Sell industry positives

By Resolve Editor Kate Tilley

The insurance industry is “rubbish” at attracting new talent, Lloyd’s Deputy Regional Director, Asia Pacific Middle East & Africa Chris Mackinnon told a panel session at WICA2023.

“We’re not selling the industry and that’s terrible,” he said. “We talk about falling into the insurance industry as we talk about falling into the gutter or falling into debt. I am fifth generation insurance and both my kids are in it. We should tell people why we’re still in it. It’s sticky, fascinating and has incredible value. Nothing happens without insurance.”

Panel moderator Dan Robinson, a Sydney-based principal with Gilchrist Connell, said insurance law was the same. “Few graduates come out of university gunning to be an insurance lawyer.”

Outgoing ANZIIF CEO Prue Willsford, who steps down at the end of 2023, said talent acquisition and retention was a problem globally for insurance. “We don’t position insurance as a profession and there are many professions within insurance.”

Promote professionalism

The industry had to offer professional development pathways and promote professionalism as the core driver of the industry’s value to the community, Ms Willsford said.

Mr Mackinnon said when interviewing potential employees, he asked what they were passionate about. “In insurance, you can follow your passion and match it with your career path.” For example, by seeking a specialist role as a bloodstock underwriter or a health care underwriter.

Mr Robinson said the Covid-19 pandemic had sparked working from home and more flexible work arrangements but asked how that impacted on getting young people into the industry.

Mr Mackinnon said the younger generation was desperate to get into the office but his generation, which already had built established networks and skill sets, was keen to work from home.

Hybrid model

A hybrid model worked well, for example, Lloyd’s had a staff member who relocated from Sydney to Perth but remained connected and engaged.

But Mr Mackinnon argued the “serendipitous moments of learning by osmosis” were now lacking and “you don’t get that in Zoom meetings”. Industry leaders were “the custodians of the industry and must hand it down in good shape to the next generation”.

Belinda Cohen, Chief People Officer with Gilchrist Connell, who works from Queensland’s Sunshine Coast, agreed, saying generation Z wanted to learn from mentors and “we must provide that environment”. Leaders had to be deliberate about achieving that.

But Ms Willsford said the “water cooler conversation was a myth”. There was a wide range of skills and tools that enabled the industry to create that environment in a virtual way.

Meaningful connections

Virtual connections were more inclusive because they were deliberate and more easily included introverted people. “Covid-19 was a gift in many ways, making us rethink how we do things. Most events are now hybrid. We find different ways to connect with people, for example social media. It’s not less meaningful.”

Mr Mackinnon agreed, saying the Lloyd’s Dive In Festival, which promotes diversity and inclusion in insurance and was launched in Australia in 2015, was now hybrid. “There’s the ability for more people in regional, rural and overseas areas to attend. We do both to reach the biggest numbers.”

Ms Cohen said there was now some post-pandemic fallout for employees, for example burnout.

Mr Mackinnon said insurance losses don’t happen between 9am and 5pm, so people don’t necessarily work office hours. “We service the industry and our clients, but must be disciplined to maintain a work-life balance.”

Ms Willsford and Mr Mackinnon were critical of migration laws and regulations that prevented many migrants from working in Australia. Mr Mackinnon said the financial services royal commission and subsequent regulatory regime meant more compliance experts were needed.

Ms Willsford said many bright, young people came to Australia to study and restrictions on them remaining in the country should be lifted. “There’s a rich, diverse talent pool we’re not accessing. We want them to stay in Australia and we want them in insurance.”