A GlobalData survey has found that under 10% of UK brokers believe talent acquisition/retention is the biggest threat to their business. Yet a recent survey by Ecclesiastical found that over half of brokers believe there is a talent crisis in the industry.
GlobalData’s 2024 UK Commercial Insurance Broker Survey found that just 6.8% of brokers believe talent acquisition/retention is the biggest threat to their business. Top threats cited by brokers include Financial Conduct Authority (FCA), regulation or compliance (18%); competition from other brokers (16.8%); and a hard market or reduced risk appetite from insurers (15.2%). Its comparatively low percentage in our survey suggests that, when compared to other key challenges, brokers do not see talent acquisition and retention as their top concern. However, it is likely that brokers still consider this issue significant in isolation, reflecting its importance to their operations even if it is overshadowed by more immediate external pressures.
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Despite just 6.8% of brokers citing talent acquisition and retention as a threat to their business, this remains a concern for many. A survey conducted by Ecclesiastical among 250 UK brokers found that 56% of respondents believe the industry is facing a potential talent crisis. Furthermore, while 66% of firms are keen to hire younger talent, 50% of brokers surveyed report challenges in recruiting individuals aged 30 and under.
The Ecclesiastical survey also highlights that 48% of brokers feel the talent shortage is driven by the perception that insurance is not an attractive career option. Additionally, 90% of brokers believe trade bodies could do more to promote insurance as a great career choice for younger generations. Recruiting the best talent is a strategic business issue for 64% of brokers, followed by developing new skills to stay competitive and adapt to technological advances (52%). The main reasons to prioritise attracting younger talent include supporting succession planning (87%), bringing new ideas to the firm (77%), and bringing new skills (76%).
Brokers can take actionable steps to address these challenges. By working with trade bodies, educational institutions, and professional organisations, brokers can help promote insurance as a rewarding career. Offering mentorship programs, internships, and apprenticeships can create clear entry points for younger talent. Embracing workplace diversity, investing in technology, and fostering a modern, inclusive culture will also make the industry more appealing. Furthermore, brokers can actively share success stories and career development opportunities to reshape perceptions and attract the next generation.
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