Captives sector can do more to educate young people on career opportunities

While much is already being done, the captive industry on Bermuda in particular would benefit from more being done in schools and universities to educate young people about the opportunities the industry can offer – especially as technology becomes more important to risk-transfer and the industry will rely on millennials to drive this forward.

That was the message from Teniko Eve, captive associate, Marsh Captive Solutions and Aziza Lovell, assistant vice president, captive services, American International Group, speaking in a ‘Rapid Shorts’ session, which involved quick-fire sessions with panelists, at the annual  Bermuda Captive Conference, which is taking place at the Fairmont Southampton Hotel on Bermuda this week.

The session, called Millennials’ perspectives on insurance and the captives industry, covered the opportunities the sector can offer young people, along with the specific career paths of Eve and Lovell. They both described how enthused they are about opportunities in the captives space but stressed that many young people are unaware of this.

Eve, who mentors young people and gives presentations in schools on Bermuda, said that many young people are unaware of the opportunities the sector can offer. “That is the biggest barrier to entry for young people – and to the industry attracting the best talent. There is simply a lack of education,” he said.

Lovell added that she had been amazed by the scope of her job, arguing that the opportunities to develop many different skills and disciplines within the captive industry was actually greater than in other areas of risk transfer.

They both agreed that as insurtech becomes more important in the industry young people will be increasingly needed by the sector to drive that forward. “But they cannot choose a career in an industry they know little about,” Eve said. “The talent will be there in terms of technology but the industry needs to embrace it.”