PriyaPatel
TLDR:
Key points from Vertafore’s 2024 insurance workforce survey report:
- Insurance professionals are passionate about helping people
- Hard market pressures are impacting day-to-day work
Vertafore recently released a report on the insurance workforce, based on responses from nearly 2,000 professionals at independent insurance agencies. The report provides insights into how industry professionals are navigating the hard market, the role of technology in their work, and hiring and retention trends. Key takeaways from the survey include:
Passion for Helping People: The majority of respondents expressed a strong desire to help clients protect what matters, indicating a high level of client-centric motivation in the industry.
Impact of Hard Market: Over half of the professionals noted increased difficulty in placing risk, challenging conversations with clients, heavier workloads, and heightened stress levels due to the hard market conditions.
Succession Planning: The report highlighted the need for agencies to develop plans for replacing retiring seasoned employees, particularly account managers, in the next five years.
Industry Attractiveness: While many professionals would still recommend a career in insurance to friends, there has been a decline in the inclination to refer others to the industry in recent years.
Technology Solutions: Software solutions, such as insurance knowledge databases, are playing a crucial role in easing the burdens of the hard market, with over 60% of respondents indicating the importance of these tools.
Overall, the report emphasizes the dedication of independent agencies to serving their clients and highlights the value of working in an industry that is focused on helping people.
For more detailed insights, you can download the full report here.
