Empowering excellence: Lockton’s approach to learning
The insurance industry holds great potential for young professionals embarking on their careers, but there is a need for effective marketing to dispel outdated stereotypes and reposition the sector.
By attracting and retaining young talent, the industry can ensure that the next generation plays a key role in maintaining the speed and agility necessary for sustained growth.
This is according to Vic Edwards, head of talent and inclusion at Lockton. A career in insurance offers substantial rewards in terms of abundant job opportunities, the opportunity to utilise a diverse set of skills, and various other benefits, she says. But that message must be better communicated.
“It’s an intellectually curious market that touches on every industry. One day you could be talking about moving a piece of art across the world, the next day it might be gold, and the day after that it might be the pros and cons of building structures using wood versus cement.
“Insurers need to move through the macro and micro level in every role, because we need to have an understanding from the client’s perspective.”
Edwards believes that the industry provides an opportunity to work with some of the brightest and most intellectually curious minds who are willing to share and train newcomers on a diverse range of subjects and markets.
“While the industry acknowledges the importance of diversity, the stark truth is that we have a long way to go and our collective responsibility extends beyond recruitment to nurturing diverse talent through the early careers pipeline,” she says.
“Having a diverse workforce enables a diverse range of perspectives in a room when important decisions are being made. It’s also about giving leaders the tools that avoid ‘group think’. With innovation and diversity, you ultimately enable better risk management for your clients,” says Edwards.
“To ensure we have a diverse workforce we need the right company culture, where people can bring their whole selves to work,” says Edwards. “When people feel they belong and that their voices are being heard—then we can harness that power for our clients.”
“An organisation should strive to ensure that candidates are not only skilled but also versatile.” Vic Edwards, Lockton
Prioritising retention for sustainability
Edwards says that while addressing how to attract diverse candidates is crucial, it is essential not to neglect the challenge of retention once exceptional talent is on board. She says that the focus needs to shift to providing a fulfilling, long-term career trajectory.
“In an industry where deep technical expertise is paramount, an organisation should strive to ensure that candidates are not only skilled but also versatile,” she says.
This may involve instilling in them a comprehensive understanding of the insurance landscape and familiarity with the pressure points faced by underwriters and other insurance professionals.
“To achieve this, we are exploring collaborative partnerships with industry stakeholders. By exposing our talent to a broader spectrum of experiences beyond our organisation, we aim to contribute to the overall development of well-rounded professionals,” says Edwards.
“This endeavour transcends self-interest; it is a commitment to the greater good of the entire industry. Our vision is to cultivate professionals who not only excel within our organisation but also possess a holistic perspective that benefits the industry as a whole in the long run.”
Insurers must ensure that inclusion is part of organisational culture. It takes a proactive approach tailored to different territories, and interventions are necessary. It can be a challenge to integrate a strategy for consistent commercial value, balancing macro and micro perspectives to align actions with client interests and propel industry growth.
Navigating the delicate interplay between individual experiences and the broader industry landscape adds complexity.
“We recognise brilliance across insurers, partners, and brokers, emphasising collaboration over isolated initiatives. This collective approach is driven by a commitment to the greater good of the entire industry, aiming to enhance the client experience and advance the industry collectively,” says Edwards.
She says that by strategically connecting diversity and inclusion initiatives with identified skill gaps, the industry can deliver commercial value, address client needs, and foster emerging lines of business.
“We encourage seasoned professionals to share experiences and insights with the younger generation. This initiative is a powerful tool for continuous learning and knowledge exchange, benefits retiring professionals and contributes to deep technical competence crucial for effective client service. It represents a profound opportunity for industry growth and sustainability.
“We’re currently engaged in a programme collaborating with individuals transitioning into a scaled-down role. Rather than exiting the market entirely, they gradually reduce commitments over time. The concept of seasoned professionals dedicating one day a week to training the next generation aligns with our commitment to continuous learning and knowledge transfer.
“This initiative is vital for our growth trajectory, providing a means to pass on technologists’ expertise to the next generation.
“It ensures seamless knowledge transition, keeps younger talents engaged and consistently learning, and is instrumental in maintaining the speed and agility required for our continued growth in a rapidly evolving market,” Edwards concludes.
