Solving the talent crisis
From: Captive Insurance Times, November 29, 2018
Dan Towle, president of CICA and Zach Finn, professor at Butler University, discuss their new professional development partnership, which will see students learn about the variety of career opportunities in captive insurance
Why do you think millennials have shown a lack of interest towards the captive insurance industry?
Dan Towle: I think its lack of awareness among our industry, rather than a lack of interest. In general terms, the insurance industry is often misunderstood. Those of us in the captive sector recognise that captive insurance provides many challenging, exciting and rewarding careers. The captive industry is growing, and captive professionals are at the forefront of helping businesses insure a rapidly evolving array of risks and benefits. This growth has created more opportunities for career advancement making it an ideal time to get into the industry. Our challenge is to better promote this sector and we all have a role in that.
Zach Finn: Are you kidding? They don’t even know what an underwriter or a broker does, let alone heard of, or understand, what a captive is or does. Our industry is so broad and operates too much in the background, such that people lack the context and information needed to make an informed career decision. Millennials are largely unaware that corporations, not-for-profits, and companies alike, need insurance, alternative forms of risk financing or even that the commercial insurance market itself exists. Look at the ‘The College Board’ website, which is a not-for-profit organisation that connects students to college success and opportunity. A review of their database reveals that there are 82 risk management and insurance programmes, 799 finance or banking programmes and 1,935 account programmes.
Our industry talent crisis is not a demand crisis, it is a marketing/ perception crisis and a supply chain/educational infrastructure crisis, which is ironic for an industry that loves to dispense advice about both talent and supply chain risk management. Most millennials think a career in insurance is selling life insurance at the kitchen table or adjusting auto claims for, the increasingly annoying, Flo at Progressive.