This month sees a focus on careers And what a time for us to be thinking about careers in the industry.
Our industry is facing a potential catastrophe. By this time next year, the industry will have lost many thousands of able and experienced people.
Tens of thousands of years of experience could disappear overnight.
Some will be lost through the further rationalisation of UK insurance company operations with places like India set to benefit. Many more will be lost from the broking side of our business.
It has been widely predicted that hundreds of UK broker firms will close or be snapped up by the likes of Folgate, Oval or more traditional groupings over the next year in the face of FSA regulation.
Whether senior managers/partners sell on renewal books and shut down, or get squeezed out when they are snapped up, the truth of the matter is that hundreds of the industry's wisest owls will leave the business.
And while many of these brokers with 30-plus years of experience will be looking forward to a life outside of the industry, many more would like to continue in the insurance community.
It is neccessary for our industry to find a place for these experienced brokers. Their knowledge cannot be learned overnight. Are there new part-time, flexible, home-working roles that these peoplecould apply their skills to? Can they be used in training and mentoring? These issues need to be investigated before it is too late.
For those brokers who are planning to take on the FSA intermediation regulations, now is the time to start thinking about training and compliance.
Are your skills up to speed? What kind of qualifications do you have and how do they fit in with what will be required? We find out on page 25.
Meanwhile, our exclusive careers survey attracted a record number of respondents. The results make fascinating reading. The average salary rise in the UK is an inflation-busting 6% in insurance. And many of the regions outside London and the South East are fast catching up in terms of basic salary. Also look out for what the industry makes of FSA regulation.
It seems the message is that it will increase consumer confidence but at a price (see pages 9 to 23).
