How JDX Bring Young Talent into the Insurance Market
Dating back 4000 years, Insurance is one of the oldest sectors of commerce, and still a fundamental service in the modern global economy. No construction site, shopping centre, connected device, airport or financial market could operate without insurance. Today, the UK insurance market is estimated to be the 4th largest in the world, and the largest in Europe, with a total premium value worth just under 220 billion dollars (1).
The main goal of insurance is to protect assets, and the health of individuals and large corporations, by providing the means to carry on in times of adversity. Not surprisingly, the insurance sector is playing a major role in helping economies worldwide cope effectively with the challenges posed by COVID-19. Yet, despite its importance, the industry still faces a challenge when it comes to attracting new talent: with only 4% of millennials showing an interest in working in the insurance sector (2).
Formed in 2015 with just one consultant, the JDX Insurance division has grown in expertise and scale so that there are now over 30 graduate consultants working on projects across the London insurance market.
By adopting the JDX model; which has seen the wider company grow to over 700 people globally in seven years, and is recognised as one of the UK’s fastest growing companies (The Sunday Times 2019 Virgin Atlantic Fast Track 100 and 2019 HSBC International Track 200), JDX Insurance was developed to provide consulting and operational services within the Insurance market, specialising in designing and implementing end-to-end solutions covering data analysis, data processing, regulatory response and change. JDX Insurance provides clients with graduate consultants with the skills needed for the modern insurance sector by identifying and developing the best young talent through a robust and structured recruitment, onboarding and development process.
During the recruitment process prospective consultants take part in a 5-day bootcamp where their social interaction skills and technical knowledge are assessed to determine whether they have the capabilities needed to meet our clients’ high standards. At the end of the five days, candidates are assessed on the finance and insurance knowledge they have acquired during the bootcamp.This recruitment process ensures that our employees have the relevant characteristics for a range of operations, technology, and advisory projects.
When consultants are recruited from the bootcamp they are enrolled onto the JDX graduate scheme: a 2-year programme that supports an individual progress from an associate consultant to a senior consultant, with responsibility and company involvement increasing at each stage. The JDX graduate scheme is one of the fastest growing career development prospects in the market, and a critical driver of success is JDX Consulting’s belief that ongoing personal development for all employees is fundamental.
The JDX Academy
As part of the graduate scheme, new consultants join the JDX Academy which provides a foundation for the training they require for client projects, and where their technical and soft skills are refined and developed throughout their JDX career. Beginning on day one, they learn about the unique JDX culture, and what creates a JDXer. JDX’s success has been built on providing our consultants with transferable skill-sets, relevant across financial services and insurance sectors. All JDXers are offered the opportunity to gain skills and knowledge in:PRINCE2, Agile, SQL, VBA, Excel, application development, data science, cash and derivative product knowledge, project management, business analysis, regulation, as well as knowledge of industry utility software.
JDX Insurance consultants are also expected to develop their insurance knowledge and enhanced technical and professional competence, by becoming a member of the Chartered Insurance Institute. This enables them to sit certified exams including, LM1 – London market insurance essentials, LM2 – London market insurance principles and practices, and LM3 – London market underwriting principles, which can help them build future careers within the insurance industry.
JDX Insurance Projects
JDX Insurance gives consultants the opportunity to gain experience across a number of varied projects within the insurance industry. Primarily focused on the London Market; our consultants have engaged in underwriting assistance & administration roles, change & transformation programmes, M&A project support, data remediation, regulatory response, and delegated authority management across Lloyd’s syndicates, Managing Agents and Global insurers.
Taking into account the fact that talent needs have been adjusted due to the need for digital transformation within the industry, JDX have also partnered with leading insurance and finance digital technology service providers, such as: VIPR, Whitespace, Adlib, Alteryx and Digital Workforce. Utilising subject matter expertise and a trusted delivery approach, our consultants are given the opportunity to become fully accredited and certified on these platforms to support implementation and support projects, ensuring our clients a complete and successful digital journey.
Given the demands of customers and an increasingly fractured and competitive landscape, insurance companies need to be able to leverage data and knowledge quickly and effectively to stay ahead of competition. Yet, the Insurance industry has an aging workforce, with 40% of insurance employees estimated to be only 10 years away from retiring (3). This means Insurance firms face the loss of expertise and technological knowledge. JDX has identified the need to attract and grow young talent for the Insurance industry, and provides a solution for employers by developing consultants with the technical knowledge and skills needed to fix these recruitment gaps. By continuing to develop consultants once they join the insurance sector with help from our partner firms, JDX ensure a talent pool of consultants with technical expertise in systems like VIPR and Whitespace, and the digital knowledge to support clients.
- Association of British Insurers, “UK Insurance and Long-term savings, The state of the market 2019”, 2019. https://www.abi.org.uk/globalassets/files/publications/public/data/abi_bro6778_state_of_market_2019_web.pdf
- The Hartford, “A generation of leaders,” Millennial Leadership Survey, 2015. https://s0.hfdstatic.com/sites/the_hartford/files/millennial-leadership-2015.pdf
- Manpower Group, “Attracting Millennial Customers and workers to Insurance Firms”, 2019. https://www.manpowergroup.co.uk/the-word-on-work/attracting-millennials-to-insurance-firms/