DESPITE the growing need for financial security and risk coverage, Jamaica’s insurance industry is slow to attract new talent. Industry leaders say the sector is facing a skills shortage, partly because of the sector’s low visibility as a career path and lingering misperceptions about the nature of insurance work.

According to industry leaders, most professionals currently working in the field did not pursue insurance studies formally.

“Anecdotally, you speak to 95 per cent of persons in insurance and they did not go to school, saying, ‘I want to be in insurance.’ They kind of stumbled into it,” said Chaluk Richards, vice-president for general insurance at the Insurance Association of Jamaica, during a recent Jamaica Observer Business Forum.

This lack of early exposure is reflected in training gaps at the secondary and tertiary levels. The College of Insurance and Professional Studies (CIPS), Jamaica’s only dedicated training institution for insurance professionals, offers structured programmes to help bridge the skills gap, with a six-month certification programme as a viable entry point — and is often subsidised by employers — but few young people actively pursue the qualification without prior exposure through family or employment.

“I believe that, generally speaking, while we have this mechanism to train and upskill people in the industry, there is generally a need for more persons to enter the industry,” added Richards.

Allied Insurance Brokers, one of the country’s largest general insurance brokers, echoed the concern, noting that the industry outside of life insurance is dominated by an ageing workforce. In an interview with the Business Observer, Managing Director Amanda Beepat revealed that the company is ready to help bridge the gap by onboarding and training university graduates who express interest in building careers in insurance. Peter Levy, past president and executive member of the Insurance Association of Jamaica, noted that within the banking sector there have been instances when insurance products were not properly explained to clients. He attributed this to the fact that insurance is not the banks’ core area of expertise, and staff may lack sufficient knowledge of the products. Since insurance falls under the broader financial services industry, Levy believes that banks should strengthen their connections with insurance entities and more deliberately integrate insurance considerations into their risk management frameworks.

“I think they will be well served to employ insurance expertise, people who understand risk, it could be actuaries, but they need to understand risk and the products in the existing insurance sector to address those risks,” Levy said.

There are also concerns about service delivery. Paul Bitter, a senior figure in the industry and founder of Allied Insurance Brokers, also pointed to a troubling observation regarding poor customer service, which he says continues to plague many financial institutions, including insurance firms, due in part to a lack of training and passion among recruits.

“Insurance is a people’s job. It requires a passion to help others,” he noted.

The shortage extends beyond front-facing agents to critical support roles in underwriting, risk analysis, and actuarial science. In the absence of local capacity, some firms have had to rely on international consultants to plug these gaps.

BITTER…insurance is a people’s job. It requires a passion to help others. (Photo: Joseph Wellington)

Managing Director Amanda Beepat says Allied Insurance Brokers is seeking more young professionals to train in insurance. (Photo: Joseph Wellington)