According to a recent survey conducted by JAVLN, an intelligent insurance software company, a significant portion of insurance brokers in Australia feel confident about their skill sets for success in 2024. The “Brokering Change” survey collected responses from 500 insurance brokers working in small and medium-sized brokerages nationwide.
Among the findings, a quarter of the polled brokers expressed assurance of possessing all the necessary skills to thrive as brokers in the current year. Additionally, nearly one-third of respondents anticipate a promotion or a salary increase in 2024. This positive outlook suggests that many brokers are experiencing rewards for meeting challenges and highlights the potential for further advancement in the field.
While some brokers voiced concerns about stagnant career progression and heavy workloads, a significant majority (75%) expressed confidence that their skills would only become obsolete this year with additional training. Only 24% reported feeling overwhelmed by their current workload in the long term.
The survey highlighted customer service as a primary challenge for brokers, surpassing concerns about securing adequate coverage for natural disasters and cyber breaches. Moreover, administrative tasks were identified as time-consuming, detracting from brokers’ ability to focus on customer service.
The report emphasizes optimizing brokers’ time by minimizing repetitive administrative duties. It suggests that brokers are already capable and do not necessarily need to reinvent themselves but ensure efficient use of their time.
Key findings from the survey include:
- Only 28% of brokers believe their clients would rate their customer service as excellent (8 out of 10 or higher).
- 70% of brokers spend over three hours daily on administrative tasks.
- Merely 23% of brokers feel adequately supported by their employers to maximize productivity.
Overall, the survey sheds light on the challenges and opportunities faced by insurance brokers in Australia, highlighting the importance of streamlining administrative processes to enhance customer service and productivity.