The Australasian Life Underwriting and Claims Association has outlined ways for the industry to attract and retain talent, drawing on interviews with senior leaders and a survey of under-35s.

Public perception of the industry is among the areas earmarked for improvement.

The industry’s reputation took a hit during the 2018 Hayne royal commission and is a factor in discouraging young professionals from joining, the association says.

The industry should consider shifting public perception beyond claims and towards the broader value life insurance provides, conduct a marketing campaign targeting younger people via a range of digital media channels, and increase awareness of life insurance as a product and viable career option.

“Reputation is everything. Unfortunately, media reports often focus on isolated cases of delayed payments or declined claims, neglecting the industry’s overall positive impact,” the association says.

Education is another area of concern. There are no established pathways from school or university into the life insurance industry, limiting the pool of new talent.

“The lack of formal education pathways is a major challenge in attracting talent,” the association says.

Attracting and retaining the best workers is of utmost importance, it says.

“Companies must proactively address the challenges posed by limited resources and increased competition. As priorities change for different generations, the life insurance industry needs to adjust.”

Click here for the association’s paper.