Dear friend,
Here in the UK it's that time of year when many 17 and 18 year olds receive the results of their 'A' levels, traditionally a time for many to speculate on rising/falling standards and grumble about how exams aren't what they were in their day.
It's also, for many an astute teenager, the time when they first begin to focus beyond school and look either at university education or indeed the world of employment. For the re/insurance market, it's also a time when we should be thinking carefully about how we best position ourselves as a market of choice for talented and enthusiastic graduates and school leavers.
I fear that the brutal truth continues to be that the re/insurance market is still seen as a poor relation for many a bright youngster. Surely other areas of financial services such as banking and the law are much sexier and well paid? Why look elsewhere?
Well, as those of you who have worked in this market for some time need no telling, whether as an actuary, underwriter, regulator or risk modeller, the intellectual challenges that the re/insurance market provides are considerable. The clever derivatives lads and ladies in New York may gain all the plaudits, but in terms of quantifying, pricing and modelling current and future risks faced by business, our market really is at the cutting edge, and we should be proud of this.
What gets me down is that too often 'insurance' is still seen by many in terms of the sale and distribution of retail products by the classic door to door salesman, or their modern online equivalent. And the media, whether in films, TV, or online, continues to be happy to perpetuate this warped picture.
It's hard to combat such ingrained prejudice, of course, but that doesn't mean we should not attempt to try. How about some advertising for a start, funded by the industry and placed on billboards and in the media? The value gained from attracting bright minds who can take the market forward could be invaluable.
Enjoy the read,
Marcus Alcock,
Editor, InsuranceERM