The Insurance Industry’s Branding Blind Spot
The insurance industry is facing a significant challenge in attracting young, diverse talent due to its branding. Tandeka Nomvete, director of external engagement at the Spencer Educational Foundation, notes that when students have a choice between the insurance industry and the tech industry, “we’ve already lost them.” This comparison is not theoretical; it’s a recurring theme in Nomvete’s conversations with first-generation and minority students, a demographic crucial for the future of wholesale carriers and brokers.
Reframing the Narrative
To shift perception, Nomvete prefers to refer to the industry as “risk management and insurance.” This terminology sparks curiosity and encourages students to ask questions. The current branding, often limited to mascots like Jake from State Farm or the Geico Gecko, fails to create a meaningful pipeline of talent. Nomvete emphasizes that the industry is innovative and future-focused, relying on it for various sectors to function.
Immersive Engagement as a Solution
Nomvete believes that immersive engagement is key to changing perceptions. The Spencer Educational Foundation’s Student Risk Management Challenge brings together students from 61 universities across 16 countries to pitch solutions at the RIMS RiskWorld Conference. This experience provides real-world exposure, benefiting wholesale markets that require analytical thinking and technical acumen. The challenge not only offers professional growth but also a deeply moving personal experience for the participants.
Integrating Risk Management into Core Curriculum
Nomvete’s long-term vision includes making risk management a part of the general curriculum in American universities. The Spencer Educational Foundation is working with colleges in the US and Canada to develop risk management programs. However, Nomvete stresses that course creation is just the beginning. Active engagement through panels, career fairs, internships, and other initiatives is necessary to normalize insurance careers.
The Role of Insurtech
To combat the “boring” label associated with insurance, Spencer partners with insurtech players to expose students to the intersection of insurance and technology. Nomvete notes that it’s often at insurtech conferences that students become excited about the industry, realizing its relevance and cool factor. This cross-pollination is particularly important for the wholesale segment, which is increasingly reliant on tools like AI and parametric models.
Addressing Structural Barriers
Despite these efforts, structural barriers persist. Many university risk management programs are located at predominantly white institutions, limiting the talent pool entering wholesale and specialty lines. Nomvete emphasizes the need to revamp traditional mentorship models and competitions to make them relevant to today’s world.
Redefining Exposure
Nomvete points out that many insurance professionals entered the field because a family member introduced them to it. For others, initiatives like Spencer’s programs must fill this role. The industry doesn’t have a talent problem but a visibility issue. Fixing this requires better storytelling and leadership across the industry.
As Nomvete succinctly puts it, “Once students understand what this industry really is, they want to be part of it.” The challenge lies in changing the narrative and making the industry more visible and appealing to young talent.
