Search For New Broker Talent is Hotting Up

The research  survey by specialist insurer Ecclesiastical of 250 UK brokers found that while two-thirds of firms (66%) are keen to hire younger talent, half (50%) struggle to recruit those aged 30 and under.

With a quarter of brokers over the age of 50² and a shortage of young people entering the industry, it’s no surprise that more than half (56%) of brokers surveyed are concerned about a potential talent crisis in the industry.

With an ever-ageing workforce, engaging the next generation and promoting the insurance sector as an exciting and varied career choice is vital.

Firms believe they are struggling to attract younger talent mainly because there are not enough young people applying for available jobs (66%) and young people don’t have the right experience needed (51%).

Ecclesiastical’s research revealed half (48%) of brokers feel there is a talent shortage because insurance is not seen as an attractive career.

The majority (90%) of brokers feel trade bodies could do more to promote insurance as a great career option for younger people.

Recruiting the best talent is a strategic business issue for nearly two-thirds of the brokers surveyed (64%), followed by developing new skills to keep up with competition and technological advances (52%).

The three main reasons why brokers are keen to attract younger talent is to help with succession planning (87%), to bring new ideas (77%), and to bring new skills (76%).

Despite the challenges to recruit, brokerages are taking proactive steps to attract younger talent. Two in five (41%) are hiring apprentices and a quarter (25%) have introduced flexible working to attract and retain young people.

While more than half (55%) of brokers said they had training programmes in place to support the development of young brokers, Ecclesiastical is urging those without a plan in place to look at their learning and development offer to prospective recruits.

By speaking to their partner insurers, brokers can gain access to training programmes, webinars, and face-to-face meetings to help young brokers develop their skills on the job.

Richard Coleman, Managing Director at Ecclesiastical, said: “The insurance industry is a brilliant place to work, full of bright, passionate, committed people, but people outside of the industry still don’t see it that way. Most people seem to fall into a career in insurance, but the industry can’t rely on that anymore. Across the industry, we need to get better at showcasing what a brilliant place this is to work, and the impact that the insurance industry has on the world.

“Younger people aspire to do work that gives them a sense of purpose, as well as provide learning and growth opportunities. So, to attract new talent, brokers need to be clear about their own purpose and values. Insurance is fundamentally a purposeful profession with businesses who passionately believe that – we put people and businesses back on their feet in times of need.

“At Ecclesiastical, we are part of the Benefact Group, and we’re very clear about our purpose to contribute to the greater good of society. The more we grow, the more we give to good causes, helping to build better lives. It’s a powerful message that really resonates with the people we attract.”