Research: State of the Young Insurer Nation Part 1: Joining the industry

Considering this industry began with one man centuries ago protecting ships that left the old world for the new, insurance has come a long way.

These ships sailed away as old experienced vessels and returned with new and exciting wonders, but has this industry reached a point where the old vessels are still leaving and the new wonders are a little less forthcoming?

Senior management is becoming increasingly senior and when the leaders leave, who will take their place? There may be a talent crisis looming ahead if the industry overlooks the importance of attracting and training new recruits so Post decided to survey 52 insurer employees who were under 30 years old and who had been in the industry for less than 10 years to gauge their opinions.

Who are they?
The young insurers are a diverse bunch: army officers, pilots, trampoline instructors, TV producers, rally drivers, vets, scuba divers and spies – or at least they might have been had they not found insurance instead.

They work across all classes of business in both commercial and personal lines and sit predominantly in underwriting, loss adjusting, claims and digital. They are generally associates, assistants and analysts in large companies; only 30% came from organisations with less than 500 employees.

Although the majority of respondents entered insurance after university, only five are on a graduate scheme. Six participants, all over the age of 23, have already reached managerial positions. Of these six, time spent in the industry varied hugely but in every case the company employing a young manager has more than 100 employees, with most over 500.  (Click for a larger version)