Insurance market addresses skills gap |
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| Written by Adrie van der Luijt | |
| Wednesday, 04 June 2008 | |
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The London insurance market is taking steps to forestall a looming skills shortage.
The report, London Market Skills Review, was prepared by the Financial Services Skills Council (FSSC) for the FSSC's London market sector advisory group. It builds on the findings of Skills Review: UK wholesale financial services, the FSSC report requested by the Chancellor's High-Level Group in 2007, which warned that wholesale insurance faces a number of unique challenges. David Gittings, London Market Sector Advisory Group chairman and chief executive of the Lloyd's Market Association, said, “Wholesale insurance is a relationships business. Training has tended to be rather informal, and the industry now needs to invest further in its people.” Gap in careers advice The research, based on high-level interviews with senior London Market employers and in-depth discussions with practitioners, also cites evidence that practitioners, industry and professional bodies now share a sense of urgency, and are taking successful steps to promote the sector as an exciting and rewarding place to work. "Talent is one of our industry's top priorities, and we are seizing the initiative, with schemes such as online careers advice, leadership development programmes and the award-winning Lloyd's Graduate Scheme," says David Gittings. Firms are now working to close a gap in careers advice at schools, colleges and universities that is resulting in an undeservedly poor reputation for the sector. In her preface to the report, Economic Secretary to the Treasury, Kitty Ussher, says, "Notably, it is important to ensure that UK students, at both schools and higher education institutions, are made aware of the skills they will need to develop in order to gain employment in the wholesale insurance sector.” “This is an issue common to many parts of the financial services industry and addressing it will require a high degree of collaboration between industry and bodies like the Financial Services Skills Council,” Ussher adds. Successful skills sourcing and development The report concludes that a thorough mapping of the sector's skills requirements by occupation for the London Market is needed. This has the potential to ensure successful skills sourcing and development across educational, employment and social backgrounds. The FSSC has undertaken to shape this skills framework and has committed resources to improving the careers information available for wholesale insurance. FSSC chief executive Teresa Sayers, says that the Financial Services Skills Council has a two-fold role to play, guided by the FSSC London Market Sector Advisory Group. "Firstly, we can work with the industry to develop much-needed career paths, supported by robust standards. Secondly, we can help the industry to evolve a skills offer that meets employers' needs," she adds. The review will support the continuing work of the London Market Sector Advisory Group as it seeks to articulate and address the sector's needs. Jobs moved outside London The London insurance market currently employs approximately 40,000 individuals. Some 1,500 will be retiring annually until 2011, including almost 300 managers and senior managers. Another 300 roles will be outsourced outside London or made redundant each year, and increasingly more jobs will be moved outside London as the sector consolidates. The financial services sector is central to the UK economy. It employs more than 1.2 million people in more than 35,000 companies, and affects every single person in the UK. In 2006, the financial services sector accounted for 9 per cent of UK GDP and the insurance sector alone contributed over £5.5 billion to the UK's trade balance. London Market Skills Review is available free to download from the FSSC's website. Related articles
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