Promoting captive insurance careers through universities
The captive insurance industry is getting better at recruiting in universities—but should not rest on its laurels.
Recruiting the best talent from universities has long been a battleground for companies, as they try to get the attention of the best and brightest of the annual crop of graduates.
Insurers as a whole have struggled with this in the past—the profession was seen as quite dry compared to others in the financial sector.
However, Renea Louie, chief operations officer of Pro Group, emphasises the strides made in promoting the industry within academic circles over the past decade. “I believe our industry has excelled in this area in the last decade and particularly the past five years,” Louie notes. She underscores the importance of visiting universities, sharing experiences, and providing comprehensive insights into captive insurance concepts and practices. This hands-on approach demystifies the industry and sparks interest among students.
Building strong relationships with university faculty and engaging in research projects related to captive insurance can further solidify these efforts. “Supporting research initiatives that advance industry knowledge and contribute to academic publications and conferences can grow our job talent pool exponentially,” Louie suggests.
These collaborations enhance academic understanding and create a pipeline of informed and interested graduates ready to enter the industry.
Promoting industry certifications and professional development
Encouraging students to pursue relevant certifications, such as the Associate in Captive Insurance designation, is another effective strategy. Louie highlights the benefits of professional development and networking opportunities offered by the industry.
“Working with higher education to encourage students to join captive insurance industry associations and pursue relevant certifications can propel our talent pool options,” she said. By showcasing the career advancement potential and the value of continuous learning, the industry can attract ambitious and dedicated graduates.
“Anyone working in the captives industry can play a role in helping to get the message into the universities.”Dan Towle,CICA
Engaging alumni and industry professionals
Dan Towle, president of the Captive Insurance Companies Association (CICA), emphasises the role of alumni and business leaders in promoting the industry.
“Anyone working in the captives industry can play a role in helping to get the message into the universities,” Towle states. Alumni and industry professionals can offer warm introductions to secure speaking opportunities, encouraging active engagement between students and the industry. Additionally, promoting student participation in initiatives such as CICA’s Essay Contest can help connect more universities to the captive insurance sector.
Sandy Bigglestone, deputy commissioner of the captive insurance division of the Vermont Department of Financial Regulation, points to the benefits of sponsoring students to attend industry educational events.
“Industry has been addressing the issue through connecting and sponsoring students to attend industry educational events,” she explains. By exposing students to the industry through conferences and seminars, they gain first-hand experience and a deeper understanding of the field.
Bigglestone advocates for more widespread efforts to connect with university department heads, particularly in risk management and business disciplines. Offering to be guest speakers or lecturers and providing resources for internships can significantly increase industry visibility on campus. Additionally, soliciting feedback from newly recruited professionals can offer valuable insights into effective recruitment strategies.
“Associations need to continue inviting students to the conferences.”Gary Osborne Risk Partners
Inviting faculty and making career presentations
Gary Osborne, vice president at Risk Partners, stresses the importance of inviting students to industry conferences and reaching out to faculty for career presentations. “Associations need to continue inviting students to the conferences. They need to reach out to faculty and make career presentations,” Osborne advises.
Efforts by states such as Vermont and South Carolina, which actively attempt to engage students and faculty, serve as promising examples of how localised initiatives can boost awareness and interest.
Promoting the captive insurance industry within universities requires a multifaceted approach that leverages industry experience, academic partnerships, professional development opportunities, alumni engagement, and direct student involvement.
By visiting universities, supporting research initiatives, encouraging certification pursuits, and sponsoring student attendance at industry events, the captive insurance sector can effectively raise its profile and attract a new generation of talented professionals.
Collaboration between industry leaders and academic institutions is key to ensuring a vibrant and dynamic future for captive insurance.
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