The initiative was developed in response to data that indicates a looming talent crisis in the insurance industry, with 400,000 positions becoming vacant in four years and little interest among the Millennial generation in choosing insurance as a career.
Phase II will focus on mobilizing Millennial employees to become the new face of the insurance industry recruitment process moving forward. From April through August, members of the initiative will empower and facilitate opportunities for their younger industry professionals to share individual stories on the web, through social media and at local events, including job fairs, internships and volunteer programs. The outreach will begin once school resumes in September, with the goal of increasing Millennial involvement in planning for and participating in the second annual Insurance Careers Month in February 2017.
“The best way to create communications that resonate with Millennials is with the involvement of their peers,” said Hamilton Insurance Group Chairman and Chief Executive Officer Brian Duperreault. “Young people already in the industry are here for a reason. They’ve discovered a career that’s stable, rewarding and limitless. They’re having a great time, and feel they’re making a difference providing security and protection - whether it’s personal or commercial, corporate or public sector. And given Millennials’ familiarity with social media, they’re the ambassadors whose authentic testimonials capture what it means to work in insurance and reinsurance.”
Phase I of the Insurance Careers Movement launched in February with Insurance Careers Month, focusing on what became a highly successful awareness campaign to recruit companies, organizations and individuals to spread the message of insurance as a compelling career path. The campaign exceeded initial goals threefold, recruiting more than 600 insurance carriers, agents/brokers, trade associations and industry partners to join the cause. Hundreds of companies, employees and insurance executives took to social media to share their experiences, insights and passion for the industry, leading to 12 million social media impressions in February alone.
“We were delighted to see so many insurance companies and individuals get involved with Insurance Careers Month by pushing content that promotes our industry on a wide range of social media channels. The engagement numbers clearly demonstrate the value of a strong social media presence and what a great venue it is for companies to capture Millennials attention,” says June Holmes, COO and Treasurer at PCI. “Next year we look forward to expanding the role social media will play in getting our message out as we highlight Millennials who are making important contributions within their companies and the industry. Promoting the great careers that are available in insurance is vital for our industry and PCI is pleased to be part of this movement.”
A recent survey issued to Insurance Careers Month participants in the first half of March suggests that the insurance industry has made great initial progress in building a coalition to promote the benefits of insurance careers. 84 percent of participants felt the initiative was effective in raising awareness within the industry, and 91 percent of the participants want to continue the effort.
Additionally, electronic communications were reported to be the tools most often utilized to share content during the month, with “Social Media Guides” (56%), “weekly emails with tips and suggestions” (54%), and the Insurance Careers Month website (54%) topping the list. This was followed closely by “Shareable blogs and content” (44%).
“We are proud that Insurance Careers Month succeeded in bringing the industry together to inspire the next generation of professionals,” said Peter L. Miller, CPCU, president and chief executive officer of The Institutes. “The response to this collaborative event was extremely positive, with a strong vote to continue it next year. Addressing the forecasted talent gap is a long-term process, and I am confident that our ongoing efforts with Insurance Careers Month will grow this momentum, providing greater opportunities to recruit top talent and change the perceptions of the industry.”
An industry call will be held on April 28 at 11:00am Eastern to provide an overview of specific plans for Phase II of the campaign. A recording of the call will be available for those who sign up online.
About Insurance Careers Movement
A collaborative of more than 600 insurance carriers, agents/brokers, trade associations and industry partners launched the Insurance Career Movement, beginning with the first-ever Insurance Careers Month in February 2016. Insurance Careers Movement is a cross-industry, multi-phased initiative designed to raise awareness of the dynamic career opportunities in the risk management and insurance profession and to recruit the next generation of industry leaders.
Hamilton Insurance Group; MyPath, powered by The Institutes; Valen Analytics; The Jacobson Group; InVEST; and PCI have designated each February for a month-long focus on careers in insurance. This year’s observance was the first part of a campaign promoting insurance as “the career trifecta”, a phrase chosen because it encapsulates the three key attributes of a job in insurance: it’s stable, it’s rewarding, and it’s limitless. To learn more and get involved, visit: http://insurancecareertrifecta.org/
About Hamilton Insurance Group
Hamilton Insurance Group is the Bermuda-based holding company for insurance and reinsurance operations that underwrite property and casualty risks in Bermuda, the U.S. and at Lloyd’s. The company leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com.
About Lloyd’s of London
Lloyd’s is a pioneer in insurance and has grown over 325 years to become the world’s leading market for specialist insurance. Unlike many other insurance brands, Lloyd's is not a company; it's a market where our members join together as syndicates to insure risk. Learn more at www.lloyds.com.
About Marsh & McLennan
Marsh is a global leader in insurance broking and risk management. In more than 130 countries, our experts in every facet of risk and across industries help clients to anticipate, quantify, and more fully understand the range of risks they face. In today’s increasingly uncertain global business environment, Marsh helps clients to thrive and survive. Marsh offers risk management, risk consulting, insurance broking, alternative risk financing, and insurance program management services to businesses, government entities, organizations, and individuals around the world. For more information visit www.marsh.com.
MyPath is a collaborative, industry-wide insurance and risk management initiative, powered by The Institutes, that is dedicated to educating students and young professionals about the insurance industry and its limitless career opportunities.
At the request of the insurance industry, The Institutes and their affiliates—The Griffith Insurance Education Foundation, the CPCU Society, and the CPCU-Loman Education Foundation—launched MyPath to be a collaborative effort providing the industry with a unified voice to educate students’ and young professionals’ perception of the industry. A cornerstone of MyPath is InsureMyPath.org, which educates millennials and connects them to insurance organizations and internship opportunities. Learn more at InsureMyPath.org.
About The Institutes
The Institutes are the leader in delivering proven knowledge solutions that drive powerful business results for the risk management and property-casualty insurance industry.
About Valen Analytics
Valen Analytics is an advanced data and analytics provider for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches for pricing, risk selection, claims triage and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Tomorrow’s Talent Challenge. Our solutions span many lines of business, including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property and BOP. Learn more about Valen at www.valen.com.
About The Jacobson Group
The Jacobson Group is the leading global provider of insurance talent. For 45 years, we have been connecting insurance organizations with professionals from the board room to the back room on both a permanent and temporary basis. We offer a variety of solutions including executive search, professional recruiting, emerging talent, RPO,temporary staffing, subject matter experts, and onsite and work-at-home operations support. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.
Founded in 1970 and based at the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) headquarters in Alexandria, Virginia, InVEST promotes insurance education in order to attract individuals to pursue a career in the insurance industry. As a 501(c)(3) educational trust, InVEST benefits from the support of numerous insurance organizations, hundreds of agencies, brokers and volunteers. The program provides the insurance industry with motivated, talented and intelligent professionals through a support structure of state associations, board members, national staff, teachers and the many industry professionals who work in the field as classroom liaisons. Each year, the program prepares thousands of students for insurance-related careers with a hands-on curriculum taught in high schools, adult education centers and colleges. For more information, go to www.investprogram.org.
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property-casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowner’s market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
The Jacobson Group
Nicole M. St. Martin, Vice President and Marketing Communications Director
+1 (312) 884-0491