4 December 2013 Insurance

Industry looking to sustain talent through apprenticeships

Over half of employers in the industry would take on an apprentice to sustain talent, according to a survey by the Chartered Insurance Institute (CII).

The survey, which was answered by 2,300 GI-focused CII members and employers, revealed that there had been a big rise in awareness among employers of insurance apprenticeships containing professional qualifications, with 53 percent of firms happy to consider taking on an apprentice – a rise of 12 percentage points on last year.

“The overall CII skills survey 2013 paints a mixed picture of improving skills on the one hand and fears for where future talent will come from on the other, so ensuring general insurance has a strong talent pipeline is critical,” said Daniel Pedley, public affairs manager at the CII. “This is why it’s vital that the insurance sector continues to explore and develop new routes of entry such as apprenticeships or schools outreach programmes like Discover Risk, which provide a strong platform for an insurance career.

“We are thrilled to see technical apprenticeships gaining more and more popularity with insurers. However, as an industry we now need to work harder than ever to augment this talent pipeline if we are to ensure that the UK insurance sector can continue to compete on a global playing field into the future.”

2012 saw the number of new apprentices in the insurance and financial services sector and studying CII units and qualifications exceeding 1,000 for the first time.

Earlier this year Lloyd’s of London launched its Apprenticeships programme. Richard Ward, Lloyd's CEO, commented: "As Lloyd's looks to cement its position as the global centre for specialist insurance and reinsurance, it is vital that we bring the best talent available into the market. Our new Apprenticeship Programme demonstrates our commitment to doing just that."
Barbican Group also recently took on two apprentices.

“We invest in apprentices’ career development with the hope they will stay with the company and ensure our workforce is fit for the future. The scheme positions us as an employer of choice, raising awareness of our brand and highlighting our willingness to invest in our people,” said Anna Wright, learning and development manager at Barbican Group.

An analysis of the CII Skills Survey 2013 findings can be found here:  http://bit.ly/1aZytTi.

To read Intelligent Insurer’s feature on attracting and retaining talent in Europe, click here:   http://www.intelligentinsurer.com/article/selling-a-career-in-insurance

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