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November 19, 2015updated 05 Apr 2017 8:41am

Deloitte: Career ‘myths’ deter many women from entering insurance industry

Many female business students are deterred from entering a career in insurance as a result of numerous industry myths, according to Deloitte.

By Ronan Mccaughey

Many female business students are deterred from entering a career in insurance as a result of numerous industry myths, according to Deloitte.

The Deloitte Talent in Insurance Survey 2015 found that women were 11.2% under-represented among this year’s insurance-inclined business students.

Despite women comprising 61.1% of the 211,000 total business students surveyed, this representation was lower amongst the 6,392 insurance-inclined students at 54.3%.

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.

Baddon said: "Deloitte’s first Talent in Insurance survey in 2014 found that the industry as a whole was deeply unpopular? amongst the surveyed students. Despite this wake-up call, the industry has failed to boost its relative standing. As a first step, insurers can attract more graduates by increasing their appeal to women."

He added: "Insurance, like many financial services industries, has been typecast with a ‘men in suits’ image. However, in developed markets the number of women working in the sector overall is roughly equal to that of men. In some Asian markets, the proportion of female workers is even higher.

"Communicating the success stories of women in insurance, particularly those in leadership roles, could shed a more positive light on the industry’s support for gender equality and career development, simultaneously dispelling the male-dominated stereotype."

The Deloitte Talent in Insurance Survey 2015 explores the intentions, aspirations and associations in relation to insurance careers, based on a global survey of 211,000 business students in 30 markets.

This included 6,392 insurance-inclined students (students who put at least one insurer in their lists of the five employers they most want to work for).

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