If networks are future of independent broking, they must also help build its future talent – Movo Partnership

The insurance industry talks constantly about recruitment challenges. We discuss ageing workforces, skills shortages and the need to attract new people into our sector. But perhaps we’re asking the wrong question.

The issue isn’t whether we need more people. Everyone agrees that we do.

The real question is this – whose responsibility is it to bring them into the industry?

For decades, independent brokers were the engine room of talent development. Small firms took chances on school leavers, apprentices and people with no insurance experience, investing the time to help them build rewarding careers. It wasn’t always a formal process, but it worked. The industry continuously developed its next generation.

Today, that model is under pressure.

The consolidation we’ve seen across the broking market has brought many positives. Businesses are stronger, more resilient and often better equipped to invest and grow. But one unintended consequence may be a reduced focus on bringing new people into the sector.

As organisations grow, the pace of business naturally increases. Experienced hires can often add value from day one, whereas developing someone completely new to insurance takes time, support and patience.

Yet if we only ever recruit from within the industry, we’re simply moving existing talent around rather than creating more of it. That isn’t a long-term solution.

Network role

This is where I believe networks have an increasingly important role to play.

Historically, networks have helped firms grow through market access, compliance support, technology, buying power and distribution. Those services remain vital, but I believe the next stage of network evolution should include helping firms develop future talent.

A network represents a significant part of the independent broking market. Individually, many firms may not have the scale to run apprenticeship programmes, graduate schemes or structured development paths. Collectively, however, they have the reach, expertise and influence to make a real difference.

If networks exist to help firms achieve their growth ambitions, then helping them build a future workforce should be part of that responsibility.

However, networks cannot solve this challenge alone.

Insurers regularly tell us how important broker distribution is to their success. If that’s the case, support for brokers should extend beyond capacity, agency agreements and marketing initiatives. Insurers have just as much at stake in attracting the next generation into our industry.

Every insurer relies on knowledgeable brokers to advise customers, explain products and support growth. The strength of the talent pipeline affects the entire distribution chain.

That is why I believe insurers, networks and brokers need to work together to create a more sustainable approach to talent development. Whether through apprenticeships, professional qualifications, placements or shared development initiatives, investing in future talent should be viewed as a collective responsibility.

The need for action becomes even clearer when we consider how career opportunities have evolved. Twenty years ago, ambitious newcomers could often join a local broker and ultimately become leaders or owners themselves. Consolidation has inevitably reduced some of those pathways.

If we want to compete with sectors such as technology, finance and consulting for the best young talent, we need to offer a compelling alternative. That requires more than good intentions. It requires commitment, collaboration and investment.

Networks are increasingly helping shape the future of independent broking. I believe they can also play an important role in shaping the future workforce, but they will need insurers alongside them.

Because if we’re serious about solving insurance’s talent challenge, we need to stop asking who will train the next generation and start working together to make it happen.

Find out more about Movo Partnership here.

Lea Cheesbrough