Talent search in the insurance industry
IN a few months, we will be welcoming thousands of graduates from our universities and other educational institutions. Some will continue to earn master’s and different higher degrees. Others will perhaps become businessmen and businesswomen, working for themselves or their families. But the majority will join our employee force. Are there enough jobs for them? Are these the jobs that are sought for by these new graduates? I joined some HR practitioners in observing several job fairs, and we noticed that the applicants chose banks and large companies like PLDT, San Miguel Corp., Globe, Smart and similar companies. Very few go to the booths of the insurance companies, and if they do, it is only to ask a few questions. This used to bother us a lot since we were already employed by insurance companies and were quite happy with our jobs! Why are these graduates not interested in joining our companies? Maybe the insurance industry is not promoting itself well to attract new graduates to join their companies. Maybe they are also affected by some negative news about insurance companies not paying claims or getting involved with some anomalies. But there are just so many positive things to be proud of by being part of this industry. They should be made aware of the role of the insurance industry in protecting the lives and properties of our country and people. They should appreciate that the insurance industry’s contribution to our economy and nationbuilding through its investments in government securities, which funds are used for infrastructure-building.
The graduates should realize that this is one industry where various specializations have positions befitting them, whatever courses they finish. We need lawyers, accountants, actuaries, economists, engineers, doctors and nurses! One need not know insurance when he joins the company. He will be trained in the basics of insurance and will undergo more training as he matures in the company. Many insurance companies have their own training departments and maintain a pool of trainers who continuously provide in-house training for their employees and agents or producers. Training in the insurance industry is not limited to local training institutions. There are many opportunities to be sent to overseas training or upon the invitation of foreign companies that do business with them.
To provide training for insurance industry practitioners like employees and agents and the insuring public, the Asian Institute of Insurance (AII) was founded on Aug. 7, 1974, at the initiative of the former Insurance commissioner Gregoria Cruz Arnaldo. In 1980, the name of AII was changed to the Insurance Institute for Asia and the Pacific (IIAP). The IIAP provides training on technical insurance, soft skills and management subjects, and many more topics related to the insurance industry.
To encourage and recruit new graduates into the insurance industry, the IIAP conducts an annual search of outstanding college graduates to participate in the Select Universities Insurance Training Scholarship Program or Suits. The Suits program aims to train up to 50 graduating students in insurance and management for free. During a two-month period, the trainees undergo a set of courses at IIAP. They are then referred to participating insurance companies for possible hiring.
Insurance companies are now devoting a lot of resources to upskill their employee force. The pandemic changed the working style of the employees and made them choose other ways of earning money. The “work from home” facility, which was resorted to during the lockdowns, has become attractive to many employees, especially working mothers. They have quit their 8 to 5 jobs, which resulted in many vacancies in the insurance companies. There are jobs waiting for the new graduates. They should consider a career in insurance and join the employee force or become insurance and financial advisers. There are a lot of opportunities to meet other people outside the organization, which will develop their communication and relationship skills.
So, dear 2024 graduates, come and join the “Feel Good” industry, the insurance industry.