Canadian brokers ‘cooler’ than American brokers

Forbes says that the P&C insurance sector suffers from a ‘coolness problem,’ but here’s why it’s mistaken

Insurance News

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The insurance industry is plagued by a “coolness problem” and it’s deterring young workers from seeking employment in the P&C sector, according to new research conducted by the Hartford Group in Forbes.
 
In its annual leadership survey, the carrier discovered that the industry is facing a “quiet crisis” in which a mere 4% of Millennials express a desire to work in it, and 51% believe agents “only care about making money.”
 
While this may be the case in the United States, Nadia Linklater, née Khan, believes that the reverse is true in Canada. As an experienced insurance professional who began her career in insurance in her early 20s and now serves as a partner in Canada’s top insurance recruiting firm, she views these findings with an “eye of skepticism.”
 
“I think the climate is different in the U.S. than it is in Canada, particularly on the P&C side,” Linklater, partner, DGA Careers, said. “Being an agent or a broker in the U.S. many not be a ‘sexy’ job, and brokers themselves may be viewed as somewhat profit-driven but in Canada I believe it’s different, especially since our populace doesn’t have the view that insurance professionals are just out to get money.”
 
Moreover, the litigious environment that prevails in the U.S., coupled with differences in coverage limits and how insurance is written, may cause consumers to project their dissatisfaction onto brokers there – but that doesn’t necessarily happen here as well.
 
“Some Canadian consumers may feel that rates are too high for personal insurance lines, but I don’t think that brokers are put in a bad light,” she said. “On the contrary, I feel that they are still respected for the knowledge, expertise and service they can provide.”
 
And while she does acknowledge that the industry is still shrouded in “a little bit of mystery,” she feels that post-secondary institutions throughout Ontario have excelled in launching insurance programs and encouraging students to consider a career in the field.
 
In addition, tech developments and the digitization of industry practices may be helping to demonstrate some of the more exciting opportunities under the P&C insurance umbrella.
 
“Next year, DGA will celebrate it’s 30 year anniversary, so we’ve seen cycles come and go over the past three decades and have a full understanding both of clients and job candidates, and our consensus is that there is still interest and a momentum,” Linklater said.
 
“This is especially true given some of the tech innovations happening with telematics, UBI and driverless cars – as well as things like Uber and app technology – which creates countless opportunities in the industry for someone who is tech-inclined or social media savvy and wants a career that can be both interesting and exciting.”
 
 

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