The future of the insurance industry depends on our ability to nurture the next generation of brokers.
With the regulatory changes we’ve all been through over the past few years, we saw the introduction of the NZQA Level 5 Financial Services qualification as the new minimum standard. The foundation elements built by Level 5 are the basic skills and knowledge in order to operate, but true success comes from our efforts as brokers, mentors, and leaders. While the revamped NZQA Level 5 qualification will also give another lift, real competency is built through hands-on experience and the guidance of seasoned professionals. It's up to us to provide to attract, provide support and share our knowledge with the next generation of talent.
Too often, we hear that people "fell into" insurance. Dawn Miller, Chief Commercial Officer of Lloyd's at Steadfast's recent Melbourne conference, highlighted that we also need to change the way we talk about insurance broking as a career. This casual phrasing inadvertently diminishes the value of our profession. When we describe our career paths in such a nonchalant manner, it suggests that insurance broking is not a deliberate or desirable choice, but rather a fallback option. This perception can deter talent from considering a career in our industry.
We should be proud of our careers and actively promote insurance broking as a deliberate and rewarding career choice. Insurance brokers play a crucial role in protecting businesses and individuals from financial loss, providing expert advice, and ensuring peace of mind. Our work has a significant impact on the economy and society, and it deserves to be recognised and valued. To achieve this, we need to highlight the diverse opportunities within the industry. Insurance broking is not a one-dimensional career; it offers a wide range of roles and specialisations.
Many successful brokers have started in entry-level positions and worked their way up to leadership roles. Highlighting these success stories can inspire new entrants to see insurance broking as a career with long-term potential and opportunities for personal and professional development.
Let's take action today to ensure the future of our profession is bright. By sharing our knowledge, mentoring the next generation, and engaging with our communities, we can build a strong, respected, and vibrant insurance industry. Together, we can inspire and develop the next wave of brokers who are not just competent but also passionate and proud to be part of our industry.
1. Share Your Knowledge: One of the most effective ways to nurture the next generation is by sharing your knowledge. This can
be done through formal training sessions, workshops, or even informal coffee chats. By openly discussing your experiences,
challenges, and successes, you provide invaluable insights that can help new brokers understand the nuances of the
industry. Encourage questions and foster an environment where continuous learning is valued.
2. Develop a Mentorship Programme: Establishing a structured mentorship programme within your organisation can
significantly impact the development of junior brokers. Pairing experienced brokers with newcomers allows for personalised
guidance and support. Mentors can help mentees set career goals, navigate complex cases, and develop essential soft skills.
Regular check-ins and feedback sessions ensure that the mentorship relationship remains productive and beneficial for
both parties.
3. Look Outward and Lead at a Community Level: Be proud of our careers and what we can achieve. Engage your community
to promote our industry, careers, and help close the gap on financial literacy. Step up to work alongside industry bodies like
IBANZ to promote what we do as brokers, the career opportunities, and engage with the wider community. Consider
becoming a board member to influence and drive positive change within the industry.
