Survey respondents emphasize passion for
helping clients is still high as professionals navigate trends
impacting their business
DENVER, June 26,
2024 /PRNewswire/ -- Vertafore®, the
leader in modern insurance technology, today released its 2024
insurance workforce survey report: "The insurance agency workforce:
Talent, tech, and the hard market."
Based off responses from nearly 2,000 professionals at
independent insurance agencies, the report provides insights into
how producers, owners, account managers and customer service
representatives are experiencing the hard market, technology's role
in their work and hiring and retention trends. Respondents also
shared how they got into insurance, how they feel about their work
and what the industry can do to attract new talent.
Takeaways from Vertafore's 2024 survey include:
- Insurance professionals remain passionate about helping
people. With a surge in client-centric responses compared to
2023, three-quarters of respondents in 2024 said "helping clients
protect what matters" is their top career motivator.
- Hard market pressures are affecting day-to-day work in a
variety of ways. Over half of the surveyed insurance
professionals said it has become more difficult to place risk and
they are having more difficult conversations with clients. They are
also experiencing heavier workloads and increased stress.
- Agencies need a plan to handle the retirement of seasoned
employees. Survey data shows that account managers are the
largest group planning to retire in the next five years, and there
is a potential gap in the succession planning to replace them.
- The inclination to refer a friend to an insurance career has
dipped. Most respondents would still refer friends to a career
in the industry, but this number has dropped by 20% since the
question was first asked in 2021.
- Some software solutions are easing the hard-market
burdens, especially insurance knowledge databases. Over
60% of survey takers indicated that this solution is key to dealing
with the difficulties a hard market brings.
"At Vertafore, we're committed to powering the spirit of the
insurance industry through real, human connections," said
Kristin Nease, Chief People Officer
at Vertafore. "Our latest workforce report highlights how
dedicated independent agencies are guiding their clients and that
they value working in an industry that truly helps people."
Download "The insurance agency workforce: Talent, tech, and the
hard market" to see all findings.
About Vertafore
As North America's InsurTech
leader for 55 years, Vertafore is modernizing and simplifying the
insurance life cycle so that our customers can focus on what
matters most. Vertafore's solutions provide end-to-end connectivity
across the distribution channel, improve the client and agent
experience, unlock the power of data, and streamline essential
workflows to drive efficiency, productivity, and profitability for
independent agencies, MGAs and carriers. For more information about
Vertafore, visit www.vertafore.com.
©2024 Vertafore and the Vertafore logo are registered
trademarks of Vertafore. All rights reserved. All other trademarks
are the property of their respective owners.
MEDIA CONTACT:
INK Communications
vertafore@ink-co.com
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SOURCE Vertafore, Inc.