Ron Davis, Chairman of the Spencer Educational Foundation and EVP/Head of Customer Management at Zurich, explains why the insurance industry needs to attract and encourage young talent. He says there is a large number of people leaving the industry right now, and that is causing a gap…a need for people with the right skillset and attitudes. He notes that the industry offers opportunities for young people to have an exciting career while contributing and developing themselves.
Mr. Davis says the skillsets necessary are very broad, from data and analytics to risk management, math, and engineering. The industry is not looking for just one thing. Successful people in the industry today come from many backgrounds.
Since it began in 1979, the Spencer Educational Foundation has delivered more than 960 scholarships, representing over $6 million. According to Mr. Davis, Spencer also supports internships, risk manager in residence programs, and grants. The most recent grant went to the University of Southern California’s Marshall School of Business to help them develop a new curriculum in enterprise risk management (ERM).
The most resent Spencer scholars are joining many of the major organizations in the industry as insurers, insurance brokers, claims professionals, accountants, and actuaries. Past recipients of scholarships have ended up in prominent positions throughout the industry.
Mr. Davis believes that Spencer and the entire insurance industry needs engage in the “war for talent”, to appeal to younger people with the career opportunities in insurance. He is proud that Spencer is playing a role in that.