Singapore’s insurance industry faces challenge in attracting young talent, despite competitive benefits, report reveals

SINGAPORE: The insurance industry may be offering competitive salaries, benefits, wellness programs, career advancement opportunities, and job stability, but only 56% of Singaporean graduates see it as an attractive career path, according to a recent report by Canopius, titled “Listening to Tomorrow’s Leaders: Attracting and Retaining Young Talent into Insurance,” as reported by the Singapore Business Review.

The survey, conducted in August 2024, surveyed 154 recent graduates in Singapore, highlighting a disconnect between what the industry offers and the perceptions of young job seekers.

While the majority of respondents prioritize salary and benefits (31%) and job stability (17%), factors like work-life balance (13%), company culture (8%), and travel opportunities (7%) were far less influential in their career decisions.

Insurance industry vs. misconceptions

Despite these advantages, the insurance sector struggles with lingering misconceptions.

Among graduates who did not find insurance an appealing career choice, a staggering 70% cited limited career growth opportunities, 48% pointed to a lack of industry knowledge, and 36% described the sector as unexciting.

However, the report does suggest that insurance is nearly on par with finance and consulting in terms of perceived job stability and work-life balance, with 72% and 71% of respondents, respectively, associating these attributes with roles in the industry.

“We’re encouraged by the alignment between what young graduates want and what the insurance industry already provides,” said Soon Keen Lee, CEO of Canopius Group for APAC and MENA.

Addressing fallacies is key

“Instead of overhauling our offerings, the focus should be on better communicating the career progression, compensation packages, and positive work environment that an insurance career can offer.”

The findings underscore a significant opportunity for the insurance sector to reshape its narrative and bridge the gap in perception to better attract future professionals.

As the industry continues to evolve, addressing these misconceptions may be key to ensuring its long-term growth and sustainability in the competitive job market.