Craig Potter, senior partner at Davies, discusses the five reasons why apprenticeships are driving the future of the insurance sector and why they will be key to unlocking a diverse talent pipeline

For anyone working in insurance, we’ve been talking about the talent gap for a while and there’s a lot at stake for businesses who don’t find a way to get the right people into the right roles.

With demand for apprenticeship programmes on the up, the industry is in the best possible position to find the top talent it needs to bridge the gap. 

Diversified talent

Diversity is now at the top of the agenda for many in insurance, having previously been recognised as “predominantly white” by the FCA’s Sheldon Mills’ 2022 speech.

While insurers are creating their own initiatives to diversify their workforce, apprenticeships are accelerating these efforts. As apprenticeships often don’t require learners to have any pre-existing qualifications, they help to widen the pool of potential talent and increase social mobility and boosting diversity. 

Employee retention

Insurers are grappling with the talent gap and, in doing so, can inadvertently place extra pressure and responsibility on their existing workforce. Teams can become demotivated and look elsewhere to develop their careers and this, in turn, just adds to talent shortage issues.

Taking on an apprentice means taking pressure off your current teams, while also providing them with help and support from talent who is being trained in the correct way and ultimately, becoming qualified. 

Fresh perspectives

The insurance sector is revolutionising, spurred on by the huge technological and digital advancements made in recent years, largely through AI and automation. While this can sometimes inspire ideation, it’s clear nothing replaces human intelligence and creativity – and apprenticeships serve as an even bigger reminder of this.

At Davies, we have our very own Apprentice Academy aimed at pairing young, passionate learners with insurance businesses looking for keen new starters. These apprenticeships mean our clients are not only filling skills gap, but also injecting fresh perspectives and energy that drive innovation.

This means we are helping them to build a future-ready workforce that is adaptable, enthusiastic and committed to continuous improvement – ultimately strengthening their business and the industry as a whole.

Future proofing

With structured learning and an end goal of becoming qualified, apprenticeships are helping to future proof the insurance industry by equipping learners with the behaviours, knowledge and skills they need to succeed.

Although all apprenticeships will differ, all learners will benefit from acquiring a combination of hard and soft skills, ultimately helping them to thrive in the insurance sector.

Feedback we’ve received from our own Apprentice Academy candidates has shown excitement towards “developing personal attributes”, learning to “work better in a team”, “building knowledge in the insurance industry, having routine and building experience living in the city”.

Gold-standard teams

Like with any career, there are many different routes into insurance – which brings personality and diversity to the sector.

However, apprenticeships in insurance are facilitated by structured learning, with an ultimate goal of becoming qualified by regulatory awarding bodies.

In the same vein as future-proofing the sector, apprenticeships can also enhance consistency and thoroughness within insurance, moving all learners towards a single gold-standard level of knowledge and skill which is a win-win for learner and client alike.

With apprenticeship numbers increasing, there’s clear evidence that these structured learning programmes are becoming a new focus for talent looking to enter or develop within insurance. Not only do they create a diverse, passionate pipeline of new talent, but they also help reaffirm consistency – providing good outcomes for all.