Where are all the good recruits?

The reinsurance industry is not attracting the best people, according to 94 percent of respondents to the latest Intelligent Insurer renewals survey.

When asked how the reinsurance industry is responding to the rapid pace of change currently affecting it, to ensure it attracts the top talent, only 6 percent of respondents said the industry gets the best people.

“The sector isn’t necessarily seen as sexy or appealing to a younger crowd of newly recruited talent,” said one respondent, highlighting an issue that most in the industry probably recognise, and for which there is no obvious and quick remedy.

More than a third of respondents (34 percent) expressed explicit concern that the best candidates are not attracted to the reinsurance industry, while 19 percent said not nearly enough is being done to resolve this problem.

A much larger 41 percent of respondents agreed the industry is doing more than it has in the past to attract the best talent, but it needs to go further.

This perhaps highlights the lack of obvious steps reinsurance employers can take, and the hope is that employers and human resources departments are experimenting with different approaches.

Another comment pondered what top talent even means in the context of the reinsurance industry. “Raw intelligence is a starting point but is not the only qualification needed to succeed in this business,” the respondent said.

Looking somewhat beyond the question, one respondent noted that attracting top talent is only half the challenge, saying: “There is good talent in our industry but retaining it can be challenging.”

“The climb up the hill can be bruising,” added another, revealing one reason that top talent who are attracted to the industry may become frustrated.