The Chartered Insurance Institute: Wolves in Sheep's Clothing?

Let’s cut to the chase: the Chartered Insurance Institute (CII) has a long way to go before it can even dream of attracting Gen Z talent to the insurance industry. This isn't the tech world or some dynamic start-up ecosystem; it's the insurance sector – a corner of the financial services industry known more for manufacturing and distributing insurance products than for holistic financial planning.

Despite this, the CII and its ilk often masquerade as professional planners, draping themselves in the guise of holistic financial advisors while peddling products like a wolf in sheep’s clothing. They pitch a lifestyle akin to the Big Banking world but without the grueling hours and stress. But let’s be honest – this pitch is only going to attract the "Wolf of Cannon Street" types, not the altruistic Gen Z cohort who are more interested in making a difference than making a killing.

Here’s a fun fact: the CII doesn’t allow its members to retain their hard-earned titles if they stop selling products. Imagine spending decades building your reputation as a Chartered Financial Planner, only to have that title yanked away because you decided to step off the FCA register. I experienced this firsthand – achieved Chartered status in 2017, only to be stripped of the title in 2019 when I quit selling. I'm still an active financial planner, mind you, but apparently, that doesn't count unless I’m shifting products.

This policy isn’t just a bad look for attracting new talent; it’s a slap in the face to those of us committed to genuine financial planning. But then again, the CII gets paid by product sellers and manufacturers. So, naturally, they represent those interests while pretending to champion consumers and financial professionals alike. If the CII really wants to attract Gen Z, it needs to stop cozying up to insurance firms and start living up to its Charter.

The Great Gen Z Talent Strategy – Or Is It?

Recently, the CII unveiled a grand plan to lure Gen Z into the insurance fold. Ian Callaghan, the CII President, rolled out survey findings highlighting what supposedly interests young people in the profession. Apparently, local Institutes and new support content are the magic ingredients to bring fresh blood into the insurance sector.

According to the CII, Gen Z is drawn to aspects of the insurance profession that have been overlooked in past recruitment strategies. So, what’s the plan? A new talent strategy to be launched later this year to bridge the talent gap. Because nothing says "we value you" like a well-timed, strategic PR move, right?

TikTok and Climate Change: The New Recruitment Tools

The CII's survey into the talent shortage crisis revealed some eyebrow-raising findings. TikTok and environmental, social, and governance (ESG) issues are apparently the "driving forces" behind attracting young talent to insurance. Yes, you read that right – TikTok is now a key player in the insurance recruitment game. One trainee underwriter from Axa Insurance even credited TikTok for luring them into the field, claiming it promised a Big Banking lifestyle without the associated stress.

There’s also a notable focus on emerging risks and climate change to hook the Gen Z crowd. A head of climate within the industry emphasised the need for real-life interactions with industry ambassadors and discussions on hot topics like climate change and political risk.

The Real Issue: A Reputation Problem

Despite all these efforts, the report concedes a significant issue – the insurance industry's reputation. Tech is 'sexy'; insurance is 'steady.' It’s a ‘silent’ service that quietly weaves through society, only noticed when it’s needed. And let’s be real – 'steady' isn’t exactly a selling point for a generation craving impact and innovation.

In conclusion, the CII needs to get its house in order if it hopes to appeal to Gen Z. This means shedding the sheep's clothing, genuinely embracing holistic financial planning, and standing up to the product pushers. Only then can it hope to attract a generation more interested in making a meaningful difference than in making a quick buck. Until then, it’s just another wolf in sheep’s clothing, prowling the financial services landscape.