About the placement scheme
Find out more about the scheme, what to expect and how to apply.
The Placement Scheme
The Lloyd’s ex-military placement scheme offers veterans and serving reservists the opportunity of a work placement in the most advanced insurance market in the world. The placement has two objectives: firstly, to bridge the knowledge and experience gap of candidates by providing access to on-the-job training and a route to possible employment opportunities in the firms looking to hire.
Secondly, we actively engage with hiring managers in the market to discuss the benefits of recruiting ex – military talent whilst addressing any perceptions or perceived limitations of military personnel. Success against these objectives allows us to achieve our goal of identifying and curating tailored opportunities for ex-military and serving reservist personnel to find employment in the London and wider insurance market.
What’s in it for me?
The scheme has been running for over five years and during that period we have had an 80-90% success rate in candidates on the scheme securing roles in the industry. This is directly as a result of individuals being able to showcase the skills that they bring to prospective employees.
The scheme runs twice a year and we normally place individuals in two different firms (often a broker and an underwriter) for four weeks each; however, this will depend on the availability of participating firms and individual’s aspirations. The scheme is currently on hold and we are currently reviewing how we run things post Covid-19, but we are looking to start this up again early 2022.
What’s in it for hosting companies?
In the time that we have been running the placement scheme, over 100 veterans have been employed across the insurance industry into roles where they might not have necessarily been considered for. These individuals have demonstrated the skills and attributes that veterans and reservists bring to prospective employers over a relatively short placement and have gone onto to succeed in the industry across a wide variety of roles. Candidates are extremely self-sufficient, proactive and keen to be adding value from the very beginning of a placement; they will be able to hit the ground running with minimal support and many candidates have picked up complex projects during their placements.
Advantages of Employing Veterans
1. Quick Learners: Service leavers have the proven ability to learn new skills and concepts quickly. They can enter your workforce with identifiable and transferable skills, proven in real-world situations. They can contribute to productivity from the get go.
2. Leadership: The military trains people to lead by example, to motivate and inspire. Service leavers understand the practical ways to manage behaviours for results.
3. Teamwork: Service leavers understand how genuine teamwork grows out of a responsibility to one's colleagues. The Forces’ culture emphasises a blend of individual and group productivity and responsibility…and trust. The military also encourages understanding of how all group members contribute to an overarching objective.
4. Diversity and inclusivity: Service leavers have learned to work side by side with individuals regardless of diverse race, gender, geographic origin, ethnic background, religion, and economic status as well as mental and physical capabilities. They have the sensitivity to cooperate with many different types of individuals.
5. Performance under pressure: Service leavers understand the rigors of tight schedules and limited resources. They have developed the capacity to know how to accomplish priorities on time, despite tremendous stress. They know the critical importance of staying with a task until it is done properly.
6. Respect for procedures: Service leavers have gained a unique perspective on the value of accountability. They can grasp their place within an organizational framework and take responsibility for subordinates’ actions. They know how policies and procedures enable an organization to thrive.
7. Integrity: Service leavers know what it means to do "an honest day's work." Prospective employers can take advantage of a track record of integrity, often including security clearances.
8. Conscious of health and safety standards: Thanks to extensive training, service leavers are aware of health and safety protocols both for themselves and the welfare of others. Individually, they represent a drug-free workforce that is cognizant of maintaining personal health and fitness.
Host a placement
How to apply
Places on the scheme are competitive but we are always seeking a diverse range of candidates to fill the range of opportunities that there are in the Market – irrespective of your military experience, there are roles for everyone and the application process ensures that candidates from different backgrounds are represented. We are currently reviewing the application process for 2022, but essentially the process is:
- Expression of interest, either following an insight day or directly (please note, it is not mandatory to attend an insight day in order to apply for the scheme, but it will answer a number of questions that you have). This will be done via the candidate registration portal, which will be opened once details of the next scheme are known, and can happen at any point prior to the formal selection process starting.
- Informal interview – this will be an informal chat with a member of the network to answer any questions that you might have and give you advice on possible roles that you might want to consider. This would happen around thee months prior to the scheme start date.
- Formal selection process – full details of this will be revealed prior to the next scheme, but this will likely involve an interview/interviews with members of the network and HR. This will start around two months prior to the first placement.
- Firm interviews – successful candidates may be required to attend an interview with their prospective placement firm(s) to ensure that expectations from both parties are met.
Support during the placement
During the placement scheme, you will be allocated a mentor who will support you throughout the process (and hopefully beyond).
Prior to the scheme starting, we will host a welcome drinks to introduce you to your fellow participants, key members of the scheme and your mentor – all of whom will be on hand to assist you throughout your placement.
How many positions are there?
This is wholly dependent on the number of opportunities at supporting firms, but we usually take around 12 candidates per scheme, although we are looking to increase this for 2022.
Will I be paid?
This will depend on the role you are performing and the company you are placed at; this will be clarified in advance of you being offered a position, but you should assume that you won’t be paid for the scheme. If you have any concerns, i.e. your current unit have stated that you cannot be paid for the duration of the placement, please raise this on your application and we will do our best to accommodate you.
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