Generation Next as broadly defined are crucial stakeholders of the Insurance Profession. In my view, the future of our profession is inextricably tied to the value proposition that we offer to them both to make careers in Insurance and to procure insurance products. Given that their desire to change environment is as intense as their willingness to change jobs, careers as well as make purchase decisions, we must define our strategies to attract and retain them in our fold. We must give a better meaning to what we do as insurance professionals in order to attract new talents and customers.
One of the most universal concerns in the insurance industry is attracting enough young talent. Insurance has never enjoyed a particularly high or glamorous profile, and few outside the industry comprehend its richness of career options. From the JAMB statistics, it is fair to assume that Insurance does not appeal to most students not because it is not a credible profession but because of its conservatism and approach to business in this IT age in which the stakeholders want services at jet speed. This trend, if not addressed, will heighten the talent shortage in our industry. As Harris (2018) noted, we must begin to sell the value of careers in insurance rather than just the strength of our business entities.
Insurance is a great, dynamic and exciting profession with huge opportunities for self-employment and value creation. It is a compassionate profession that responds, with the speed of “thunder”, when disaster occurs. When the unexpected happens, insurance practitioners are there to provide comfort to the insured, assist them to rebuild their lives, provide a strong foundation for them to begin again. We care and comfort families in distress. We are in the compassionate business of repairing lives, securing assets, rebuilding entities and contributing to national development. We are the soul of enterprise. This is the kernel of insurance that I know. As caring people, this message should appeal to the youths. We need to broadcast it as best and fast as we can, both as an industry and profession.
We need to gain the interest of the next generation in it through advocacy, catch them young initiatives and products that address their peculiar needs. As one of the elder statesmen said recently, he is in the departure lounge and therefore, not suitable to be planning for the next generation. We need the “not too young to run” to dream dreams of the future of the industry and profession and also actualize them. Therefore, all stakeholders must come together to work out industry-wide strategies to properly promote insurance as a career. “Great things in business”, according to late Steve Jobs, “are never done by one person. They are done by a team of people”.