The Deloitte Talent in Insurance Survey 2015 UK in Focus
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The Deloitte Talent in Insurance Survey 2015 UK in Focus Survey findings Figure 1. Popularity of insurance among business students, EMEA, 2015 Poland 2.9% Switzerland 2.9% Finland 2.6% Italy 2.2% South Africa 1.7% Belgium 1.5% Spain 1.4% Germany 1.3% France 1.3% Norway 1.2% Sweden 1.2% Austria 1.0% Czech Republic 1.0% Denmark 1.0% Netherlands 0.9% UK 0.5% Ireland 0.5% Middle East 0.3% UAE 0.3% Turkey 0.0% Russia 0.0% Source: Universum0.0 Talent Survey 2015; 0.5Deloitte analysis 1.0 1.52.0 2.53.0 See Appendix for survey questions Insurance is an unpopular career choice for The popularity of insurance has hovered around this business students low level over the past seven years (see Figure 2). UK insurers face an uphill struggle to attract the top This is somewhat surprising and disappointing given graduates they need. Just 0.5 per cent of votes cast for the resilience of UK insurers in the financial crisis. the most popular employers by business students were Conversely, the popularity of software and computer for insurers. Banking, in contrast, won 21.5 per cent. services has increased by a third during this time, from As a result, insurance was ranked a lowly 19th out of 6.5 per cent to 9.7 per cent. 26 sectors by popularity among UK business students in 2015. Figure 2. Insurance and the eight most popular industries among UK business students, 2008-2015 30.0% Banks 25.0% Auditing and Accounting Fast Moving Consumer Goods 20.0% Software and Computer Services 15.0% Public Sector and Governmental Agencies Media and Advertising 10.0% Retail 5.0% Consumer Electronics and Household Appliances Insurance 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions In this publication, references to Deloitte are references to Deloitte LLP, the UK member firm of Deloitte Touche Tohmatsu Limited. To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. UK insurance lags EMEA No insurer makes the cut. This suggests that those UK insurers are less popular than their peers in EMEA. business students in the UK who are contemplating The UK ranked 16th out of 21 EMEA markets by the applying to insurance are doing so as an after-thought, popularity of insurers as employers (see Figure 1). or, indeed, as an insurance policy, while their main This seems counter-intuitive, given that the UK is home ambitions lie elsewhere in the financial or professional to both the world’s leading specialist insurance market, services world. Lloyd’s of London, and several leading global insurers. The insurance-inclined do not have an innovative Insurers lag banks mind-set It appears insurance may be suffering because London Insurance–inclined students do not have an innovative is seen as even more of a centre for banking and mind-set. A resounding three out of the five employer professional services. These employers seem to be attributes that UK insurance-inclined students aspire ‘crowding out’ insurers. For example, the top five to least, compared to all business students, relate to employers for insurance-inclined students are two innovation (see blue bars in Figure 4). This is particularly global banks and three professional services firms, important at a time when disruptive financial including Deloitte (see Figure 3). technology firms (‘fintechs’) are starting to focus on insurance. For example, new social broker Bought By Many charges commission and clouds customer insight Figure 3. Top five most popular employers, by intermediating between policy holder and insurer. UK insurance-inclined students, 2015 Digital peer-to-peer car insurer Guevara could shrink the motor insurance market and increase anti-selection J. P. Morgan 33.6% by encouraging good risks to insure each other.1 In addition to lacking a creative mind-set, insurance- Goldman Sachs 28.3% inclined students appear conservative. ‘Financial Professional strength’ and ‘prestige’ – both hallmarks of the 27.4% services firm traditional insurance industry – are the top two Professional aspirations of insurance-inclined students compared to services firm 26.5% all business students (see green bars in Figure 5). Deloitte 26.0% Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions Figure 4. Bottom five aspirations of insurance-inclined students vs. business students, UK, 2015 -15.4% Attractive/exciting products and services -10.1% A creative and dynamic work enivronment -8.7% Innovation -8.3% Respect for its people -7.1% Variety of assignments Lacking innovative mind-set Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions The Deloitte Talent in Insurance Survey 2015 UK in Focus 2 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Figure 5. Top five aspirations of insurance-inclined