Having a presence on social platforms, specifically TikTok, could be the key factor in attracting Gen Z talent to the insurance industry, according to a Chartered Insurance Institute (CII) report.
The 2022/23 Chartered Insurance Institute (CII) New Generation Underwriting Group report, which examines the insurance market’s ‘talent shortage crisis’ by analysing barriers to entry as well as appeal, highlighted that TikTok was a key influence on new entrants to the underwriting industry within their first 12 months of employment.
Data was collected from individuals in their first twelve months of employment in an underwriting role; individuals with at least five years of industry experience; emerging risk specialists; and representatives from CII Local Institutes.
The report calls for better marketing and transparency from the industry by showcasing diverse, everyday experiences of the sector. It suggests strengthening social media presence, particularly on TikTok, can help recruit new talent, as 60 per cent of TikTok users are Gen Z. TikTok’s short clips may effectively highlight the insurance industry’s potential and bring insight and transparency.
But the report also notes that Gen Z is best engaged through real-life interactions and discussing topics like climate change and political risk. According to the report, 37 per cent of students (aged 14 to 25) prefer in-person interactions with businesses, such as career fairs and workshops, to increase engagement and interaction. In comparison, only 16 per cent prefer digital contact, which may be less engaging.
CII president Ian Callaghan says: “The 2022/23 CII New Generation Underwriting group have carried out some interesting research around the important topic of talent attraction. As a sector, we are aware of the risks we face if a concerted effort is not made to address the talent gap. We encourage firms, and those in a position to do so, to be proactive, forward-thinking, and innovative in their talent attraction strategies.”