AM Best TV- Recruitment

Insurance Industry Takes Aim at Younger Recruits

Misconceptions about the industry are hampering recruitment efforts

March 24, 2016 — OLDWICK, N.J.–(BUSINESS WIRE)–This A.M.BestTV episode explores new initiatives the insurance industry is taking to recruit a younger workforce.

Companies that are struggling to attract the number of people they believe they will need to strengthen the future workforce say misconceptions about the insurance industry are hampering their efforts.

However, new programs such as MyPath are drawing online traffic as The Institutes and others position the sector as an attractive employment choice for younger workers. Click here to view the entire program.

“We’ve seen a lot of specifics around the talent crisis,” said Karen Isaacs, senior vice president of Hamilton Insurance Group. “Human Resources leaders and business leaders alike know that we need to think differently in how we’re going to bring and attract this new generation into the workforce.”

MyPath educates younger people on the many options available through a career in insurance. The website offers internship locators, educational videos and career assessments.

“This is going to start the momentum in the education and engaging of this new workforce on the opportunities that insurance has for them,” added Isaacs.

Other people who appear in this episode include:

Brian Dupperault, chief executive officer, Hamilton Insurance Group; and Jason Terrell, vice president, The Institutes.

We’ve seen a lot of specifics around the talent crisis

Recent episodes of A.M.BestTV include:

  • Insurers Are Boosting Technology Prowess But Losing Grip on Generation Y:
    Indivar Khosla, senior vice president of Capgemini, said the firm’s annual report on insurance technology shows improving user experience and opportunities in leveraging the Internet of Things. However, he warns that millennials are increasingly choosing financial technology companies over traditional insurers (link).
  • Reinsurers Look to New Risks, Regulations for Growth: At a recent CPCU Society seminar on reinsurance speakers and attendees said the emergence of the sharing economy and opportunities to take on public risk are opening new doors for insurers and reinsurers. Meanwhile, new regulatory requirements are raising the stakes for insurers (link).
  • Insurers See Range of Benefits to Charitable Efforts: Insurance leaders supporting the Insurance Industry Charitable Foundation said that not only is it good to participate in charitable activities, but it also helps to recruit and engage industry professionals (link).
  • Exchange Population Dynamics Cramp U.S. Health Insurers’ Earnings, Says A.M. Best Analyst: A.M. Best Vice President Sally Rosen talks about how exchange enrollment continues to be older and riskier, which has had a larger negative financial impact than originally anticipated on U.S. health carriers. However, they remain diligent in finding new ways to better compete (link).
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