‘Talent crisis’ looms over insurance
Group chief financial officer for Hamilton Insurance Group Jonathan Reiss recently told the Insurance Risk and Capital Conference in Bermuda that the insurance industry’s attempts to appeal to millennials was ‘woeful’.
Reiss said that insurers need to attract younger hires to the industry in order help reach younger customers. “[Former Hamilton CEO] Brian Duperreault once said insurance should be catnip to the millennial generation, who care so much about having a job that makes a difference,” Reiss said. “But in most of the world, our image is woeful. In the US and the UK, less than 5 per cent of high school and college undergrads even consider a career in insurance.”
According to Reiss, there are more than 300,000 managers in the US that will reach retirement age in the next three years, and attracting young insurance professionals could help avoid the ‘looming talent crisis’ that he feels is approaching.