Where will our next Insurance Brokers come from

Every insurance brokerage that employs staff as Brokers need to consider where the next generation will come from. We should be out there promoting much more why being an Insurance Broker is a great career path!

A career in insurance is a risk worth taking and here are some reasons why.

Being in the “Risk” game is an interesting and fascinating area. It is a profession where you are constantly learning. Having the skills to understand and identify risks and then finding insurance solutions or other risk management solutions for them actually benefits peoples’ lives. Insurance companies save businesses from bankruptcies. They save economies and governments from collapsing following natural disasters.

Exaggeration? Speak to any qualified Insurance Broker. While Brokers represent their clients, they know the importance Insurance in our society has.

While many of us just “fell into insurance”, there is now a need to specifically educate the future Insurance Professional.  It has been a regular path where an Insurance Underwriter or even a claims officer chooses to move into a Broking role. More recently though, due to the lack of attractive offers to cross over, junior staff have come from simply a few months experience in a call centre.

When I started, it was in the mailroom. A situation unheard of now. The men were mailboys and the girls came from switchboard or reception.

These days there is an enormous range of opportunities for talented young people, particularly those that have a business degree. These range from highly specialised  roles to general business management to business development roles and customer-service orientated or financial management roles.  On-going career learning and development is the norm.

Ours is a Global Industry

Insurance is a global business. There are many companies operating in Australia that are also international. These days there are opportunities existing for overseas travel, secondment or even relocation.  You may prefer city or country or taking opportunities interstate.

We help society

Natural disasters are costing the world considerably. Not just economically but socially as well.  Insurance is about helping people within society and the world. A modern economy depends on a strong insurance industry, one that not only pays claims, but before they are needed, builds reserves used for short term and long term investment. It is not only offering protection, but also great potential.  It is a great career choice.

How to promote Insurance Broking as a career?

Young people use Social media.They grasp the technology quickly and there are online forums to promote occupations and careers. Facebook and Linkedin are great ways to find who is in the know and who wants to provide recruitment opportunities. They can also be used to promote why Insurance Broking is a great career.

Some consider hiring graduates from universities because they bring new perspectives and solid business skills and can be a good return on investment.  Many Universities seeks relationships with employers so they can recommend and place their students straight into roles once they have completed their education. It is a strong selling point of a university if they have a track record of not only educating, but helping students put that education into practice.

But will graduates work for you? They have been criticised  for lacking selling and negotiation skills, as well as the most important of skills, excellent customer service. Many expect large salaries now rather than using the patience of developing experience and knowledge gained on the job which then makes them worth paying more.

Another alternative is partnering with high schools, private or public, by promoting Insurance Broking to the students. There are now traineeships available. Mentoring and developing a young person, even with a combination of part time study with a well mapped out career path with the opportunity of succession is also a great investment.

Many Insurance Broking firms use the excuse that they do not want the expense of training up new staff only to see them go to other companies. But why do they do that? This is a whole other issue relating to how a business chooses to run itself and treat its staff. Briefly though, a well thought out process for retaining staff with on-going development, appropriate rewards for success in a happy and productive work environment goes a long way.

Besides, we all owe it to our profession to develop skilled talented staff for the future, even if they end up seeking opportunities elsewhere. Even these relationships can come in handy in other ways. It is like coaching a football team in a lesser league and seeing one of the star players move on to a National team or star Internationally. We should be glad we had a hand in their career. Sometimes they come back and play for you again.

So we should all start promoting the Insurance Broking profession, seeking new talent and adding more credibility to what many of us think is a fantastic and rewarding career. 

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