Young professionals see insurance as outdated, urging perception shift: report

The insurance industry is facing a recruitment challenge, driven by an ageing workforce nearing retirement and a dwindling talent pipeline, according to The Re Report by Free Partners LLP, a consulting firm specialising in research and strategic insights for the insurance sector.

The report explains how this issue stems from a lack of interest among young professionals, alongside their perception of the industry and its ability to meet their career aspirations.

Free Partners LLP surveyed over 1,000 young people in the UK and the US. The findings highlighted a disconnect between the abundant opportunities available in the insurance sector—such as meaningful work, career advancement, and work-life balance—and the industry’s current image.

Many respondents viewed insurance as outdated, untrustworthy, and uninspiring, indicating that the challenge is more about perception than an actual talent shortage.

This situation presents a critical moment for industry leaders. As per Free Partners LLP, CEOs, CMOs, HR professionals, and insurance executives have the opportunity to reshape the industry’s image to appeal to the next generation.

“As the insurance industry faces the dual challenges of an ageing workforce and a shrinking talent pool, it’s clear that the problem is more than just a recruitment issue – it’s a perception issue. The time for action is now. We need to shift perceptions and showcase how much fulfilment the industry has to offer,” added Lorraine Jeckells, Managing Partner, Free Partners LLP.

Jeckells continued: “Our survey highlights that young professionals don’t see insurance for what it truly is: a sector that offers impactful careers with growth potential and work-life harmony.

Now, more than ever, marketing, HR, and industry leaders need to unite and drive a collective effort to reshape the narrative. Together, we can change perceptions and secure the future of our industry.”

The report highlights how the future of the sector hinges on leadership’s ability to attract fresh talent by showcasing the real value and opportunities within the field. With those who embrace this challenge becoming better positioned to cultivate a new wave of skilled professionals, as emphasised in the report.

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