What's Happening?
The British Insurance Brokers' Association (Biba) has reported a 33% increase in work experience placements through its early careers initiative. The program, now in its second year, aims to connect school-leavers with the insurance industry by providing firsthand experience. Collaborating with schools like Bishop Challoner Catholic School and Mulberry Academy Shoreditch, the initiative includes presentations, activity days, and tailored work placements. Nicola Maguire, head of commercial at Biba, highlighted the program's success in attracting young talent from diverse backgrounds, addressing industry demands for a new talent pipeline.
Why It's Important?
Biba's initiative is crucial for the insurance industry as it seeks to diversify its workforce and attract young talent. By focusing on underprivileged areas, the program helps bridge the gap between education and employment, offering students insights into the industry. This approach not only benefits the students but also addresses the industry's need for fresh perspectives and skills. As the insurance sector faces a potential leadership gap, initiatives like Biba's are essential for ensuring a sustainable talent pipeline.
What's Next?
Biba plans to continue its initiative for the next decade, aiming to consistently attract young talent to the insurance industry. The association has released tool kits to help members promote the industry to schools and universities. As the program expands, it may inspire similar initiatives across other sectors, emphasizing the importance of early career development and diversity in the workforce.
