Earn and Learn apprentices a major benefit to insurance sector
Apprentices are enjoying an accelerated start to a career in Ireland's insurance industry thanks to a structured new programme promoting their technical, business and digital skills
Over recent years the insurance industry has undergone an exciting transformation into a career with vibrant prospects based on innovation and development, with technology at its core.
In 2021, The Insurance Institute, along with LIA (Life Insurance Association), is continuing to reach out to the next generation of talent and encouraging ambitious individuals to realise the opportunities the industry presents.
At a time when recruitment and retention have become an issue for many employers, The Insurance Practitioner Apprenticeship ticks all the boxes in offering apprentices the chance of a bright future. Set up in 2016, the ‘Earn and Learn’ programme was Ireland’s first degree-level apprenticeship and enables apprentices to work full-time for an insurance employer, whilst earning a salary and studying for a BA Hons in Insurance Practice.
“We have three apprentices at present, and their contribution to the business has been immense — their enthusiasm, new ideas and their capacity for hard work is exceptional,” says Paul Lee, Director, Kevin Condon Financial Brokers. “We especially see their familiarity with social media as a huge positive and it has impacted significantly on our business.
"While we had already been using social media to a certain extent in the company when we delegated its development to one of the apprentices it really took off. We also have a mortgage side of the business and the way they utilised social media in this department has resulted in a lot of new business coming our way.”
More than just a job, The Insurance Practitioner Apprenticeship provides not only the opportunity for a career in a thriving industry along with a third level qualification, it is also hugely beneficial for the insurance employer, allowing access to quality employees who are highly motivated and hardworking.
“When we first became aware of the apprenticeship we could see its advantages immediately, mainly because we had been looking to hire new people,” Paul explains. “In fact, prior to us getting involved with The Insurance Practitioner Apprenticeship it had been a challenge for us to find the right candidates for the jobs we had available.”
Insurance employers can also avail of the option whereby an existing member of staff can join the programme, allowing any junior who is looking to advance their career to do so within a well-defined education programme. The apprenticeship is a cost-effective way to ensure the employee/apprentice is receiving the best possible training and means that on a daily basis they are putting into practise everything they are learning from their studies.
“A good apprentice needs dedication as part of their skill set, they also need to have an appetite for hard work as well as ambition. Having a belief in their own abilities is also important, but from our perspective, we invest a lot of time in their development as well and so this confidence is something which comes in time.”
Paul is also very clear that apprentices have an advantage over employees hired straight out of college: “We find the programme is fantastic for the progression of apprentices and it certainly works more efficiently and is less time-intensive than if we hired graduates straight out of college.”
For Paul and his colleagues at Kevin Condon Financial Brokers, the apprenticeship programme has been a solid success. “It has worked far better than we expected, and indeed we would have no hesitation in signing up again.”
Gillian O’Leary, Group HR Manager, McCarthy Insurance Group, currently has one apprentice who is in first year.
“The main advantage of the Apprenticeship Programme is definitely that it fills a skills gap,” she explains. “We have 16 offices and we do find it difficult to recruit in the more regional areas, and it not only successfully solves our skills gap needs, but also creates employment in these regional areas.
“The apprentices receive the best in class in terms of training and education which is hugely advantageous for our business and also reduces our training costs. We’ve also found that the programme promotes a learning culture within the organisation and this has been an unexpected but positive outcome," Gillian believes.
“Our overall aim is that these apprentices, who on completion of the programme will be highly skilled with a formal qualification, will stay on with us and be included in our succession plans. We, therefore, see the apprenticeship programme as an investment not only in our apprentice’s future, but in the future of our business.”
Given that McCarthy Insurance was established in 1952, the addition of new blood through apprenticeships helps to balance the age profile of the company as existing staff heading towards retirement are bolstered by a new generation coming along.
“The apprentice’s academic learning is extremely diverse and consists of a broad mix of modules which have been developed by industry leaders and so incorporates the most relevant and up to date information available — therefore they are constantly bringing new learning and ideas to our business. We have found that having a mix of age groups within a team has been hugely beneficial — with the older generation having the experience and the new generation bringing their recent training to the table, it has worked extremely well for us.”
Gillian, who is also the company’s West Cork Area Manager, lists commitment and motivation amongst the attributes needed for apprentices to forge successful careers within the industry, allied to good organisational skills.
“The first year can be very overwhelming because not only have the apprentices to start a new job, but they also have to learn all the processes and procedures that go with that. Working whilst studying and preparing for exams, requires good time management, planning and of course sacrifice. This programme is not for everyone, it takes great dedication, but the rewards are immeasurable and having the opportunity to earn a living whilst working towards a third level qualification is an exceptional opportunity.”
Both Gillian O’Leary and Paul Lee are strong advocates for the apprenticeship and they, along with many other employers across the country, have realised the benefits the programme presents.
The Government’s Apprenticeship Incentivisation Scheme is an attractive option for employers interested in getting involved in the 2021 Insurance Practitioner Apprenticeship. The scheme provides employers who hire an apprentice with a grant of €3,000 and is viewed by many, including The Insurance Institute, as a hugely positive initiative.
If you are a prospective employer or an apprentice interested in learning more about the 2021 Insurance Practitioner Apprenticeship, please visit www.earnandlearn.ie for more information.
