The industry that launches thousands of careers

James Sterling, Head of Claims, Kayzen Specialty:

I counted Latin amongst my favourite school subjects, especially fascinated by Virgil’s Aeneid. This told the story of Helen, the “face that launched a thousand ships”, as the Greeks sailed to win her back from the Trojans, ultimately victorious via the “gift” of a wooden horse.

In a similar vein, the insurance industry has the potential to launch countless fulfilling careers. Yet, for many, it remains London’s best-kept career secret. When university roadshows ply students with enticing words and gifts, industries like banking and law typically win the day, with insurance going unnoticed.

Historically, insurance welcomed both university graduates and school leavers. Young talent flourished within Lloyd’s of London and beyond, with career progress powered by innate commercial acumen, as well as hard work. However, as the industry evolved and specialist roles emerged (e.g. claims, actuarial), recruitment shifted towards postgraduates.

And then to today’s technological revolution, a potentially perilous crossroad. A consistent concern is a talent shortage, exacerbated by an increasing focus on outsourcing and automated solutions. Yet insurance remains fundamentally people-centric. Without humans, there would be no clients with insurable risks. When claims arise, clients still tend to prefer personal handling.

The key to the industry’s future is balancing and intertwining the use of technology with a credible and varied human career path. To avoid technology becoming a Trojan horse (“beware those who come bearing gifts”), forward-thinking insurers should proactively seek to harness computerised solutions that genuinely add value, overseen by trusted personnel.

And to address the talent crisis, the industry must do more to genuinely fund and sell insurance as a career, not just to aspiring postgraduates but also capable school-leavers:

Diverse recruitment from various educational backgrounds, offering multiple entry points into the industry.

Utilising technology, such as social media and podcasts, to seamlessly attract and integrate the next generation.

Implementing comprehensive training programmes to educate, fulfil, and retain talent.

Integrating cutting-edge technologies into daily operations, appealing to tech-savvy youngsters.

Emphasising the industry’s significant impact on societal resilience and economic stability.

Success stories abound in the insurance world. Consider the ambitious school leavers who found their calling in insurance, entering the industry early and rising to become respected leaders. Equally impressive are the postgraduates who have applied their specialised knowledge to revolutionise areas like risk assessment and claims management. The industry benefits from this diversity of backgrounds, with each path bringing unique strengths to the table.

Today’s challenge is effectively communicating these opportunities to a new generation of potential insurance professionals. Sounds simple, but it is not, with insurers juggling the ever-increasing financial and technological demands of various stakeholders, not least the talent it is trying to entice back through its front doors.

Unlike Latin, insurance is far from a dead language. It’s a living, evolving field that continues to adapt and thrive. As we look to the future, the insurance industry stands ready to write its next chapter, launching diverse, challenging, and fulfilling career paths for the next generation of “thousands”.

Image: James Sterling, Kayzen Specialty

Guest Post This post was created just for Claims Media by a guest contributor.