Blog: Creating clear paths for the future generation of brokers

Reading the views of the latest entrants to our industry, in Post's research , a couple of things really stood out for me.

The more things change, the more they stay the same. First, it's amazing how little seems to have changed since I first started working in insurance and second a rather shocking realisation that my own decision to join the industry was taken nearly 30 years ago, Where did the last three decades go?

It's clear from the survey that many seem to have entered the world of insurance based on a recommendation from either a family member or someone already in the industry. This resonates with me as it was a family friend who suggested I consider it, although after a brief time in insurance he did decide to give it up to become a vicar and to this day he may be the only ACII qualified clergy you will find! Although it's not a second career I have planned any time soon).

Insurance is designed to provide clients with financial support at a time when they need it most, be it due to an accident or unfortunate event and brokers play a pivotal role in helping to promote and distribute the products that provide clients with peace of mind. Despite this, when it comes to perception of our world, it is clear there is work to be done.

The survey suggests that we have a reputation that's dull at best and dishonest at worst. Given that there is a recognised time bomb around broker numbers as many are looking to retire, we need to look at how to improve the attractiveness and boost the number of people who actively look to join our industry.

The findings of the survey show that career progression was the most common reason for joining a broker, followed by the possibility to earn a good wage. The broking industry is good at nurturing and supporting talent and rewarding success yet we don't seem to make too much of this. If we are going to nudge the dial up in terms of attraction and recruit the best the industry needs to work together to improve its press relations and raise awareness of the opportunities a broker role can afford someone.

However, attracting the next generation of brokers is not just about spreading the word; we need to ensure that we continue to create clear career paths and more apprenticeships and graduate programmes - all of which are clearly successful from the feedback of this survey.

Although these tend to be more prevalent in insurers than brokers, for brokers to truly thrive they will need to ensure that they are shaping new entrants' skills and talents around the specific requirements of their business. We are committed to developing and supporting brokers and their businesses and are proud sponsors of Insurance Age's Broker Apprentice.

There are many challenges that we face including different needs, the rise of digitalisation, higher service expectations, stronger regulation and an increase in the channels by which to engage with customers. These all require new and fresh skill sets to make sure the profession stays relevant and competitive as the landscape evolves.

Young brokers are ideally placed to challenge existing methods and carve a successful future for themselves and the businesses they join. So we need to encourage and empower them so they can shape their future.

And I need to go back and remind myself where the last thirty years has gone.

Mike Crane
Commercial lines director, LV Broker