Two-thirds (64%) of UK brokers view recruiting young talent as a strategic challenge for their business, according to new research by specialist insurer Ecclesiastical. The survey of 250 brokers revealed that while 66% are keen to hire younger talent, half (50%) struggle to recruit those aged 30 and under.
The findings come as the industry faces a potential talent crisis, with a quarter of brokers over the age of 50 and a growing shortage of younger professionals entering the sector. Over half (56%) of brokers expressed concerns about this trend, citing the need to attract new talent to ensure the industry’s future viability.
The research highlighted key barriers to attracting younger talent, with 66% of brokers saying there are not enough young people applying for jobs and 51% citing a lack of relevant experience among applicants. Nearly half (48%) of brokers believe the sector struggles to appeal to young people because insurance is not seen as an attractive career.
Richard Coleman, managing director at Ecclesiastical, said: “The insurance industry is a brilliant place to work, full of bright, passionate, committed people, but people outside of the industry still don’t see it that way. Most people seem to fall into a career in insurance, but the industry can’t rely on that anymore. Across the industry, we need to get better at showcasing what a brilliant place this is to work, and the impact that the insurance industry has on the world.
“Younger people aspire to do work that gives them a sense of purpose, as well as provide learning and growth opportunities. So, to attract new talent, brokers need to be clear about their own purpose and values. Insurance is fundamentally a purposeful profession with businesses who passionately believe that – we put people and businesses back on their feet in times of need.”
Coleman added: “At Ecclesiastical, we are part of the Benefact Group, and we’re very clear about our purpose to contribute to the greater good of society. The more we grow, the more we give to good causes, helping to build better lives. It’s a powerful message that really resonates with the people we attract.”
Brokers cited succession planning (87%), introducing new ideas (77%), and bringing new skills (76%) as the top reasons for wanting to recruit younger talent. Some firms are already taking steps to address the issue, with 41% hiring apprentices and 25% offering flexible working arrangements to attract younger recruits. Over half (55%) have training programmes in place to support their development, but Ecclesiastical is urging those without such initiatives to strengthen their learning and development offerings.
Hattie Course, 23, a trainee client manager at James Hallam, shared her experience: “I fell into insurance after completing my Master’s Degree. It was meant to be a job to tie me over, but it stuck. My manager was so invested in me and she’s put me forward for so many opportunities. I have felt supported and it’s a fantastic career because there is so much choice. There’s a perception of the insurance industry that isn’t true. There’s a view that it’s an old boys club and this puts off women my age but it’s nothing like that. Young people need to know that the insurance industry is a great career option for them.”
Sam Haddock, 27, a personal lines executive at Lloyd and Whyte, explained: “I ended up in insurance because I wanted to get out of teaching. My friend, who works for Ecclesiastical, recommended I apply for a trainee job there. It’s not just about insurance, it’s about relationships. I enjoy working with people and helping people. Insurance has a bad reputation, it isn’t seen as ‘cool,’ but insurance can be an interesting career. For example, if someone is interested in sports cars, why not consider being an insurance broker for sports cars?”
The research calls on trade bodies to do more to promote insurance as a career option, with 90% of brokers believing these organisations could play a larger role in showcasing the industry’s potential to the next generation.