Macaii S1 E006: How the Insurance Museum Aims to Inspire the Next Generation of Industry Professionals with Howard Benge

People in Insurance: Changing the Conversation

What is the Insurance Museum and who is it for? Can it help to reconstitute public perceptions of the industry and to educate children and young people about what we really do?

Given the rapidly evolving nature of our industry today, it’s easy to forget that our work rests on the shoulders of a centuries-old legacy rooted in the heart of London. The founders of the Insurance Museum intend to cultivate a renewed interest in this history and heritage amongst both industry professionals and the general public. In today’s episode of Changing the Conversation, we are thrilled to be speaking with Howard Benge, Director of the Insurance Museum, about the project’s creation, its intentions, and long-term ambitions.

Quote of the Episode

“When I first came into this [project], the first thing that that really hit me was how much sandstone, how much history there is. The history and heritage of the insurance sector is so broad and so deep.”

The Insurance Museum was established as a charity in 2020, with the intention of becoming a physical space in London SE3 to tell the global story of insurance from its birthplace. During his research for the project, Howard uncovered an immense array of fascinating material charting the expansion and development of Lloyds and the industry more generally, into what it has ultimately become today. Matching the primarily digital nature of insurance itself in 2024, the museum currently uses digital platforms (linked below) to bring the history of the sector to life.

Key Takeaways

The Insurance Industry aims to be inclusive in its outreach, and be suitable both for insurance professionals and the general public: anyone with an interest in the interest, but particularly children and young people. To this effect many components of its digital presence are targeted towards this demographic, with the intention of unlocking an early interest in the insurance industry. Howard notes that roughly 36% of us have chosen our career by the age of seven. The proportion of those children who would consider insurance as their future profession is slim to none – most likely do not know what insurance is, nor the profound extent to which it underpins the global economy.

Thus, the museum aims to inspire, educate, and in the long term, support the industry’s recruitment efforts, by making insurance a career that is actively chosen rather than one that it simply fallen into. If we can positively reinforce children or young people’s interest in insurance, we can begin to shift the tides regarding our industry’s ongoing reputational crisis.

To do so, the museum aims to explain the multifaceted nature of our industry through explorations of an interesting angle. Every child in England is taught about the Great Fire of London at the ages of 6/7, thus providing an ideal springboard with which to explore the importance of insurance, and the applications of numerous subjects through it. Howard emphasises that it is key to emphasise how insurance infiltrates everything we do – it is a fundamental, if typically unseen, facet of our daily lives, which is a very exciting prospect for children to consider. Meanwhile, amongst young adults, Howard suggests a need to tap into their interest in inequality and injustice. For example, presenting the industry from the angle of how the big insurers aim to tackle climate change could facilitate engaging discussions which may enlighten young people about a career they hadn’t previously considered or known about.

The museum ultimately intends to cultivate a deep level of engagement in insurance; to make it fun and compelling for young people, and also enriching and informative for older people and insurance professionals seeking to learn more about the history of their industry. It will not be a museum of policies and fire marks, but an inspiring space where stories are told.

Best Moments/Key Quotes

“The reason for the existence of the insurance museum… is to inspire and educate and support the recruitment process; bringing the really young kids to make insurance a career you choose, not one that you fall into.”

“What do we do with insurance today? When we grow up. we all have insurance. In fact, you could even extend that to ‘Insurance underpins our lives. From the moment you're born, you're covered by insurance.’”

“Don't think of it as a collection, but more of a space… that’s all about engaging. A real deep level of engagement, whether that is just having fun, understanding a bit more, spending valuable time, trying to understand other people's opinions. All of that…. It's going to be museum where we're going to tell all the stories: marine, aviation, fire, life insurance. We're going to look at those difficult stories as well… it’s a place where we’re going to celebrate insurance, and promote insurance, and get everybody in.”

Resources

The Insurance Museum: https://insurance.museum/

Insurance Museum – Fire Insurance Exhibition: https://insurance.museum/fire-insurance-gallery

Insurance Museum – Dr Nicholas Barbon: https://insurance.museum/rising-from-the-ashes/part-2#section-67442620

About the Guest

Howard Benge is the Director of the Insurance Museum, appointed in 2021. He has worked as a heritage professional for 25 years; in nine of which he took up several roles for the City of London Corporation, managing the Guildhall Library, various museums, Billingsgate Roman House and Baths, and the City of London Police Museum, amongst many others.

Howard’s LinkedIn Profile: https://www.linkedin.com/in/howard-benge-87a3092/

About the Host

Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.

Website: www.macaii.co.uk