Sectors we work in
As new regulations, advances in technology and changes in consumer expectations reshape the UK insurance sector, the need for an agile and diverse workforce is of paramount importance. Talent must be both fit for purpose today and future-ready, technologically adept but also equipped with strong soft skills, particularly in communication, emotional intelligence, and customer-centric thinking.
The Insurance Times in partnership with RSA Insurance, surveyed 240 brokers with these challenges in mind. The subsequent Talent Development Report 2024, concluded that, not unexpectedly, attraction, retention, and development of talent will be key to ensuring the sector keeps pace with broader market changes.
The report emphasised that “Getting this right should pave the way for improved risk assessment, proactive risk mitigation, an improved industry reputation, a credible and strong voice that can influence regulators in the interests of customers, more innovation and efficiency, all ultimately safeguarding the long-term success of the industry.”
The report further highlights the need for improved talent diversity to support high performance, citing McKinsey’s Diversity
Matters report, which found a 35% performance improvement in diverse organisations.
The talent market is highly competitive, with particular demand for technical skills throughout the economy. As automation and AI become more embedded, this is likely to intensify. Candidates who combine strong communication skills, emotional intelligence and customer focus will be increasingly sought after.
Eighty percent of surveyed brokers said the public perception of the insurance sector as lacking dynamism, and being somewhat underpaid (42% of respondents) was a major barrier to attracting new talent. This is a key challenge in an already tight market.
Senior talent was perceived as harder to attract: 72% of respondents said higher level skilled roles were more difficult to
fill than entry or early-career positions.
To compete effectively, organisations need to embed talent strategy into their business strategy. Elevating talent attraction and development from an HR function to a core business priority aligned with risk, growth, and transformation goals is critical to operational success.
Employee branding is also vital. Despite the sector’s reputation, the study showed positive employee experience. 89% of
respondents agreed or strongly agreed that they were growing professionally. 84% reported a sense of accomplishment in their role. 80% said it was unlikely they would leave their job in the next year, and when asked about next steps, only 25% said they would move to a different sector
Emma Jones, from Miles Advisory’s People and Culture Practice, explains:
‘Employer branding should define and express what makes both the sector and an organisation a great place to work. Organisations should highlight purpose, company culture, benefits and growth opportunities through:
Research supports the value of a strong EVP. Gartner reports a 50% increase in qualified candidates and a 69% reduction in annual employee churn when EVP is clearly communicated.
Networking also plays a vital role in tough talent markets. Strong Search (Executive and Non-Executive) partnerships, robust networks, and tenacity are key to landing the right talent. Ensuring a positive candidate journey leads to increased engagement in future campaigns and fosters good reputations in the market. Relationships are especially important when seeking diverse, high-demand candidates.
Deborah Cooper, Partner, Financial Services and Head of Board Practice at Miles Advisory, says:
‘Our candidate experience is built on open communication and trust to build long-standing relationships. We put the time in to support our candidates throughout their careers. We view this as key to our success, particularly with attracting diverse candidates. 100% of our assignments lead to placements, and we are very proud of our record on diverse appointments.
Since 2019, 39% of our executive appointments have been women and 12.6% from minority ethnic backgrounds; our non-executive appointments were 55% female and 12.5% minority ethnic.’
The study also showed an openness to hiring outside the insurance sector. Flexibility in sector background can significantly improve diversity outcomes, but success depends on inclusive organisational culture and effective support mechanisms. Orientation, ongoing training, and mentoring are crucial for long-term success.
Inclusive, transparent and forward-thinking cultures with a clear sense of purpose are central to employee engagement and therefore retention.
Emma Jones adds:
‘Culture should be tangible, through language, behaviours, and values. We help organisations by conducting culture audits and diagnostics, building values and behavioural frameworks, aligning leadership and employee understanding of ‘what good looks like’, and embedding culture through strategic communications.
Clients who get this right see significant and measurable increases in retention and engagement.’
Equally important is clearly articulating career paths and development opportunities. Only 68% of respondents agreed they could see a path to advance their careers in their current organisation, the sector more broadly, or the wider market.
At the same time, 91% were open to training and development, and 84% stated that developing work-related skills was important or very important. However, 87% cited lack of time as a barrier to skill development. Continuous development not
only keeps workforce skills aligned with market evolution it also builds a pipeline of capable future leaders. Providing development opportunities shows employees they are valued, which fosters loyalty and reduces attrition.
Beyond pay and training, many respondents pointed to a lack of diversity and an outdated culture as key turn-offs for younger and underrepresented professionals. One executive put it succinctly: ‘If we don’t look like the society we serve, we won’t keep earning their trust, or their business.’
This signals the urgent need for inclusive, transparent, and forward-thinking cultures where diverse voices are not only welcomed but elevated.
The report concluded with five key recommendations for insurers and brokers:
As the insurance industry navigates increasingly complex risks from climate change to the rise of AI, its greatest asset remains its people. Yet without a clear talent strategy grounded in development, culture, and opportunity, the sector risks being dangerously under-equipped for the future. The message from the Talent Development Report is clear: the industry must evolve not just to meet the needs of its customers, but to secure and support its future workforce.
Deborah Cooper reinforces the point:
‘People are the insurance sector’s greatest asset. With the seismic changes driven by advances in AI, technology, and data and analytics, the talent market is likely to remain tight, particularly for leaders who can combine deep technical expertise with strong leadership capabilities.
Attraction, engagement, development, and retention are all critical to ensuring organisations have the talent and skills required to keep pace with the market sifts we’ll see over the next decade and beyond.’
For more information from the original report Insurance Times: Talent Development Report 2024 https://digitaleditions.insurancetimes.co.uk/html5/reader/production/default.aspx?pubname=&edid=56254e01-a3a1-4934-adec-4468620bb995
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