The company started its apprenticeship program in Chicago five years ago and by 2021 it was an “overwhelming success”, Terryn said during a virtual talent event organized by the US Chamber of Commerce Foundation.
Recent graduates are recruited for the two-year training program, where they learn a “practical skillset”, along with how the company works. At the end of the two years, about 80% of the participants remain working for Zurich in different areas, including underwriting, claims or cyber.
“It's been such a great way of bringing in people” into areas where the company is short on talent, Terryn said, adding, “you create real loyalty…retention has been great.”
Zurich works with community colleges to include minorities and people from diverse backgrounds in the program.
But Terryn said that the apprenticeships still need more recognition and additional efforts to turn them into an industry-wide experience. The executive said these kinds of programs are an “amazing” way to address the labor shortages “where the market is hyper competitive”.
Terryn’s remarks echoed a concern among numerous executives, as a wave of retirements worsened an existing talent drought for the industry. Recruiting executives say most large companies discontinued training programs like Zurich’s in recent decades, leading to a dearth of young people entering insurance careers.
This week, Chubb CEO Evan Greenberg said during the firm’s Q3 earnings call that retention levels at the carrier were down, as he called the recruiting market “difficult” and attributed the turnover in part to the pandemic.
Earlier this month, talent was the topic most at the forefront of executives’ minds during the Insurance Leadership Forum held by CIAB.
Industry executives spoke not only about the shortage of experienced broking and underwriting staff to help manage volatile market conditions, but also deliberated on how to bring junior and mid-level staff back to the office after more than a year of working from home.
Conversations reflected a growing debate about who will be forced to return to the office. Sources have indicated that some companies set deadlines for staff to submit their vaccination status, before facing potential discipline.
