Industry myths hinder female talent in insurance sector, survey claims

Female business students are deterred from the idea of entering the insurance sector due to numerous industry myths, according to Deloitte.

The Big 4 business advisory firm's new 'Deloitte Talent in Insurance Survey 2015' revealed that women were underrepresented by 11.2% among business students inclined towards insurance this year.

Misbeliefs

Insurance partner at Deloitte UK, Richard Baddon, cited "a number of misbeliefs held by today’s business graduates" concerning the insurance industry.

He pointed out that Deloitte’s first Talent in Insurance Survey in 2014 found that it was "deeply unpopular" amongst the students who took part in the poll, but in spite of this, the sector has failed to take measures aimed at improving its appeal to women graduates.

Work/life balance

Over half of the business students (52%) who took part in this year's study said that their top career goal was achieving a work/life balance. More female students (56%) rated this amongst their top three priorities than male contemporaries (46%).

Baddon pointed out that contrary to what some believe, insurers are more strongly associated with flexible working conditions and control over hours than many other workers.

He also highlighted that job stability was identified as a career goal by 43% of those surveyed, and this could help attract new talent.

“This trait is more associated with insurance jobs than work in other sectors. It is typically a less volatile business than other financial sector jobs, and therefore benefits from less hiring and firing based on market cycles," Baddon explained.