Mind the training gap | Insurance Business America

Working primarily in public company management liability, including directors’ and officers’ coverage, Sydney Bowen (pictured) understands the importance of teamwork when rolling out new solutions. As an underwriting specialist at Allianz, Bowen has seen the direct impact that authentic innovation has on the sector – and the people working within it.

Reflecting on a recent program at Allianz, she told IB that what began as a routine research exercise led to a deeper lesson around self-reflection.

“In this program, our challenge was finding a solution for how the insurance industry can address climate change,” she explained. “The lesson for me was not necessarily about finding a solution, but how to create an environment that allows innovation.”

Shifting from a corporate mindset to a more creative outlook allowed Bowen to open up to new ideas, even those that might initially seem impractical. This shift is particularly exciting for young professionals, she believes, making the corporate environment dynamic and conducive to creativity and a fresh approach.

Passion for training programs

For Bowen, it was the challenges she faced as a young professional in the industry that shaped her own passion for training programs – and she’s hardly alone in this. According to research from Finance Derivative, while 98% of insurance firms offer training to new hires, 95% of these organizations have expressed a need to invest more in training and resources. What’s more, 47% of insurers admitted that they need to find additional time to help upskill new hires with internal tech and 36% said they need to train younger hires in soft skills.

“Effective training is always hard to program, plan, and execute,” she said. “That’s probably the most significant challenge that I’ve faced as a young professional. To face this challenge, I relied on my peers – it’s important to connect on a personal level, to network and be comfortable asking questions. Typically these conversations end up being a two-way street resulting in professional relationships. When you build yourself up and build other people up, in turn you create a positive environment to grow together as a cohesive unit.”

‘Unstructured’ mentorship has also been key to Bowen’s professional success – something that’s being reflected in the industry at large. According to recent research, 25% of mentees experienced an increase in their salary, compared to 5% of people not involved in mentoring. What’s more, employees involved in mentoring are promoted five times more often than those not.

“I can’t say I’ve ever been a part of a structured mentorship program,” she said. Instead, she has found value in taking independent and preemptive action by connecting with peers and even stepping outside her comfort zone to engage with higher-ups.

“I think that in this system you have to put yourself in uncomfortable positions to grow,” she said.

Allianz’s recognition of Bowen and her colleague’s achievements have been a testament to the company’s supportive environment under new leadership, she claimed.

“We feel supported above and beyond by this leadership,” Bowen said.

Future of insurance

Looking to the future of the industry, Bowen has taken interest in discussing the impact of remote and hybrid work models on young professionals. While acknowledging the challenges of maintaining engagement and training in a remote setup, she also sees opportunities.

“I believe most professionals prefer a hybrid work environment, especially young professionals. They’re fearless with technology,” she said. Bowen believes that integrating technology effectively while ensuring in-person interactions stay relevant, is crucial for maintaining a strong company culture. And for those looking to emanate Bowen’s own success, she believes it all begins and ends with an inclusive and innovative home and work environment.

“If I could give any personal advice it would be to ‘keep an open mind to allow for new and fresh ideas’,” she said. “Allowing the space for change will broaden your horizon. We should build up young professionals to cultivate an exciting environment for growth and innovation.”