A New Economy Can Mean New Talent for the Brokerage Industry
It’s no question that in the past few years the economy has seen enormous change, some of which has certainly been negative. As a result of this, the insurance brokerage industry faces their own shift in the way they hire new talent. These changes, however, seem to be positive.
An article published in “Driven Producers: The Business of Better Broking,” a supplement to Business Insurance, notes that economic changes have opened new doors for insurance brokers to bring in superstar talent. The article, entitled “Economy Offers Chance to Attract New Talent” notes two issues in particular:
- The traditional professional who might accept an insurance broker position has changed.
- Because of this, companies need to market themselves to these potential employees differently.
The first point, that the traditional broker candidate has changed, is very much tied to the economy. These workers may have planned on jobs in investment banking or investment management, but because these industries have slimmed down their hiring they now must look elsewhere. Though these candidates may not have gone to college with the intention of one day working as brokers, that doesn’t mean that some won’t possess the skill sets that will make them successful. In the article, industry professionals list talents such as the ability to build relationships, analytic skills, multitasking skills and strong oral and written communication skills, talents that many different people could posses, as the most desirable for insurance brokerage.
So what does this mean for brokerages firms? Basically, that they must make themselves more desirable to these top candidates. Because candidates may be coming from a pool with more general skills, there will be more industries competing for them. The insurance industry must respond by highlighting the opportunities their careers will provide. Particularly, that insurance sales seeks to help the companies they serve when bad things happen. Likewise, with all the risk in today’s world, the job is complex and challenging but also rewarding.
Though the economy hasn’t always been kind the past few years, insurance brokerage firms have the opportunity to seize the unique situation it has presented to them. A situation which will hopefully create an excellent employee base that will strengthen their company for not only today, but for the long term as well.