As South Africans, June is an opportunity to commemorate our Youth Month and the courage of the students who were hoping for a better future. Yet today we see many of our youth face a different kind of struggle, an extremely high youth unemployment rate, limited access to future ready careers and overall disconnection from opportunity. At the same time, the insurance industry is grappling with a growing talent gap. For this reason, it is important for the youth to consider a career in insurance. There is an urgent need to attract, train, and retain young talent especially due to the aging workforce. But to do that, the industry must modernize its image, expand access, and create real opportunities for young people.
There is a critical shortage of skills such as actuarial science, data analytics, and underwriting. Over the past years it has been evident that some of these many misconceptions about the industry; such as its rigidity or reliance on paperwork, stem from limited awareness of career paths and a lack of industry presence in high schools, universities, and TVET colleges. Another alarming fact is that most of career guidance, internships and graduate programs are concentrated in urban areas often leaving out rural and township youth.
It is time for us to change the narrative and assumption of insurance in the industry. The industry has revolutionised over the last few years with more focus on aspects such as cyber threats, technological advancements and climate risk. But many young South Africans aren’t seeing that side of the industry or aren’t seeing it at all.
So, how can the industry attract and inspire the youth? It’s our responsibility to turn the tide, the insurance industry must do more than recruit, it must inspire!
Firstly, we need to rebrand the industry. To represent more of a purpose led and problem-solving industry. Using social media to profile young professionals, partnering with schools for visibility, hold career talks, offer bursaries and mentorship programs to make insurance accessible and attractive to all.
Youth Month isn’t just a time of reflection; it’s a call to action. To build a sustainable, inclusive, and innovative insurance sector. The next generation of underwriters, risk managers and actuaries are out there. The question is: will we meet them where they are or continue missing them entirely? This Youth Month, let’s not only honour the past but secure the future. A future-facing insurance industry must be young, digital, diverse, and inclusive.
Deidre Henneberry | Business Development Manager – Fulcrum
