I’m thrilled to sit down with Simon Glairy, a renowned expert in insurance and Insurtech, whose deep knowledge of risk management and AI-driven risk assessment has made him a pivotal voice in the London Market. With a career dedicated to navigating the evolving challenges of specialty insurance, Simon offers unique insights into the pressing talent gap facing the industry. Today, we’ll explore the initiatives addressing this issue, the hurdles in attracting and retaining young talent, and the critical need for new skills to future-proof the market.
Can you share what motivated the launch of programs like the Futures Academy and other early talent initiatives in the London Market?
Absolutely. The primary driver was the stark realization that the London Market was facing a generational talent crunch. We saw a significant imbalance in the workforce age demographics, with far too few young people entering the industry to replace the experienced professionals nearing retirement. The Futures Academy was designed to bridge that gap by introducing students to the dynamic opportunities in specialty insurance, showing them that this isn’t just about paperwork—it’s a vibrant, innovative field with global impact. We wanted to ignite curiosity and build a sustainable pipeline for the future.
What specific challenges in the industry did these programs aim to address when they first started?
One major challenge was the lack of awareness among young people about insurance as a career path. Many saw it as dull or inaccessible, not realizing the breadth of roles—from underwriting to tech-driven positions like data analysis. Additionally, we noticed that hiring numbers for entry-level roles were stagnating, despite the growing need for fresh perspectives. There was also a cultural challenge within firms; many weren’t structured to onboard and mentor younger talent effectively. These programs aimed to tackle both the perception issue and the structural barriers head-on.
How have events like the Lime Street Festival contributed to changing the narrative around insurance for young talent?
The Lime Street Festival was a game-changer. It brought together hundreds of students and dozens of market firms in a lively, engaging setting—think pizza, ice cream, and real conversations with industry leaders. It wasn’t just a recruitment fair; it was a celebration of what our industry offers. Students got to see the human side of insurance, interact with CEOs, and participate in practical sessions like CV workshops. It broke down walls, showing them that this is a welcoming, exciting space, and it showed firms the energy and potential of the next generation.
What have you observed about how young people perceive the insurance industry before and after participating in these initiatives?
Initially, many students come in with misconceptions—thinking it’s all about boring office work or that it’s an old-fashioned industry. They often don’t realize the global scale or the cutting-edge technology involved. After spending time in EC3 through our programs, their eyes open wide. They see the diversity of roles, the problem-solving nature of the work, and the chance to make a real difference. Many leave inspired, realizing insurance can be a fulfilling, innovative career path they hadn’t considered before.
Despite employing over 60,000 people, the London Market only hires about 1,200 young individuals annually. What do you think is holding back growth in these numbers?
It’s a complex issue. First, there’s a capacity challenge—many firms, especially smaller ones, don’t have the resources or infrastructure to take on large numbers of apprentices or graduates. There’s also a mindset issue; some companies prioritize short-term results over long-term talent investment, especially during tight pricing cycles. Lastly, competition for young talent is fierce across industries. Tech and finance sectors often seem more glamorous, so we’re fighting to position insurance as equally attractive. Without a shift in strategy, these hiring numbers won’t budge.
Why do you think smaller and medium-sized firms struggle to hire as much young talent as larger firms in the market?
Smaller and medium-sized firms often lack the dedicated HR teams or budgets that larger firms have to run robust recruitment and training programs. They might not have the brand recognition to attract candidates in the same way, either. There’s also a risk factor—hiring young talent requires time and mentorship, and smaller firms may worry about the immediate return on that investment. It creates a vicious cycle where they miss out on fresh perspectives that could actually help them grow.
With the growing importance of skills like data analysis and AI, how critical is it to bring younger workers into the fold?
It’s absolutely urgent. Younger workers often come with a natural fluency in digital tools and emerging technologies like AI, which are becoming non-negotiable in our industry for everything from risk assessment to operational efficiency. The expertise of seasoned professionals is invaluable, but we can’t ignore that the skill sets needed for tomorrow’s challenges are often more inherent in the younger generation. If we don’t bring them in now, we risk falling behind on innovation and losing competitive edge in a rapidly evolving market.
Your projections indicate a potential 400% increase in hiring young people is needed to balance the workforce age shift. Can you paint a picture of what that would look like in practice?
It’s a dramatic but necessary shift. Imagine nearly every firm in the London Market quadrupling their intake of apprentices, graduates, and entry-level hires over the next few years. That means expanding programs, forging stronger ties with schools and universities, and creating more mentorship opportunities. It would look like a cultural transformation—offices buzzing with younger energy, fresh ideas challenging the status quo, and a deliberate effort to blend experience with innovation. It’s a tall order, but without it, we’re looking at a workforce where over-60s outnumber under-30s by a huge margin in a decade.
What’s your forecast for the future of talent management in the London Market if these hiring challenges aren’t addressed soon?
If we don’t act decisively, I foresee a serious talent drought within the next five to ten years. We’ll see wage inflation skyrocket as firms compete for a shrinking pool of skilled workers, and the market could lose its edge as innovation stalls without fresh perspectives. The expertise of our current workforce will retire without enough successors to carry the torch, risking operational gaps and reduced capacity to handle complex risks. On the flip side, if we invest now in attracting and retaining young talent, we can build a resilient, dynamic market ready for future challenges. The clock is ticking, but there’s still time to turn this around.
