I spotted an article from Lloyds about skill shortages (ticking time bombs!!) and the way they are tackling the problem with a twin-track generalist and specialist graduate recruitment programme while also running a professional development programme for existing market professionals.
It’s interesting as we all know that for those who have recently graduated university, job opportunities are not overly prolific. For recruiters this means that most job positions are inundated with applications as a large number of highly qualified individuals compete for a finite number of openings. However, despite this, there are some careers which can still suffer from lack of interest. The insurance industry is certainly one of them, with many youngsters selecting what they consider to be more glamorous careers over this option.
For recruiters, finding a way to encourage candidates to apply for jobs in this field can be something of a problem. Ultimately, you need to find a way to showcase the benefits of working in this thriving industry. Here is list of reasons (kindly provided for me by Lloyds!) for you to use when encouraging graduates to seek employment in such a competitive field:
A varied career path
Within the insurance industry, there are two distinct markets: wholesale and retail. Both are concerned with safeguarding either items or businesses from unseen events.
Whilst retail insurance deals mainly with insurance taken out by individuals on such things as their home, car, washing machine or trips abroad, wholesale insurance deals specifically with large businesses and the needs that arise to safeguard companies and syndicates.
The wholesale market is extremely fast moving and will equip employees not only with a vast amount of specialist knowledge but allow them to work closely with some of the most prestigious companies in the world. Whether they wish to be a personal advisor to the general public or a large-scale mover and shaker, there is a career path available to suit everyone.
A growing market
The UK insurance industry is the third largest in the world and manages investments which amount to over 25% of the country’s net worth. It is worth over £1.7 trillion and that figure is rapidly expanding. Keep an eye on Lloyds of London’s news and insight section for more updates on the industry.
It is due to this fact that many firms are seeking graduates who are not only multi-skilled but who have the vision and ambition to stay on top of the market, push boundaries, develop new business ties and elevate the market. As much as 80% of commercial insurance was sold directly to businesses via insurance brokers in 2012 (Biba 2012 Manifesto), meaning that the daily routine of any individual in the industry is both challenging and highly rewarding.
For graduates, a career in insurance is therefore both fast paced and competitive. Yet the eagerness to employ new staff means there are ample opportunities for those looking for work.
A serious challenge
To work in insurance requires skill. It is not simply an office job of following protocol and sending memos.
Insurers are skilled negotiators who follow hunches, create leads, analyse business trends and minimise risks. An insurance broker, whether working in the public or commercial sector, always approaches each client with a different outlook and a different, sometimes conflicting, batch of data.
It is up to the insurance broker to make hard-line decisions based on their client’s needs, history and finances. Each day fresh challenges are met and overcome through skilled negotiation, strong analytical skills and relentless energy – making this an ideal choice for those fresh out of education and ready to prove themselves in the world of work.
