Singaporean grads cite limited development and lack of info as top insurance deterrents

More than one-quarter of recent university graduates in Singapore do not see insurance as an attractive career option, with top factors including limited career growth opportunities and lack of information about the industry, new research by Canopius has found.

The report from the specialty (re)insurer examined the career aspirations and motivations of recent university graduates in Singapore.

More than half (56 percent) of respondents said they viewed insurance as an attractive career path, while 28 percent did not see it as appealing.

The top reasons cited by those who do not view insurance as an attractive option include limited career growth opportunities (70 percent), lack of information about the industry (48 percent) and a perception of the industry as boring or unexciting (36 percent).

Canopius noted that graduates from accountancy and computer science backgrounds were more likely to view insurance positively, with 71 percent considering it an attractive career option.

Among age groups, respondents aged 25-35 found the industry more appealing compared to those aged 21-24, suggesting that graduates may develop a more favourable view of the industry as they gain more work experience.

Graduates in Singapore prioritise tangible benefits when choosing their field of work. Salary and benefits are by far the most important factor influencing career choice (31 percent), followed by job stability (17 percent).

Other considerations include flexible working arrangements and work-life balance, along with career progression and passion for the field of work.

Canopius determined that graduates place significant value on professional growth, with 92 percent highlighting the importance of formal internal training, while 91 percent underlined the need for professional development opportunities.

This was followed by a company’s reputation, mentorship programmes and on-the-job learning.

Attributes associated with insurance include job stability and work-life balance at 72 percent and 71 percent, respectively, only slightly behind finance and consulting. Insurance also topped the list for providing support with further professional/industry qualifications.

However, finance ranked ahead of insurance by 4 percentage points for salary and benefits, the key career drivers for young professionals. Insurance also fell slightly behind finance and consulting in perceived job stability, work-life balance and potential for career advancement.

Canopius said the responses suggest that negative perceptions of insurance as a career option in Singapore may stem from a lack of understanding of the core benefits of a career in insurance, highlighting a clear opportunity to raise awareness of the industry as a career choice.

“Insurance has often been viewed as slow to change and as a result, has not always been the first career choice among students and fresh graduates. This needs to change if we’re to future-proof our industry,” commented Soon Keen Lee, CEO for Asia Pacific and MENA at Canopius.

“The next wave of retirements will soon be upon us, and as more seasoned professionals exit our industry, we’ll be left with a huge gap to fill. We need to start thinking now about the next generation of leaders who will continue to drive our marketplace onwards and upwards.”

Lee added: “The world of insurance is constantly evolving, and we must adapt to keep pace. As new and emerging risks arise, the demand for a diverse pool of talent in Singapore has never been greater. Young professionals are key to driving innovation and ensuring sustainable growth in our industry. It’s our responsibility to attract and engage them.”