I had an off-the-record lunch last week with the CEO of one of the world's largest insurance companies. Inevitably, the talk turned, as it always does, to the question of how this industry can compete for the best and brightest talent against job opportunities in what are viewed as more alluring and/or lucrative fields.

This leader was actually quite confident that the industry in general—and his company in particular—will be able to compete quite favorably, going forward, for the quantitatively gifted graduating from the country's top business schools.

As evidence for his optimism, he told me about a recent trip to speak to a class of MBAs at one of the most prestigious universities in the world. He asked the professor how he might induce the students to stay after class to talk about career opportunities, and he got an emphatic, one-word answer: “Food!”

So the CEO arranged for a simple spread, and the donuts were, indeed, enough to lure about half the class to linger. But now that he had an audience, how was he going to get these future superstars excited about insurance as opposed to the Goldman Sachs of the world?

First, he underscored with the students he met with that his company runs in-depth operations in well over 100 countries—and that those with a hunger for global experience could explore six continents as they climbed up the executive ranks. Investment banks, he pointed out, rarely have high-powered positions based anywhere but the world's handful of financial capitals.

(While this CEO's firm may be especially global in nature, most major U.S.-based insurance players are looking to expand aggressively overseas as growth opportunities slow in this highly mature market—so companies should be sure to use their plans for expansion abroad as a recruitment incentive.)

Second, and more important, this CEO said these students were extremely receptive to hearing about the contributions insurance makes to the greater good of society—something most of the students said they had never before considered.

(Indeed, most studies on how to appeal to the Millennial Generation report that employers who can offer work that “makes a positive impact on society” have a pronounced recruiting advantage.)

It's often quite a convoluted path, the CEO noted, that hedge-fund managers and investment bankers have to follow to see the broader benefits of their work. For those in this industry it's an easy and direct correlation: a damaging event happens to a person or a business, and an insurance company is there to make it right for policyholders.

International opportunities and assisting those in need: A powerful one-two punch that insurance players can use in the battle for talent.

Bryant Rousseau

Editor in Chief

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