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Insurance Industry Urged to Enhance Transparency to Address Talent Shortage

Banking and Insurance

insurance, talent shortage, careers, recruitment

Business Honor
07 October, 2024

Emphasizing honesty and clear communication can attract new professionals to the sector.

Often cited as the main challenge for the insurance industry to attract and retain talent is the perceived "image problem" against it. Speaking at the recent Chartered Insurance Institute Conference was Martyn Matthews, managing director at SSP Broker on findings from the Insurance Times' Talent Development Report 2024. It was revealed, that 80% of the respondents considered the industry's reputation a barrier to recruitment.

He said the industry requires greater clarity and truthfulness. "It is all about being honest with you and honest with consumers about insurance," he said. Additionally, he emphasized that insurance is important for society and must not be considered something as boring and dull as it has been portrayed to be.

According to Matthews, proactive communication is essential in altering public opinion. He called on industry leaders to communicate the right story again this time; it is that of the perfect push of insurance, being an everyday provision that can significantly impact one's life. Doing so would enable this sector to counter its shortage of talent while convincing new entrants to take up careers in insurance.

The message of the industry needs to be crafted differently in the hope to better engage future talent. Only by constructing a transparent image about the sector can it better market and project its attractiveness and sustainability for further growth.