“In order to be the true marketplace of choice we need to build on our strengths and realise the powerful impact of incremental change.” - Richard Ward, chief executive, Lloyd’s

Senior members of the Chartered Insurance Institute (CII) spent much of their time in Glasgow recently for the UK Insurance and Financial Services Conference speaking of their desire to make themselves attractive to hot young talent.

A picture of a urinal (modern art is seems), and talk of “stud value” are at the heart of what the CII has described as a “bold and innovative new initiative to put the insurance industry at the forefront in the battle for the best of young talent”.

The battle against the industry's image as “boring men in grey suits” began on the opening day of the conference; and the talent and attractiveness theme was evident throughout the event which has been compressed for a three-day jamboree to a power-packed one and a half days.

The new initiative, entitled “Careers in Insurance”, promises to tackle the industry's poor image with potential employees by working with universities, schools, colleges and employers to promote insurance as a first-choice career.

The industry-led programme is the first talent initiative for the insurance sector aimed at attracting university and school students and career changers into insurance and financial advice and planning. It will also encourage firms to create a professional environment that will support the retention and development of talent.

At the launch Chris Hanks, chairman of the CII's Talent Task Force, spelt out the facts which had prompted the CII to take action with the launch of the scheme.

Research commissioned last year found:
● 90 percent of students would not consider a career in insurance
● 80 percent of recruiters do not give on-campus presentations
● 75 percent of employers fail to attract the talent they are looking for
● 4 percent of students ranked insurance as the most attractive career option compared with banking, Talent spotting Conference report consultancy and accounting
● 66 percent of students said a career in insurance lacked intellectual stimulation
● 50 percent of recruiters do not have any contact with universities
● 70 percent of recruiters do not give information to careers people.

More than a grey face:
In light of these findings the insurance industry, led by the CII, came together to form a Talent Taskforce to find ways of promoting the sector as a profession of first choice.

The Talent Taskforce has said it is to go on the attack meeting the threat of its financial services rivals head on.

The battle plan includes:
● CII attendance at all major university career events and in all main graduate career publications
● All formal insurance employer training schemes referenced on the CII careers portal www.insurancecareers.cii.co.uk
● CII and employers working together in the production of careers collateral and recruitment activities
● CII-funded centrally-driven programme of careers activity supported by the industry.

Hanks told the meeting: “The fact is that without insurance, modern life as we know it would not happen, from trains, ships, aircraft and business to homes and private cars, without insurance none would be able to operate.”

The presentation said the aim of the campaign was to engage the most talented of our new generation and dispel the view that insurance is a “grey faceless industry.”

The campaign will now see a series of adverts in the student press and it will be backed up by the role out of greater engagement with the careers units of the major educational centers across the UK.

Hanks said: “The change in the way the industry is viewed by young and talented people who are looking for a rewarding career both financially and professionally starts today.”

The launch however was not greeted with a great deal of gusto by the trade media, one of which described the reception as “lukewarm.”

The following day saw a lunch for the “Future Leaders” many of whom already hold senior management positions as see their leadership as immediate not future.

Best way to eat an elephant:

In the conference hall itself the main attraction was the first public speech by Lloyd's chief executive Richard Ward.

Delegates gathered to hear how the market would change under the new CEO and Ward said the success of the past would count for little if the market did not prosper in the future.

He said: “Now is the time to build on our strengths and address our weaknesses. We may not be staring over the precipice that a previous chairman said was the precursor to Lloyd's changing, but we are facing a number of challenges that we cannot ignore”

He added: “My immediate focus is on fixing the fundamentals at Lloyd's. My first priority is to deliver efficient business processes such as placement, claims and accounting and settlement that will enable us to grow.

“We have made progress in a number of areas, but there is still some way to go. More than 80 percent of contracts are already achieving certainty and we are well on track to meet the end of year target of 85 percent.”

Ward said: “In terms of my longer term ambitions this is not the time to be running through a lengthy to-do list. My thinking is still evolving; however, I am clear about the direction that we need to be taking and the drivers that are shaping my thinking.

“If I could sum up my aim in one sentence, it would be to ensure that Lloyd's is the marketplace of choice. If businesses choose to use another platform it should be because of the advantages of that platform, not the disadvantages of Lloyd's.

“Although we deal in complex risks we don't need to operate a complex business model. We will streamline the complexity of the market and reduce the burden of operating in it.” He concluded: “My direction is clear. I am not here to reflect on the glories of Lloyd's past. I'm here to take a hard-headed look at what needs to be done and work with the market to achieve our goals.

“In order to be the true marketplace of choice we need to build on our strengths and realise the powerful impact of incremental change. We cannot expect to solve all of the challenges that we face instantly. It's like the old saying about the best way to eat an elephant - with a teaspoon. Much easier than trying to eat it in one go.”

Win at all costs:
The delegates were treated to a star studded opening and closing for the event with Dame Tanni Gray-Thompson, the multi Para-Olympic gold medallist performing the official opening and former All Black rugby Captain Sean Fitzpatrick speaking at the gala dinner which traditionally ends the event.

Gray-Thompson spoke of the way in which she overcame the challenges she faced in terms of her disability to fulfill her sporting dreams.

She said her strategy for each of her major events started two years beforehand and every day was a move towards the end product.

Fitzpatrick spoke of the All Black organisation and its “win at all costs” mentality.

He said many insurance businesses could look at the team edict portrayed by the All Blacks and its sole aim of being the best in its business.

At the end of the speech he performed the traditional All Black Haka to outgoing CII president Peter Hayles.

The Haka, he said, was a challenge that was performed by the Maori warriors both on the way to war and afterwards.

The CII performed its own version of the Haka at the start of this year's event. Its challenge was to the graduate population to put their talent to the test against the best a career in the insurance industry had to offer.

The All Blacks, said Fitzpatrick, was the most successful sporting team over the last century.

The England rugby team have won 50 percent of the matches they have played during the past century, the Brazilian football team have won over 70 percent during that time. The All Blacks have won over 80 percent of their matches in the past 100 years.

What price the CII's “Careers In Insurance” initiative becoming the all conquering careers campaign in the graduate recruitment market?

Will the excitement of the opportunity to underwrite fine art, bloodstock and piracy cover compete with the investment bank's million pound bonuses - only time will tell

This Feature item appeared in issue 110 of JTW News - November 2006

Author: Jon Guy - JTW News