How to guide the next generation of insurance professionals

The future of our industry depends on attracting, developing and retaining bright minds who can bring fresh perspectives and important skills to the table. Cultivating the next generation of talent is not just a strategic necessity, but rather a responsibility that we must collectively embrace to ensure the continued success of our industry.

Serving as president of the Board of Trustees for Gamma Iota Sigma — a professional fraternity created to encourage student interest in insurance, risk management and actuarial science — has allowed me to connect with students who appreciate the wide variety of career opportunities that our sector offers. Those same students have also challenged me and other leaders from across our industry to share our perspectives to demonstrate that a career in insurance is more than a safety net. We can all provide students with insights into how we came into our careers – whether from traditional disciplines, such as actuarial science, or areas of expertise that are equally important but not always associated with insurance, such as data analytics and technology — and encourage more of them to enter our field.

And there’s already a framework to facilitate those conversations. Industry organizations such as Gamma Iota Sigma serve as a conduit to connect students with aspiring professionals, offering a unique opportunity for leaders to influence and guide the development of the next generation. These groups provide multiple avenues for leaders to get involved, including:

• Creating connections. One of the most critical ways we can expand the insurance and risk management talent pipeline is by increasing access and providing a direct connection between insurance leaders and young professionals.
• Providing opportunities to network. Industry organizations host a number of networking opportunities where potential insurance professionals can meet with aspiring leaders. These events invite students to build relationships with prospective employers, and they offer companies an opportunity to showcase their career paths and cultures. For example, the Gamma Iota Sigma annual conference brings together companies and students from hundreds of schools across the country for educational opportunities, presentations and resume building.
• Training the next generation. By bridging the gap between the workplace and universities, industry organizations offer insight into insurance and risk management curricula and highlight opportunities for the industry to influence that programming. They also collaborate on pipeline programs such as job shadowing, career counseling and internships, delivering valuable experience to aspiring insurance professionals. Leaders who are involved with industry organizations can offer their expertise to help better prepare the next generation.

It's up to us to help the next generation of insurance professionals. By engaging with organizations such as Gamma Iota Sigma, we will have a lasting impact on the future of our field. Let us commit to being mentors, supporters and advocates for the leaders of tomorrow, ensuring that our industry fulfills its role as a safety net and catalyst for progress continuing to thrive in this ever-changing world.

Michael Klein is Executive Vice President and President, Personal Insurance, for Travelers. He also serves as president of the Board of Trustees for Gamma Iota Sigma.

Opinions expressed here are the author's own. This article is published with permission from the author and Travelers and may not be reproduced.