Insurance industry urged to be transparent and honest to combat talent shortage

Cultivating transparency, honesty and trust within the insurance industry is essential for attracting and retaining talent.

That was according to Marytn Matthews, managing director at SSP Broker, who addressed delegates at the keynote session of the Chartered Insurance Institute’s Shaping the future, trends, tech and talent conference last week (2 October 2024).

Matthews highlighted that the industry’s struggle to draw in and keep talent stemmed largely from its “image problem”.

For example, he referenced Insurance Times’ Talent Development Report 2024, launched on 17 September 2024 in conjunction with RSA.

He explained: “It found that 80% of respondents identified the industry’s reputation and attractiveness as a barrier in recruiting new talent.”

The report is based on an exclusive survey of 240 brokers, conducted by Insurance Times in Q3 2024, which sought to explore the insurance industry’s current war for talent and related topics.

While acknowledging the severity of the issue, Matthews also noted that this struggle was not “sustainable” for the long-term survival of the industry.

Proactive communication

However, he also pointed out a silver lining – that the insurance sector has a unique opportunity to be more forthright in its messaging to potential candidates.

“Be honest with prospective candidates entering the business,” he advised.

He added, however, that the industry needs to improve how it articulates its values and mission.

“It’s about being honest with yourself and being transparent with consumers about insurance,” he explained.

“Insurance is a force for good – we play a crucial role in a functioning society, an essential component of everyday life.”

Matthews urged the industry to proactively communicate this positive narrative to counter the outdated notion that insurance is boring

“The idea that we are boring has bothered me [because the idea] still exists. But I truly believe we can change that,” he said.