students vs. business students, UK, 2015 Financial strength 18.2% Prestige 12.9% Market success 9.5% Leaders who will support my development 8.8% Performance-related bonus 7.9% Conservative mind-set Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions Male dominated Work/life balance is the top career goal Men make up a larger proportion of the pool of UK business students want ‘work/life balance’. It was business students contemplating applying to insurance. the top career goal by a clear margin and selected by There is a striking 26.8 per cent drop off in the more than half (54 per cent) of all business students proportion of female students who want to work in (see Figure 7). In our view this reflects the long working insurance compared to the proportion of female UK hours that highly skilled graduates can face in their first business students surveyed (see Figure 6). jobs. ‘To be secure or stable in my job’ is the second most coveted career goal. It has risen in importance over the past seven years by more than twice as much Figure 6. Student gender breakdown UK, 2015 as any other career goal (see Figure 7). All business 64.3% 35.7% 26.8% drop off Insurance-inclined 47.1% 52.9% Female Male Source: Universum Talent Survey 2015; Deloitte analysis The Deloitte Talent in Insurance Survey 2015 UK in Focus 3 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Figure 7. Career goals of UK business students, 2008-2015 60% To have work/life balance To be secure or stable in my job 50% To have an international career 40% To be a leader or manager of people To be competitively or intellectually challenged 30% To be entrepreneurial or creative/innovative To be dedicated to a cause or to feel that 20% I am serving a greater good To be autonomous or independent 10% To be a technical or functional expert 0% 2008 2009 2010 2011 2012 2013 2014 2015 Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions Students aspire to development UK business students are focused on development. Four out of their top ten aspirations are related to development (see green bars in Figure 8). Figure 8. Top ten aspirations among UK business students, 2015 Professional training and development 54.1% High future earnings 53.1% Leaders who will support my development 49.9% A creative and dynamic work environment 48.9% Clear path for advancement 44.3% Good reference for future career 42.8% Opportunities for international 42.7% travel/relocation Leadership opportunities 42.6% A friendly work environment 42.4% Inspiring management 40.5% Development – related aspirations Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions The Deloitte Talent in Insurance Survey 2015 UK in Focus 4 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. How do UK insurers match up to aspirations? Despite their unpopularity, insurers are more strongly associated with six out of the top ten aspirations of business students than all employers (see light blue bars in Figure 9). This paradox offers an opportunity for insurers. If they can publicise the aspects of working in insurance to which business students aspire, they can broaden their appeal. Figure 9. How strongly insurers are associated with 40 key employer attributes compared to all employers, UK, 2015 Sponsorship of future education Clear path for advancement Client interaction Competitive base salary Peformance-related bonus High level of responsibility Interaction with international clients and colleagues Fast-growing/enterpreneurial Leaders who will support my development Professional training and development Competitive benefits Recognising performance (meritocracy) Challenging work Market success Recruiting only the best talent Variety of assignments High future earnings A friendly work environment Inspiring management Personal control over my number of working hours Financial strength Overtime pay/compensation Flexible working conditions Prestige Good reference for future career Secure employment Rapid promotion Team-oriented work Corporate Social Responsibility Respect for its people Leadership oppertunities Acceptance towards minorities Ethical standards Enabling me to integrate personal interests in my schedule A creative and dynamic work environment Environmental sustainability Opportunities for international travel/relocation Support for gender equality Attractive/exciting products and services Innovation -15-10 -5 0510 15 20 Less than average More than average Top ten aspirations less strongly associated with Top ten aspirations more strongly associated with insurers than average insurers than average Source: Universum Talent Survey 2015; Deloitte analysis See Appendix for survey questions The Deloitte Talent in Insurance Survey 2015 UK in Focus 5 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below.