The insurance industry is unlikely to participate in careers expos until it understands why it is failing to attract or retain high-calibre people.

Australian and New Zealand Institute of Insurance and Finance (ANZIIF) CEO Prue Willsford told insuranceNEWS.com.au she thought “long and hard” about whether to participate in last week’s Melbourne Career Expo, but in the end decided not to.

“I felt it was too early,” she said. “First we need to understand why the industry has a problem attracting and retaining skilled people.”

Since taking the top job at ANZIIF last October Ms Willsford has placed great importance on promoting the industry as a career choice

Last month the institute launched a national survey of human resources executives and senior managers to gain insights into issues affecting the skills shortage.

The results are expected next month and will be the basis for an industry roundtable discussion in October.

Ms Willsford says the aim is to develop a “multi-layered” plan for winning the “war for talent”, but the process cannot be rushed.

“The first stage of developing an industry-focused and industry-relevant strategy is to understand the current state of the industry,” she said. “Ultimately, there’s more to be gained by waiting.”

Ms Willsford expects the process will prompt greater engagement with schools and universities.

Nick Murphy, Regional Director of Insurance at recruiter Hays, agrees the industry needs to be better at reaching graduates.

“What banking has over insurance is that their graduate programs are much better, they’re promoted more heavily and they create more interest among graduates,” Mr Murphy told insuranceNEWS.com.au.

“Most people think of insurance in terms of motor insurance or home and contents insurance.

“They think it’s quite dry, but it’s a terrific industry. I don’t think people are aware of all the different sectors and facets.

“It can be exciting and interesting and insurers need to get that message through.”