Insurance firms struggle to locate apprentices, referred to as Azubis, on our site due to their absence.
In the face of the global pandemic, the insurance industry in Germany has shown resilience, as revealed by the "Training Survey of the Insurance Industry 2021" published by the Employers' Association of Insurance Companies in Germany (AGV) and the Vocational Training Centre of the German Insurance Industry (BWV).
The survey, which involved 57 insurance companies and brokerage firms with a combined workforce of 170,000 employees, painted a mixed picture of the industry's training landscape. While the COVID-19 pandemic had minimal impact on the willingness of companies to train newcomers, a significant number of training and study positions remained unfilled.
56 percent of employers complained about a poor applicant situation in the region, and 49 percent found no suitable candidates for external branches. This lack of suitable candidates was not limited to entry-level positions; there was sometimes a lack of suitable candidates for training positions and dual study positions as well, according to the survey. As a result, 11 percent of training positions and 15 percent of dual study positions remained unfilled.
The most common reason for unfilled training and study positions was the insufficient suitability of the applicants, according to 82 percent of employers. This suggests that while the pandemic may not have directly affected the willingness to train, it may have indirectly impacted the quality and quantity of applicants.
However, the survey also reported a high completion rate for apprenticeships and dual study programs, with 91 percent of young people who started a program completing it. Only 9 percent dropped out or did not start at all.
The survey findings also indicate that the pandemic did not force companies to alter their training activities significantly. Around 93 percent of the surveyed companies stated that they did not have to change their training activities due to the pandemic.
While the survey does not provide specific details about how the pandemic influenced training programs, it is clear that remote work and digitalization, economic and regulatory changes, mental health and wellness, government policies and legal frameworks, and innovation in risk assessment likely played a role in shaping the evolution of training programs in the German insurance industry during 2021.
If you have subscribed to our newsletter, a confirmation email has been sent. If you do not see it in your inbox, please check your spam folder.
The investment strategy for the German insurance industry must take into account the challenges in finding suitable candidates for training and dual study positions, as revealed by the "Training Survey of the Insurance Industry 2021." In the realm of finance and business, education-and-self-development programs may become increasingly crucial to address this skill gap and ensure the industry's long-term success.
