Why choose an insurance career? A pilot study of university students' preferences regarding the insurance profession

Abstract

The study investigates the most relevant factors affecting business students' choice of a career in the insurance industry. Recent industry surveys indicate that students find the insurance profession uninteresting and so are reluctant to pursue a career within it. However, many of the survey respondents showed an interest in the profession. We tested three hypotheses to determine whether student choices are affected by environmental, opportunity and awareness factors. The study applied structural equation modelling and regression analysis to the data and finds that nationality, together with other environmental factors, significantly affects their choice of the insurance profession. In addition, we found that students are unaware of the underlying philosophy of insurance businesses, their products and their vital role in the economic and social system. The lack of adequate research, education providers, and the shortage of study materials and inadequate marketing strategies are among the key causes of students' reluctance to engage with the insurance profession. This study may assist insurers, educators and professional bodies to develop their strategy directed towards attracting talents to the insurance industry.