The UK insurance industry is one of the largest in Europe, home to numerous multinational firms operating worldwide. Due to this competitive landscape, career opportunities within this field abound.
Even so, the industry still finds difficulty recruiting young talent. Furthermore, diversity rankings do not fare very well either.
1. The number of people employed in the industry
Insurance is an enormous industry in the UK that plays an integral part in maintaining economic health. As with other industries, its DEI practices still need improving.
As business-to-business insurers, insurers should take steps to reflect the UK population and meet client needs. This can be accomplished in various ways – such as increasing recruitment focus or offering flexible working arrangements.
Insurance companies have an overwhelming need for digital skills professionals and are currently engaged in an intense battle to attract the required talent. Some firms may be doing better than others at recruiting the talent necessary, but to be truly successful in the future, they must strive hard to increase their attractiveness to potential employees.
Though women fared well at entry-level roles within the UK’s insurance industry, their presence declined as they progressed up their career ladder and into senior executive and C-suite roles.
Research has illustrated that businesses with diverse workforces perform better. Thankfully, attitudes have shifted significantly, and more industry alignment on addressing DEI has occurred in recent years.
Insurance companies must make significant adjustments to remain competitive, specifically regarding how they recruit and retain talent. They must do everything possible to create an inclusive workplace environment and offer training opportunities for those interested. They should also create more flexible working arrangements while revising maternity/paternity leave benefits packages.
2. The number of people employed in the industry in the UK
The UK insurance industry employs over 300,000 people and plays a pivotal role in our economy. It pays over PS16bn in taxes to the government yearly, manages more than PS1.6 trillion investments, and is home to many top international insurers. Our industry ranks fourth worldwide when measured in terms of gross domestic premiums written.
The sector offers hardworking graduates an attractive career with generous remuneration. Furthermore, professional qualifications gained are internationally recognized while serving society. Unfortunately, however, it suffers from an image issue that must be rectified to remain competitive for talent and attract new employees.
Insurance, like many financial services sectors, has long suffered from a reputation as being predominantly white, middle-aged men. Now is the time for insurers to step up their efforts regarding diversity, equity, and inclusion (DEI).
According to an online census by the Center for Insurance Studies and The Insurance Information and Education Service Association, only 7% of insurance companies employ BAME staff. This alarmingly low figure warrants immediate action. One key finding was that most respondents indicated their company did not have an equal opportunity initiative or were unsure whether equal opportunity groups existed.
As Britain’s diverse population increases rapidly in coming decades, so should its insurance industry reflect this by welcoming diversity through equal employment inclusion (DEI). To meet growth expectations and deliver value to customers effectively, insurers must actively advocate for the career opportunities that DEI offers talented and diverse people across their workforces. To do this effectively, DEI advocates for itself as well.
3. The number of people employed in the industry in the UK in the UK
The UK insurance industry is one of the largest in Europe and home to multinational firms providing services worldwide. As such, its effects can be felt across society: billions in taxes are generated, millions in claims are paid out annually, and investments worth over PS1.6 trillion are managed, plus protecting businesses and individuals against unexpected events that lead to financial loss.
As digital advances change our daily lives and work practices, the industry is experiencing profound transformation. While this provides insurance with an opportunity to be more innovative and attract top talent, they’re struggling to retain and develop employees with digital skills – many insurers miss out on attracting this talent due to lacking sufficient training opportunities or career advancement opportunities for employees with this talent pool.
Insurance firms must also make more effort to attract and retain diverse talent, as employees seek employment with organizations that value them and strive towards equality. While previously, insurance firms primarily focused on selling products; they must put more thought into making workplace environments inclusive and welcoming for all employees.
Insurers must offer flexible working arrangements and career advancement opportunities to attract and retain diverse talent. Insurers must also change their hiring practices, foster an inclusive culture of inclusion and diversity, invest in employee training, and be transparent about policies and procedures.
The UK insurance and long-term savings industry makes an invaluable contribution to the economy, employing over 300,000 people. Over the past decade, its growth exceeded that of the UK economy, accounting for one-third of investment management portfolios nationwide.
