Banking Turmoil Could Lead More Graduates to Insurance Says UK’s CII

March 5, 2009

If, as the saying goes, “it’s an ill wind that blows no man good,” then the UK’s insurance sector may be set to profit from the turmoil in other parts of the financial community. That’s the conclusion voiced by Dr. Sandy Scott, chief executive of the Chartered Insurance Institute (CII).

Speaking at a seminar in Leicester, Scott indicated that the current financial meltdown in the banking sector has opened the way for talented graduates to an alternative career in insurance. But, he also warned that the industry must act to highlight the opportunities it offers.

“The time is right,” Scott stated, “while the banking crisis is undoubtedly severe and far reaching in its effects – perhaps beyond anything in most of our lifetimes – some small silver lining for the insurance industry might be that, with some timely effort on our part, a generation of recruits that would have looked to banking are now there to be persuaded of the marvelous opportunities to be had in the world of insurance.

“Talent is a war that insurance cannot afford to lose,” he continued. “To maintain competitiveness it is crucial that companies are able to recruit the best possible talent available, while still developing those already in their employment. This is why we have been working hard with organizations within the industry in order to be able to do just that.” he added.

The CII noted that it is “engaged with graduates” and with those leaving schools before graduation, “through a number of projects, including its award winning Talent Initiative, a program of promotional activity at universities, the Accreditation of Prior Learning scheme and via apprenticeships.”

Source: Chartered Insurance Institute –

Topics Training Development

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