Breaking the Glass Ceiling: How to Overcome Career Stagnation in Underwriting
Like many underwriters, career stagnation may feel like it is an inevitable part of your professional journey. Career stagnation can also compounded by workload pressures without the promise of upward mobility. In this article, we’ll explore the common career progression obstacles facing young or mid-career underwriters , particularly in larger firms, where senior positions are often filled by long-tenured professionals.
More importantly, we’ll highlight actionable steps you can take to overcome these barriers and find roles that provide you with opportunities to lead, to expand your skillset, and to break through the barriers that might be holding you back from advancing in your career.
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Career Stagnation Challenges for Mid-Career Underwriters
Mid-career underwriters are at a crucial juncture in their careers. They’ve accumulated solid technical expertise and may already be managing sizeable portfolios. However, they may be facing career stagnation as they look to take on more complex responsibilities or move into roles that offer greater autonomy and decision-making power.
At this stage in their careers, many underwriters are no longer content with simply handling routine risks. Instead, they aspire to:
- Higher authority limits that allow for more control over risk selection and pricing.
- More complex underwriting responsibilities, such as managing larger, more nuanced risks or leading initiatives in new areas of underwriting.
- Broader career development opportunities, including positions that offer a clearer pathway to senior leadership or managerial roles.
But the path to achieving these goals is often unclear. One of the primary causes of career stagnation for underwriters is the long tenure of senior professionals in larger firms. Positions with significant authority and responsibility are often filled by individuals who have been with the company for many years. In fact, by 2035, 35% to 40% of professionals working in the London insurance market are expected to be over 50. Promotions can be rare, and the top positions may not open up for several years, leaving mid-career underwriters in limbo, feeling like they have reached a glass ceiling.
Additionally, in large organisations, career progression can sometimes feel rigid. Career pathways may not be clearly defined, and senior positions may come with certain expectations that can make it difficult for younger underwriters to break through. This often leads to frustration, especially for those who have developed the technical skills required but are waiting for an opportunity to apply them in a more impactful way.
Career Development Strategies to Help You Break Through
To overcome career stagnation you need to take a proactive approach to career development. Here are some strategies that can help you break through the barriers in your early or mid-career as an underwriter:
1. Seek Out New Challenges
Sometimes, the best way to break through stagnation is by finding roles that provide new challenges. This might mean looking for underwriting positions in specialist areas that you’ve not worked in before. Don’t be afraid to step outside your comfort zone. If you’ve been working in property or casualty underwriting for years, consider expanding into emerging fields that may have less competition but higher growth potential, such as professional indemnity or cyber insurance.
2. Develop Leadership Skills
Many underwriters, particularly those at mid-career, are looking for positions that offer greater authority and the ability to make strategic decisions. To reach these positions, it’s essential to invest in leadership development. This could mean taking on mentoring roles within your current team, seeking out professional development courses focused on leadership, or even volunteering for projects that require team coordination.
3. Expand Your Network
One of the most effective career advancement strategies is expanding your professional network. Attend industry events, participate in forums, and connect with individuals who can provide insight into different opportunities within the industry. Networking with peers, senior professionals, and recruiters who specialise in underwriting can help you uncover opportunities that aren’t widely advertised.
4. Communicate Your Career Goals
It’s easy for career stagnation to set in when you haven’t communicated your career aspirations to the right people. Have open conversations with your manager or HR about your desire to grow and take on more responsibility. Ensure that your goals align with the company’s growth plans and that you’re positioned to be considered for the next step.
Exploring Specialised Underwriting Areas for Growth
7 in 10 Gen Z professionals, and around 59% of Millennials are developing skills to advance their career once a week or more, and one way underwriters can break free from career stagnation is by moving into specialised underwriting areas that require distinct technical expertise.
As the insurance industry continues to evolve, areas like cyber insurance, environmental risk, and professional indemnity are seeing increased demand, and insurers are constantly looking for underwriters with niche expertise in these fields.
By exploring these specialisations, underwriters can:
- Enhance their technical knowledge in areas that are gaining in importance.
- Work with complex risks that require high levels of expertise.
- Position themselves as leaders in niche markets that have fewer competitors but significant growth potential.
These areas also offer the potential for higher authority limits and larger, more complex portfolios, which can reignite career progression and satisfaction.
Moving Into Managerial Roles
If you’re a mid-career underwriter, consider whether managerial responsibilities are something you want to pursue and begin taking steps towards those positions. This means actively developing your leadership skills and pursuing senior roles.
Moving into a managerial position such as Underwriting Manager or Head of Underwriting can provide greater career satisfaction and responsibility, but these roles often require skills in leadership, strategy, and team management, which can be developed through targeted professional development.
You can explore our open opportunities for senior underwriting roles here.
How Stride Can Support Your Career Progression
At Stride Resource Management, we understand that career stagnation is a real challenge for underwriters looking to take the next step in their careers.
With years of experience in underwriting recruitment, we work closely with you to identify roles that offer career advancement opportunities, whether you’re seeking to move into a more specialised underwriting area or are looking for roles with greater managerial responsibilities. We partner with insurers who recognise the value of investing in skilled underwriters and are committed to creating pathways for career growth.
If you’re an underwriter feeling stuck in your current role, Stride is here to help you identify roles that offer the career advancement, responsibility, and growth you’re looking for.
