PriyaPatel
TLDR:
Vertafore’s 2024 report on the insurance workforce provides insights on the hard market, technology, and talent in the industry. Key takeaways include:
- Professionals in the insurance industry are still passionate about helping clients, with three-quarters citing it as their top career motivator.
- Hard market pressures are increasing difficulties in placing risks, having tough conversations with clients, and experiencing heavier workloads and stress.
- There is a potential gap in succession planning for retirement of seasoned employees, particularly account managers.
- Referrals to friends for a career in insurance have decreased by 20% since 2021.
- Software solutions, such as insurance knowledge databases, are helping ease the challenges of the hard market.
Vertafore is dedicated to supporting the insurance industry through real connections, empowering agencies to guide clients effectively.
Full Article:
Agency professionals in the insurance industry shared valuable insights in Vertafore’s 2024 report on the insurance workforce. The report, based on responses from nearly 2,000 professionals at independent insurance agencies, focuses on the impact of the hard market, technology, and talent in the industry.
One key takeaway from the report is the continued passion of insurance professionals to help people. Three-quarters of respondents highlighted “helping clients protect what matters” as their primary career motivator. Despite the challenges posed by the hard market, professionals remain dedicated to serving their clients.
The hard market pressures are evident in various aspects of work for insurance professionals. Increased difficulty in placing risks, having tough conversations with clients, heavier workloads, and higher stress levels are some of the challenges professionals are facing on a day-to-day basis.
Another significant finding from the report is the potential gap in succession planning for retirement of seasoned employees, especially account managers. With a large number of account managers planning to retire in the next five years, agencies need to have a plan in place to fill these roles effectively.
Furthermore, the willingness to refer friends to a career in insurance has decreased by 20% since 2021, indicating a shift in perceptions about the industry. However, software solutions like insurance knowledge databases are proving to be valuable in easing the burdens of the hard market for insurance professionals.
Vertafore, as a leading provider of modern insurance technology, is committed to strengthening the insurance industry through genuine connections and support for independent agencies. The insights from the 2024 report shed light on the challenges and opportunities present in the insurance workforce, guiding agencies towards a more resilient and successful future.
