Female business students are deterred from a career in the insurance industry as a result of a number of myths, according to business advisory firm Deloitte. Women were 11.2% under-represented among 2015 insurance-inclined business students, its research finds.
Richard Baddon, insurance partner at Deloitte UK said:
‘There are a number of misbeliefs held by today’s business graduates about the insurance industry that, if not addressed, could see it lose out on an important pool of talent to rival sectors already posing huge competition.’
The industry is typecast as a ‘man in suits’ sector and one where it is difficult to sustain a work-life balance. Over half of female business students rate work-life balance in their top three job priorities, the Deloitte research suggests.
Baddon continued:
‘Work-life balance is exceptionally important to today’s business graduates who prize their available downtime. In contrast to its rival sectors, and contrary to some belief, insurers are more strongly associated with flexible working conditions and control over hours. Whilst this is generally known to those considering a career in insurance, it is necessary to communicate this beyond the insurance-inclined talent pool. Combined with other principal qualities of insurance careers, such as its societal impact, could generate interest and boost numbers from elsewhere.’