One in 4 insurance brokers say they have the skills for success
A quarter of insurance brokers polled in a recent surveyed say that they’re confident that they already have all the skills they need to be a successful broker in 2024.
This is one survey finding published in a report — called Brokering Change — by intelligent insurance software company JAVLN that surveyed 500 insurance brokers at small and medium brokerages across Australia.
In addition, almost a third of the brokers polled say they expect to be promoted or receive a pay rise in 2024.
A similar proportion (30%) say 2024 will be more successful for them personally. This indicates that a large number of brokers are reaping the rewards after rising to the challenge, and underscores the opportunity available to many others.
While some brokers are worried about stagnant progression and workload pressures, 75% say they’re not worried that their skills and abilities will become outdated in 2024 if they don’t upskill, and only 24% said their current workload is unmanageable in the long run.
The findings show that customer service is becoming a challenge that brokers want to tackle head-on — even more so than finding adequate cover for natural disasters and cyber breaches — and tiresome administrative tasks are sapping up brokers’ time to be able to put towards servicing customers.
The report reads, “Brokers don’t need to reinvent the wheel. In most cases, they are already more than capable. The challenge is ensuring their time is well spent, and not wasted on repetitive administrative tasks.”
Other major findings are:
- Just 28% of brokers say their clients would rate their customer service levels at least 8 out of 10
- 70% of brokers say they are spending over three hours each day on admin tasks
- Only 23% of brokers say their employer gives them what they need to be as productive as they possibly can be.
