to provide career opportunities at all levels and to ensure our workforce reflects the communities we serve.”