Annual Survey Results
the Human Side
What drives success in the insurance industry? For starters, a focus on detail and people skills.
In this year’s survey, for the first time, we asked questions that can provide deeper insight into the day-to-day issues facing SMEs and brokers. We wanted to learn what’s working, what gets in the way and how the industry should evolve. The message was clear: Brokers and SMEs say that to appeal to a new generation of talent, the industry needs to address a lack of diversity in its ranks. What’s more, the results illustrate that the industry must do a better job of sharing its story, particularly its contribution to society and the creation of extensive career opportunities.
Survey Key Findings
Forty-seven percent of brokers think the industry lacks diversity.
Too Much Red Tape
Sixty-seven percent of U.S. SMEs find bureaucracy particularly challenging, versus 56% in the U.K.
Focus on Opportunity
For brokers, highlighting career opportunities (88%) and pay (85%) will draw new talent to jobs in insurance.
Eighty-six percent of SMEs said conversations about fees and costs are the hardest aspects of communicating with their brokers.
Staying Current Tougher for U.K. SMEs
More SMEs in the U.K. (72%) said they experience challenges with being kept up to date on new products than their U.S. counterparts (48%).
Brokers (47% in the U.S. and 45% in the U.K.) think the primary reason people don’t want to work in insurance is a perception that it’s a dull industry.
“There’s a growing awareness of our changing world and our changing industry. Matching a person’s competencies with the need at any given time means we’re constantly able to adapt around that evolution. And it’s created opportunities for women in insurance to advance.”Sue Coates, President of Trident Public Risk Solutions
Most brokers in U.S. hold degrees in business; in U.K. it’s a mix of business and humanities
What category was your college/university major?
|STEM (Engineering, computer science, etc.)||5%||5%||5%|
|SOCIAL SCIENCES (Economics, political science, sociology, etc.)||11%||11%||11%|
|HUMANITIES (English literature, history, politics, etc.)||25%||15%||36%|
For brokers, attention to detail and relationship building are keys to success
What are some of the most important skills for new entrants in the insurance industry?