The insurance industry’s challenging talent and recruitment issues are a focus of the upcoming Women in Insurance Summit in Sydney on August 21. Small brokerages to big insurers continue to grapple with an aging workforce and the difficulty of attracting younger talent to the industry.
A Summit panel, “Level Up – Closing Insurance’s Growing Skills Gap” will look at the widening skill gaps in the insurance industry and strategies to close them.
Tracey Bryan (pictured is a panellist. Bryan is regional manager ANZ and head of regulatory and compliance APAC for Lloyd’s Australia. She believes an industry wide investment in talent and education is called for.
“Quite simply, attracting the brightest minds and continuously developing the skills of those already within our industry will ensure we are capable to stand up to the long-term challenges of an increasingly complex world,” said Sydney-based Bryan, who is also an Insurance Council of Australia (ICA) board member.
She mentioned the importance of the Lloyd’s insurance market of nearly 60,000 risk professionals operating in over 200 territories across the world. “It’s critical that the market remains a destination of choice for talented people from all over the world and we're creating a high-performance culture that attracts and supports the best and brightest, no matter where they come from,” said Bryan.
The Lloyd’s Academy, she said, is one way Lloyd’s is addressing the talent gap.
“Last year we ran 38 programs that helped participants to advance in their careers, grow their community and optimise the solutions they bring to clients and customers every day,” said Bryan.
According to its website, this year’s Academy programs include a boot camp in Mexico City for insured customers in Mexico and Central America. There are also educational courses hosted at Lloyd’s for a range of local and international universities and business schools.
Many industry stakeholders agree that an answer to some talent problems is more mentorship programs.
“One of the most effective steps the insurance industry and its stakeholders can take to address the growing skills gap is to invest in structured, cross-generational talent development that combines mentorship with modern capability building,” said Ricarda Simon, senior partner with global insurance recruitment firm, Eliot Partnership. Simon is one of Bryan’s co-panellists.
Simon said the industry faces “a dual challenge”. “The retirement of experienced professionals is accelerating, while demand for digital, analytical, and customer-focused skills continues to rise,” she said.
As delegates gear up for the Women in Insurance Summit, a report released Tuesday has revealed a gender perception gap across Australia and New Zealand.
According to “Women in the Workplace,” by recruitment firm Robert Walters, only 2% of women believe females are equally represented in leadership compared to nearly 60% of men. The report also found that women only hold about 30% of executive roles, with one in four saying their place of work is “led mostly by men.”
“The most dangerous barrier to progress is complacency,” said Sinead Hourigan, Robert Walters global head of advisory. “When over half of men believe gender equality in leadership has been achieved while women continue to experience barriers, leaders have to ask: are we making decisions based on everyone’s reality?”
According to the report, when asked if equal female representation is essential in leadership, 69% of women said ‘yes’ but about half of male respondents disagreed and argued that merit should matter more.
“A leadership gap this wide between men and women is simply unacceptable in 2025,” said Shay Peters, Robert Walters Australia and New Zealand CEO. “We can’t afford to mistake minimal progress for meaningful change, it's time to drive real, measurable action that truly moves the dial.”
The report outlined a series of recommendations for employers to accelerate progress on gender equality in the workplace:
