Daniel Pedley, public affairs manager at the CII, talks about how apprenticeships can drive new people to a career in insurance
At a time where the insurance profession is facing a severe skills shortage, apprenticeships are steadily becoming an integral part of attracting new and bright talent into the sector.
The necessity to promote the profession to appeal to the future generation of insurance is an area that has been discussed extensively over the past year. Yet what are the key draws and selling points to attract prospective candidates into our profession?
Findings from the CII’s inaugural salary and workplace survey, released earlier this year, demonstrated why insurance is attractive to those considering embarking on a career in insurance.
The survey looked into salaries, bonuses, benefits and general work and life styles of insurance professionals in the UK.
Three key reasons were highlight as to why insurance is a good prospect for school leavers; It is well paid, offers high job security and good employee benefits.
Financially 60% of 16-24 year olds earn over £20,000 per year, this averages from £21,000 to over £25,000 across sales, client/account handling, claims, underwriting and broking - being the highest paid.
Furthermore, career progression shows these salaries almost double, with 15% of 25-34 year olds earning over £45,000. In addition, 83% of insurance professionals have received pay rises in the past two years and almost half (49%) are expecting an increase in their salary in 2015.
Moreover, of the 5,785 respondents, three quarters of those working in insurance currently feel secure in their jobs.
Regarding benefits, a contributory pension scheme is by far the most commonly given employee perk in the insurance sector, with 74% of respondents listing it as one of their benefits. This is followed by private medical insurance (53%), discounted insurance (39%) and life insurance (34%).
The results from this survey are a clear indicator of the opportunities that are on offer to those who enter a career in insurance. It demonstrates the financial rewards, invaluable job security and the perks - aiding to draw potential talent in to shape the future of the insurance profession.
The full report on the CII salary and workplace survey can be found here.