Agency professionals provide insights on the hard market, technology and talent in Vertafore's 2024 report on the insurance workforce
Thursday, July 4, 2024
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.
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