Run Time: 20:28
Hard Market Woes Hammer Morale
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On this installment, we learn what’s on the minds of some 2,000 independent agency staffers. Jess Butler, VP of Vertafore, which conducted a national survey, outlines how agents are managing talent, the hard market and technology. Some 70% of respondents said they’re having difficulty placing risks, Jess reports. With a higher workload, 55% said they’re dealing with increased stress. A third of respondents have added new tech tools as a response to managing turbulent market conditions in the last year. Moreover, the agent/carrier relationship is under pressure—a third said they’re looking for new carriers. “There are opportunities for wholesalers and MGAs here,” Jess notes. When Vertafore asked respondents if they would refer a friend to an insurance career opportunity, only 20% said yes. “That number has been dropping since we’ve been surveying agents,” says Jess. “They’re feeling the pressure of the hard market.” She also offers great suggestions on how insurance firms can attract younger workers by changing the conversation on what it’s really like to work here.
