Poor public perception is driving talent turnover in insurance, with 38% of employees citing it as a reason to leave, according to FREE’s latest Re:Generation Report.
While last year’s report flagged perception as a barrier to attention, this year’s report from the creative industry for insurance companies shows that it is now a driver of retention risk and it’s a problem that HR alone cannot solve.
Nearly a third (29%) of insurance employees said they are actively looking or considering leaving the insurance industry soon.
A major factor behind this restlessness is perception. More than a third (38%) of those considering leaving cited the poor public image of insurance as a reason.
According to the report, employees understand the value and impact of the work they do, but when their own roles don’t feel purposeful, pay seems uncompetitive, and the industry’s reputation suffers, satisfaction begins to unravel.
The report points to a clear solution that insurance companies need to use their brands to tell the story they are already living. Nearly half of respondents (49%) said the industry should do more to highlight the social impact and purpose of its work. Currently, these positives are recognised internally but aren’t being communicated effectively outside the sector.
Businesses can address this in two ways. Externally, employer branding and recruitment campaigns can showcase careers with purpose, growth and impact. Internally, organisations should equip employees with the language and stories to advocate for the company with pride.
The report said: “Changing perceptions and telling stories is what brands are built to do. Yet few commercial insurance businesses use their brands this way — even though competitors in other industries do. In insurance, brand isn’t a nice-to-have. It’s a must-have for growth. When talent is restless, it’s the businesses that invest in their brands that convert that restlessness into opportunity.”