SSP Broker prioritises ‘going back to basics’ in bid to solve recruitment challenge

Insurance professionals must “be loud and proud” advocates for careers across the UK general insurance sector to engage generation Z talent and futureproof the industry against its current “ageing workforce”, according to Martyn Mathews, managing director at insurance software firm SSP Broker.

Outlining the scope of the recruitment challenge, Mathews told Insurance Times that UKGI has an “ageing workforce” – September 2023 data from insurer RSA, for example, found that 50% of the London market’s workforce is aged 40 or over, while 26% are aged 50 or older.

Therefore, it is imperative that “we are bringing fresh talent in”, Mathews emphasised.

Advocacy to attract talent

To attract potential recruits and build out the insurance industry’s career development pipeline, Mathews believes “we all need to be advocates for the market outside of work as well as in” the marketplace.

He continued: “Be loud and proud, dispel misconceptions and talk about some of the great things happening to make insurance frictionless and more personalised, including [promoting] some of the insurtech [and] incumbent [partnerships].”

Secondly, Mathews added that the sector must “improve how we engage with and educate our customers, not least gen Z, in the world of insurance”.

For him, bolstering the current “insufficient” financial education provision in the UK and improving financial literacy is an essential tool for raising awareness of insurance as both a product and a career.

“Efforts in university are important as these are some of the newest customers insurance providers will have,” he added. “They might need gadgets or rental insurance or have just bought their first car, for example.

“They need to know how best to protect their gear based on the increasing options available and how decisions today can affect premiums in the years to come.”

In terms of what this education can look like, Mathews recommended taking initiatives “back to basics” and making stories “very relatable at every step” – for example, discussing the insurance implications around “that Taylor Swift concert you saw, skateboard you bought or TikTok video you made, [which] could not happen without insurance”.

This method can help switch the perspective of insurance from being a misunderstood grudge purchase to an experience that “is less of a chore.”

Tapping into tech

Mathews admitted that he often faces “initial amusement” when promoting insurance as a career choice at schools – however another tool in the industry’s talent attraction arsenal is its increasing use of data and technology.

He said: “We make the point that artificial intelligence firms and big tech companies have done a brilliant job of convincing consumers they are the exclusive homes of big data but that this isn’t true.

“Insurance has been doing big data since before big data became a big buzzword.

“The entire industry sits on the shoulders of data and with every new development or upgraded system, we increase our scope and capabilities.

“In essence, we inject a sense of excitement about working in the market where previously they may have felt insurance was anything but.”

Futureproofed?

Alongside improving transparency on what insurance actually is for its customers and potential recruits, as well as engaging with schools, Mathews believes that explaining about insurance fraud and its ramifications – that it is not a victimless crime, for example – is another tactic to engage those outside the sector.

However, Mathews acknowledged that there is no “magic wand” to help the insurance industry win the war for talent overnight.

He said: “There isn’t a magic wand to our recruitment challenges, but I think a lot could be achieved if we encouraged more businesses working in insurance to get out into the community to do school visits.

“Brokers are consumer champions and many have local communities they already support, so this work could be a natural extension.

“Insurance today is data and technology industry and those choosing to enter the market could have a great career ahead.”