The insurance industry in Singapore is in a prime position to reshape how graduates perceive career opportunities within the sector, according to new research commissioned by Canopius Group (Canopius), an international specialty and P&C (re)insurer.
As industries across the board compete for top talent, the report "Listening to Tomorrow’s Leaders: Attracting and retaining young talent in insurance", explores the career aspirations and motivations of recent university graduates in Singapore.
Focusing on the professional services sector including industries such as banking, finance, consulting, and insurance, the survey examines factors influencing career choices, such as financial incentives, job stability, opportunities for growth, and work-life balance.
The research reveals that while insurance offers many of the career priorities graduates value, there is a clear opportunity to communicate these strengths more effectively to the next generation of professionals.
Tangible benefits drive career choice for new graduates
According to the survey, graduates in Singapore prioritise tangible benefits when it comes to choosing their field of work. Salary & benefits are by far the most important factor influencing career choice (31%), with job stability coming in second place (17%), but only being about half as important.
Other factors such as work-life balance / flexible working arrangements (13%), sector or company culture (8%) or travel opportunities (7%) only drive a small proportion of career choices for new graduates.
The research also revealed that graduates place significant value on professional growth, with 92% highlighting the importance of formal internal training, and 91% emphasising the need for professional development opportunities. This is followed by a company’s reputation (89%), mentorship programmes and on-the-job learning, which are all equally valued (88%).
Misconceptions about the insurance industry
While salary, job stability, and career advancement are areas in which the insurance sector excels, misconceptions about the industry still hold it back from fully competing for talent with other seemingly more attractive sectors, such as finance and consulting.
When asked if they saw an attractive career path in insurance, over half of respondents (56%) said yes while 28% did not see it as appealing. Among those who do not view insurance as an attractive career option, the top reasons include limited career growth opportunities (70%), lack of information about the industry (48%), and perception of the industry being boring or unexciting (36%).
To have a more holistic understanding of their perceptions, the survey also asked respondents to rate how they would associate certain attributes with jobs in the finance, consulting, and insurance sectors.
Insurance is associated with job stability and work-life balance at 72% and 71% respectively, which is only slightly behind finance (77% and 75%) and consulting (74% and 77%), underscoring an opportunity to raise awareness about the main benefits of working in the industry.
Moving the needle
When asked what insurance companies can do to make a career in the industry more appealing, the top suggestions are to provide higher starting salaries and more benefits (51%) as well as more work-life balance initiatives (44%).
Commenting on the findings, Soon Keen Lee, CEO, APAC and MENA, Canopius Group, said, “From our research, it is encouraging to see that what young graduates seek is in line with what the insurance industry is already offering. Instead of reinventing the wheel, our focus should be on improving how we communicate job progression, compensation packages, and the positive work environment that a career in insurance can offer. By working together as an industry and addressing these priorities, we can reposition the industry as a desirable path for the next generation.”
The findings of the survey were based on information gathered through a total of 154 interviews conducted online in August 2024 in Singapore. Respondents are recent graduates, between ages 21 and 35, across various fields of study including business and commerce, accountancy, economics, computer science, and mathematics.
Canopius underwrites insurance products on several platforms to offer a wide range of specialty solutions. Its offices are located in Australia, Bermuda, Singapore, the UK and the US. Canopius underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents), a US surplus lines insurer, Canopius US Insurance, and Canopius Reinsurance, a Bermuda-based Class 4 Reinsurer.
Source: asiainsurancereview.com
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