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2019 Mid-year Report

Annual Survey Results

the Human Side
of Insurance

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

Diversity Lagging

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.

Money Matters

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%).

Image Problem

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?

Overall U.S. U.K.
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%
OTHER 7% 4% 9%

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?

Attention to detail
Creating and forging good client relationships
Good problem-solving
Analytical mind
Ability to communicate well with customers and work with colleagues