Insurance managers 'riddled' with regret

Managers in the insurance sector are plagued by a sense of regret, with many believing they have failed to reach their true potential.

According to a survey published today by the Chartered Management Institute, managers, at all levels, are held back by red tape, poor resources and a lack of support.

The survey also suggests that organisations in the sector are failing to get the best from their employees. Only 33% believe they are fully using their skills in their current job.

Key findings of the research include:

• Riddled with regret: 31% of insurance managers frequently look back over their career wishing they had developed new skills. 16% often consider how they could have progressed more quickly by ‘taking more risks'.

• Active management: 55% of insurance managers claim to be energetic at work.

• Stumbling blocks to success: Asked what reduces activity levels at work, insurance managers cite bureaucracy (27%) as the core problem and 22% say they are held back by a lack of resources.

The survey also explored the factors that have most helped insurance managers develop their career. Top of the list is ‘developing experience within one organisation' (18%).

Jo Causon, director, marketing and corporate affairs at the Chartered Management Institute, says: “With only 20 per cent of the UK's management community boasting a professional qualification, it should be a comfort to employers that their managers are actively seeking ways to improve. However, it remains a concern that so many admit they are failing to keep up-to-date with vital skills and market trends. If individuals and organisations are to prosper, this situation must be addressed.”