“WE have had somewhat of a tarnished reputation in the past... But we have got our house in order now,” says Chris Hanks, the general manager of commercial at Allianz Insurance. A poor reputation coupled with a severe talent shortage has led many insurance companies to rethink their recruitment programmes, while the Chartered Insurance Institute (CII) has recently launched a new talent initiative to attract people into the industry.

“Insurance is fascinating. Nothing in life moves without some form of insurance. You couldn’t drive a car, buy a house or start a business. It is at the heart of all economic activity,” Hanks says.

“Insurance is far more sexy than people realise,” says Sandy Scott, the chief executive of the CII. “One of the core issues affecting us at the moment is climate change...

In particular there are talent shortages in wholesale insurance – Lloyds of London and international underwriting. This is very sexy work, from valuing racehorses to terrorism and natural disasters.”

Maryanne Ward, a manager in the insurance division of recruitment company Joslin Rowe, says: “There is big demand in catastrophe-risk modelling... We need high-calibre mathematical and geological-orientated graduates to work alongside underwriters.”

Hanks says that other growth areas include insurance for international trade and the regeneration of brown-field sites. All agree that there is a severe talent shortage across the industry with vacancies in underwriting, brokering, claims, actuarial, financial support and analytical roles.

And there are plenty of ways into the industry to take advantage of these job opportunities.

Aside from graduate programmes, companies hire candidates with industry experience directly into fast-track trainee positions. And bright school leavers can go directly into the industry and use their professional insurance qualifications as a stepping stone to an MBA.

Insurance is often seen as the poor relation to investment banking or management consulting. But Hanks, Ward and Dr Scott believe that talent shortages mean there are more opportunities for rapid promotion, a better work-life balance and – although graduate starting salaries are lower at about £25,000 – pay rises.

“There is potential for big earnings, with a number of people in their thirties earning well into six-figure salaries,” Hanks says.

www.insurancecareers.cii. co.uk

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