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13 Jan 15 14:41

Recent studies show that a new generation of students is reluctant to prioritise insurance as a profession. It finds that students are unaware of the underlying philosophy of the insurance business, its products, and its vital role in the economic and social system.

The lack of adequate research, education providers, and study materials is also among the key causes of students’ reluctance to engage with the insurance profession. A recently published article in The Geneva Association's Insurance Economics Newsletter suggests that one way to make insurance an attractive option for young generations is by focusing on what they want and need, i.e. the ability to innovate and use technology to improve people’s daily lives.

"Got Talent? Attracting Millennials to Insurance Careers...and Keeping Them" by Dax Craig, published in The Geneva Association Insurance Economics Newsletter No. 71, focusing on the human resources shortage and education in insurance.


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3 Comments

Rashunda Tramble - 14 Jan 2015, 11:41 a.m.

Thanks for posting this Eric. I think showing how re/insurance makes a difference in everyday life would also attract millennials. That's one of the issues with our sector: no one thinks about us until something bad happens. Focusing not just on claims, etc, but how our research and thought leadership can help communities is key. Take our work with the 100 Resilient Cities initiative: http://www.swissre.com/rethinking/climate_and_natural_disaster_risk/Swiss_Re_provides_expert_input_for_New_York_City_study.html. I believe work like this would attract the young'ns!

Alicia Montoya - 15 Jan 2015, 8:38 p.m.

I think you're both right. For me, working on solutions to remedy some of the world's biggest problems, from climate change to feeding and powering the 9bn we're expected to be by 2050, is immensely fulfilling.

But the tech aspect is just as cool. As Nancy Bewlay (who heads Swiss Re's North American Casualty reinsurance underwriting efforts) highlights in a blog today: The world is changing at breakneck speed. Can underwriting keep up? How can we use forward-looking modeling and all the data becoming available to accurately price current and future risks? As one user puts it, it certainly takes guts! ow.ly/HodNV

So to me, using the latest tech to help solve some of the world's biggest risks is the hottest combination possible. Ready to take that challenge, millennials?

Gilles Renouil - 19 Jan 2015, 9:29 p.m.

I think that the insurance is undergoing a generation clash. As Charles Donkor from PWC shows in his research (http://www.zgp.ch/Tagungen/symposium_2012/ZIP-Downloads/8.11.Donkor.pdf), younger generations have expectations that completely overwhelm their current leaders. Not only has there been a shift in the values but "older" leadership styles and corporate structures are viewed as completely uninspiring. For example, the boss is no longer the one telling you what to do but rather a primus inter pares. And with the new technologies and the ubiquity of information who says that structures should continue to be pyramidal and decisions taken top-down?Another reason why the insurance industry is unable to attract young people is its consistent failure to innovate (with very few exceptions) and be client focused. Business interruption concepts go back to the 60's; cyber-risk insurance concepts are still based on sub-limits, extensions and lots of exclusions. In the age of the smartphone, the industry is struggling to become a real risk companion, an interactive product, focused on the clients' need now and on the spot. This is not really attractive in the digital age... Cheers. Gilles.


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