Tackling the next gen talent issue in insurance – Axa Commercial

1. For you, what is the most concerning or biggest talent related challenge facing insurers?

Every organisation will have different talent challenges, but one I think we can probably all agree on was reflected in the 2022/23 Cohort of CII’s New Generation Underwriting Group report, which discussed the challenge of recruiting Gen Z talent into the industry. 

It said: “The problem is that tech is sexy, insurance is steady.” 

The perceptions of our industry haven’t shifted much since then and are not favourable when it comes to recruiting Gen-Z and millennial talent.

Compounding this is the retirement cliff-edge facing the industry, coupled with the increasing need to future proof our organisations with data, innovation, AI and human-centric, transferable skills – key strengths of Gen Z.

To add further complexity to the challenge, we are no longer just competing against each other for this talent, we are competing against more ‘exciting’ industries – think ‘big tech’ and ‘fast-paced finance’.

As such, I believe the industry has to take a collaborative approach to tackling the next-gen talent issue. We need to showcase the exciting careers in our wider industry, not just what our individual organisations can offer.

2. In terms of talent gaps, where do you see the greatest challenge – is UK general insurance (UKGI) failing to entice or retain a certain demographic, or is it more a particular skill set that is still missing from workforces?

At Axa, like many insurers, we are continually prioritising diversity and inclusion across the organisation.

Jess Hardy, inclusion manager at Axa UK said: “At Axa, we recognise that prioritising diversity and inclusion is essential not only for attracting new talent, but also for fostering an environment where individuals at all levels feel valued and represented.

”While engaging diverse pipelines of younger talent is important, we understand that to truly drive change, we must work harder to attract and retain diverse talent across the entire industry. Ensuring that everyone can see relatable role models further up the chain is vital for building a more inclusive and resilient industry.”

I think we need to be bold and transparent about our intentions around diversity. This will help build our credibility with potential future talent. When it comes to driving diversity and inclusivity, I don’t think we can underestimate the impact of our people – employee networks (or ERGs) can play a big role in driving this agenda and the overall sense of belonging employees feel.

We also need to be humble enough to know when we need help. This is when we call on some fantastic external partners such as the Insurance Cultural Awareness Network (Ican) and the 10,000 Black Interns Partnership.

3. What are the most impactful steps insurers can take to attract new talent into the industry?

Whilst diversity and inclusion should be a key pillar in the strategy to attract new talent to the industry, I also believe we need to ensure that we are showcasing and creating access to the breadth and quality of careers we can offer.

Axa’s early careers activities have been a key tool for us to engage with younger, more diverse talent – from schools engagement initiatives, to summer internships and in 2025, our first cohort of early careers apprentices.

The key to the success of these initiatives is to align pathways to business demand, such as by understanding future skills and capability gaps and ensuring the business sees the potential of early careers programmes to address this.

4. What one factor would you call out as key to ensure UKGI talent pipelines are diverse?

I don’t see one silver bullet solution to this challenge. As I mentioned before, we need to prioritise inclusivity and diversity at all levels in our organisations so future talent can see what they can be and the opportunities for continued development and progression.

We need to lean into the things that are most important to current and future talent, like supporting neurodivergent colleagues, addressing the gender divide and driving greater workforce diversity.

Simultaneously we need to be building early careers programmes that provide accessible pathways to pipeline young, diverse talent. It’s a lot to consider but a collaborative, industry-wide approach will ensure best practice and innovation are leveraged to drive our collective future success.