BIBA

Including you in a insurance career

I started my career in insurance longer ago than I care to admit. Back then in the mid-seventies, the sector certainly wasn't as eclectic as the UK's social or music scene. Those were the days of the insurance man, and they were mainly men (you probably won't remember the "Man from the Pru" adverts), calling on middle England homes to arrange insurance, and the somewhat arcane traditions of Lloyd's and the London Market insurers.

Steve White, CEO BIBA

The reference to men in grey suits was made for those days. My slightly more youthful colleagues tell similar stories about joining the sector in the 80s and 90s when diversity had only moved on minimally.

Happily, the insurance sector has changed. There is still work to be done, but a career in an insurance firm whether in claims, underwriting, broking or a myriad of other ancillary functions is rewarding, exciting and vibrant.

My own sector is in insurance broking, the link between the customer and the provider of their insurance. The world of insurance is complex but it’s simple to liken it to shopping. You might want to buy a fridge but you are unlikely to go directly to SMEG. You can go online and buy it. You may want to see what you are buying to understand it a little more and visit a shop, a well known name like John Lewis or something more local. My own town has a little appliances dealer called Fullicks, which is always great for some valuable advice and usually as good a deal as other suppliers.

A similar model operates in insurance. The manufacture is the insurance company, with underwriters assessing the risk, actuaries and analysts pricing the cover and technical specialists creating the policy. Insurance companies may sell cover directly to the public but many sell through insurance brokers – their intermediaries or ‘shops’, which may be online or not.

Insurance brokers have at their disposal a whole host on insurers and policies to choose form and part of the joy of their role is to help people find the insurance they need – for their car, their possessions, their business or for themselves (life cover, income protection travel etc.)

The insurance sector is really coming of age. BIBA helps our members attract the best talent to build and drive their businesses forward, and the best talent is diverse. Research has proven time and time again that firms that embrace inclusivity and diversity will have better business results. If a leader is surrounded by clones creativity cannot flourish. Allowing employees to be themselves and bring their different experiences, beliefs and visions to the table aids decision making, long-term thinking, innovation and competitive advantage. Otherwise firms will continue doing what they have always done.

But new talent wants to know that they will be a good fit and their voices will be heard. That is why the sector is listening to the needs and wants of their prospective recruits.

Recently research suggested that Millennials (and younger) looking for careers want far more from their prospective employers than just a good salary.

When I was beginning my career, I admit my checklist began with pay and pension and had a nod towards location, working hours and holiday allowance.

Candidates now want to know that the culture of the organisation they are considering is a fit for them, that the core values reflect their own sentiments on the environment, community and equality. Equally, they want to be confident that their individual aspirations will be met including skills development and mentoring and coaching, but they also want the flexibility to work how they want and have the opportunity to develop outside the workplace.

In Deloitte’s Global Millennial Survey 2020* Millennials (born on or after 1981) and Generation Z (born on or after 1996)** responded that more companies were doing more to respond to the need of future generations with 71% of both Millennials and Gen Z agreeing that employers were working towards “creating a diverse and inclusive working environment”.

“Two-thirds of millennials said that working remotely enables a better work/life balance. Half of all respondents said they’ve felt more able to bring their “true selves” to work by having their offices at home and nearly seven in 10 millennials said the option of working from home in the future (post-pandemic) – and avoiding commutes – would relieve stress”. Millennials and Gen Z have remained focused on larger societal issues. “They continue to push for a world in which businesses and governments mirror that same commitment to society, putting people ahead of profits and prioritising environmental sustainability.”

All of this, reinforcing the idea that now there is more to a career than pay and progression.

Where does this leave my entreaty for you to view insurance as a place to leave your career hat?

From the outside, insurance may appear not to offer much choice. I beg to differ. As mentioned earlier, my organisation is centered around insurance brokers – the intermediaries that help their customers to find the insurance protection they need. So, if you know nothing about insurance can you work in it? Well that is the point. Insurance brokers like any other business need a whole host of skills to create a successful business.

Technical insurance disciplines bring their own rewards. Underwriting, claims and actuarial functions are really about finding solutions. Allied to the need to understand insurance (usually via training and professional qualification), there is the need to present yourself as an authority, to share knowledge and explain, sometimes technical, principles. An insurance broker may have this technical background, but in reality, they are people people!

Opportunities abound

A successful broking firm should be able to relate to, understand and communicate with customers – and their insurance underwriters that provide the cover. This means that the more diverse the firm in terms of its people the better they are able to relate to those needing their help and the more successful they will be.

Insurance brokers come in many shapes and sizes, some focused almost entirely on one-to-one interaction with clients where empathy and the strength of personal relationships is paramount. Others will be multi-department businesses. As well as having the insurance broking technical and relationship management teams there will be a whole raft of employment opportunities to appeal to a wide range of applicants. In our sector IT is vital and more, brokers looking to innovate are placing a massive reliance on online solutions and even artificial intelligence – a natural born innovator would not be disappointed with their remit in many broker firms.

For the more creative types, insurance is a highly competitive market so many firms need fantastic marketers, communicators, media experts and social marketing gurus.

If people are your thing, then consider a role in human resources or learning and development.

With opportunities also abound in administration, research, legal and more insurance can be really be an eye-opener once the uninitiated dive into the sector to find out more.

Which brings me back to the culture of the sector. It is unrecognisable as the world I joined in the seventies and that is change for good. There are many organisations and initiatives that help to promote inclusivity and diversity. Businesses and their employees pay attention to this and rely on the likes of Lloyd’s Dive-In festival to get ideas and develop good practice. There are networks such as iCAN (the Insurance Cultural Awareness Network) that help promote and celebrate difference as well as Government’s Women in Finance which promotes equality and of whose Charter BIBA is a signatory. There are numerous ways to join in with areas of personal interest. At BIBA we rely on our members to help shape our direction and among them are our Young Broker Ambassadors. They are passionate about their careers in insurance and about promoting the sector as a prime place to forge a career, regardless of background, education, or experience and they are helping create a buzz that means as a sector we truly are shaking off that grey image of the past.

* https://www2.deloitte.com/global/en/insights/topics/talent/deloitte-millennial-survey.html

** The Pew Research Centre

About BIBA

The British Insurance Brokers’ Association (BIBA) represents the many interests of insurance brokers and their customers. BIBA wants to help our members attract, employ and retain talent in order to be able to thrive and serve their customers well. That broking talent must reflect the make-up of society in all its diversity. To be successful firms in our sector need to have varied life experiences in terms of race, social background, sexual orientation, age, religion, education to list but a few areas – and to be able to show that they are inclusive and tolerant of those differences.

BIBA is committed to bringing about positive change among our membership, suppliers and the wider insurance sector and is committed to embedding an inclusive, collaborative culture among colleagues within the association and to actively seek diverse representation within BIBA’s governance structure and on our member committees.

Our aim is to help our members to realise the value and potential of diversity and inclusion, to promote the approach and help provide the tools to achieve it.

BIBA is a signatory of the Inclusive Behaviours Pledge; and supports inclusion@lloyds, iCAN (Insurance Cultural Awareness Network) and the African-Caribbean Insurance Network (ACIN).