Gen Z newcomers to the insurance industry have identified social media, specifically TikTok, as one of the key influential media for joining the industry. Communicating climate commitments was also identified as a key way for the industry to appeal to potential new Gen Z recruits.

These are amongst the views held by the Chartered Insurance Institute’s New Generation Underwriting group, which has published a report outlining what it perceives as a “talent shortage crisis” in the insurance market.

The report features input from four stakeholder groups: individuals in their first twelve months of employment in an underwriting role; individuals with at least five years of industry experience; emerging risk specialists; and representatives from CII Local Institutes.

Respondents from the emerging risk group suggested greater clarity on insurers’ “desire to protect against emerging risks and our commitment to tackle areas such as climate change” in the interest of appealing to potential new candidates.

The report also includes comments from one head of climate within the sector, who advised that Gen Z candidates may be most effectively engaged through “real life interactions with ambassadors” from insurance companies. They also suggest topics such as climate change and political risk, as key talking points when engaging with Gen Z candidates.

Ian Callaghan, president of the CII, commented: “The 2022/23 CII New Generation Underwriting group have carried out some interesting research around the important topic of talent attraction. As a sector, we are aware of the risks we face if a concerted effort is not made to address the talent gap. We encourage firms and those in a position to do so, to be proactive, forward thinking and innovative in their talent attraction strategies.”

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