Insurers valuing apprenticeships at highest ever level
Apprenticeships in the insurance sector are becoming an increasingly popular future talent solution with, for the first time, over half of employers responding to the Chartered Insurance Institute's latest survey willing to take on an apprentice.
Conducted among 2,300 GI-focused CII members and employers, the survey reveals there has been a big rise in awareness among employers of insurance apprenticeships containing professional qualifications, with 67% aware they exist - an increase from 46% since 2009. This is a positive sign given the government's increasing focus on apprenticeships.
Encouragingly 53% of firms said they would consider employing an apprentice, a rise of 12 percentage points on last year; a sign that employers are opening their eyes to different avenues for attracting talent and an indication of the increasing worth employers attach to apprenticeships.
Commenting on the findings, Daniel Pedley, public affairs manager at the CII, said: "The overall CII skills survey 2013 paints a mixed picture of improving skills on the one hand and fears for where future talent will come from on the other, so ensuring general insurance has a strong talent pipeline is critical. This is why it's vital that the insurance sector continues to explore and develop new routes of entry such as apprenticeships or schools outreach programmes like Discover Risk, which provide a strong platform for an insurance career.
"We are thrilled to see technical apprenticeships gaining more and more popularity with insurers. However, as an industry we now need to work harder than ever to augment this talent pipeline if we are to ensure that the UK insurance sector can continue to compete on a global playing field into the future."
Professional bodies, such as the CII, were voted the most popular choice for employers looking to get involved with apprenticeships in insurance, reflecting the work the CII does promoting this area across the country. 2012 also saw the number of new apprentices in the insurance and financial services sector and studying CII units and qualifications exceeding 1,000 for the first time.
Earlier this year Lloyd's of London launched its Apprenticeships programme. Richard Ward, Lloyd's CEO, commented: "As Lloyd's looks to cement its position as the global centre for specialist insurance and reinsurance, it is vital that we bring the best talent available into the market. Our new Apprenticeship Programme demonstrates our commitment to doing just that."
Barbican Group, the London market insurer, also recently took on their first two apprentices.
Anna Wright, learning and development manager at Barbican Group, explained why apprenticeships are a right fit for the organisation: "Barbican has always been supportive of learning and development, but in the apprenticeship programme offers a formalised structure with which to invest in young talent. The apprenticeship programme is a way of bringing young talent into the business with the aim of 'growing our own talent'.
"We invest in apprentices' career development with the hope they will stay with the company and ensure our workforce is fit for the future. The scheme positions us as an employer of choice, raising awareness of our brand and highlighting our willingness to invest in our people."
