How Apprenticeships Can Create the Next Generation of Insurance Professionals

The insurance industry needs new, skilled professionals to meet the demands of the growing insurance market and apprenticeships provide an opportunity for firms to help build the future of this critical industry.

Apprenticeships offer an effective way to create a new generation of professionals who are equipped with the skills and knowledge necessary to succeed in this dynamic and constantly evolving industry. By combining on-the-job training with a learning and development programme, apprenticeships offer a tailored and comprehensive introduction to insurance.

Below are 5 ways an apprenticeship programme can help your firm.

Develop high-calibre staff

One of the key benefits an apprenticeship programme can have for your firm is the opportunity for the apprentice to learn from experienced professionals. 86% of employers claimed that apprenticeships were beneficial in developing skills relevant to their organisation. Apprentices who work closely with experienced insurance professionals and receive mentorship, guidance, and feedback on their work, can quickly gain the knowledge and skills they need to comply with FCA regulations.

Defined career path

Another advantage of an apprenticeship programme is that they provide a clear career path for those who are just starting in the industry. With a structured program and clear learning outcomes, apprentices can have a roadmap for their professional development. Apprenticeships provide a development pathway to specialise in areas such as insurance broking, client management, underwriting, claims operations, loss adjusting, reinsurance, risk management, product and pricing, and complaint handling.

Improve culture

Insurance apprenticeships also have the potential to help diversify the workforce. By offering opportunities to a wider range of individuals, apprenticeships can help to attract and retain talent from diverse backgrounds. This can lead to a more inclusive and representative insurance industry that better reflects the needs and experiences of its clients. In addition to developing technical skills, apprentices also gain valuable business skills, such as critical thinking, innovation, and communication skills.

Promote loyalty

Apprentices, who are trained, valued, and invested in by their employer during their programme are more likely to remain with the company at the end of their apprenticeship. 64% of apprentices stay at their company after completing their course. An apprenticeship programme can be tailored to your business and can prepare the apprentice for a career in the company. If there’s a good fit in terms of values and goals, then there’s no reason why an apprentice can’t thrive in the same business as their initial apprenticeship.

Save on the costs of recruitment

Hiring an apprentice is a cost-effective way to support the development of new skills and talent in your firm. Depending on your firm's size and eligibility, many apprenticeship training costs are either fully or partially funded by the UK government, helping you to upskill your team on a budget.

The ‘apprentice rate’ is lower than other rates, but paid only in the first year. Apprenticeships should last at least 12 months.

There is also a £1,000 payment available to employers for apprentices who, at the start of their apprenticeship, are:

  • between 16 and 18 years old
  • between 19 and 24 years old and have an Education, Health, and Care Plan 

To help firms support an apprentice, The Aviva Development Zone hosts a range of induction courses perfectly suited for someone just starting out in the industry, including:

  • Induction - Being a member of a profession
  • Induction - Insurance broking in the Insurance Market
  • Induction - Advised and non-advised sales
  • Induction - Duty to keep records and make notes

As well as business and communication skills courses to help new starters carry out their daily role.

Supervisors can create custom programmes from over 500 courses in our catalogue and include their own custom content, allowing the design of tailored learning pathways for insurance apprentices starting their career with your firm.

To see what e-learning can do for you and sign up for a 14 day free trial, click here.

About the author

Luke joined RWA from July 2022 - July 2023. He has 10 years of graphic design experience creating marketing material and 7 years of direct marketing experience, most recently working as a freelance social media marketing manager. Luke’s role at RWA involved overseeing RWA's social media channels and assisting with the creation of e-learning and blog content.

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