By RCCAQ

Bringing in the next generation of professionals is one of the major challenges facing brokerage firms. As shown in the initial results of a survey conducted recently by the Coalition pour la promotion des professions en assurance de dommages, over 2,400 positions must be filled in the insurance industry by the end of 2018. The demand for qualified people is huge, and that's why the RCCAQ is devoting so much attention to this issue.

In this regard, LARAQ, an association supporting the next generation of Quebec insurance professionals, plays a key role in promoting the profession and ensuring that those who embark on an insurance career remain in the industry. Amid the current hiring crunch, LARAQ's mission is all the more important, and the RCCAQ fully supports its efforts.

Networking and training: two key areas of focus

Thanks to its networking and training activities, LARAQ facilitates the integration of new insurance professionals (brokers, underwriters, agents and claims adjusters). There is no charge to register with LARAQ and you don't have to be a member to take part in its activities!

LARAQ's events are growing in popularity and attracting a wide range of participants. Louis Ferrari-Vianna, an underwriter and chair of LARAQ's provincial committee, offers this summary: "We often meet with representatives of other professions at our events, such as actuaries, lawyers and preventionists. Contrary to what you might think, the attendees span the generations. And that's exactly what we're aiming for! We want to bring young people into the industry and encourage them to stay there. To that end, we need seasoned professionals to get involved. Discussions between newly minted brokers and more experienced individuals play an important part in developing and strengthening the next generation."

Networking: more than just a social activity

Alex Stringer, an insurance broker and chair of LARAQ's Montérégie committee, shares that view: "Networking has been one of the most strategically important activities in my career. Not only have I expanded my network, but I've also learned a good deal from the informal discussions I've had with underwriters, insurance agents and claims experts. Relationships aren't just important with clients. They're also important with other industry actors, whatever their profession."

That is also Mr. Ferrari-Vianna's main message: "I often hear that brokerage firm managers get worried whenever their junior brokers attend LARAQ's activities because they're scared they'll be recruited by a competitor." But he is quick to add: "LARAQ's mission doesn't even involve recruitment. Plus you'd typically need more than one cocktail reception to convince sometime to jump ship!"

Responsibility for retaining junior brokers

As a junior broker, Alex Stringer believes that firms have a crucial role to play in grooming the next generation. Providing proper training and guidance and ensuring that newcomers have opportunities to develop and rise up the ranks will be necessary to ensure that the next generation remains in the industry. "One in five people leave the industry just a few years after getting their certification. That's a huge number!" says Mr. Stringer. "And that's not even counting the people who retire! That means that firms must be very proactive and should place their trust in the next generation. I also think that junior brokers are perfectly placed to deal with all the changes that are on the way, particularly technological changes. We were born in the high-tech era, so why not use us!"

Founded over 15 years ago and now boasting 1,200 members, LARAQ eagerly works with other industry organizations to carry out its mission. LARAQ's team was delighted to partner with the RCCAQ for the first time in 2016 for the Junior Broker of Distinction Award. "That was a great way for us to extend the reach of our initiatives and to show just how promising the next generation is," notes Mr. Ferrari-Vianna.

LARAQ also has joint projects underway with the IADQ, the AFAM and the Coalition. "In my view, LARAQ builds on the Coalition's efforts. While they attract people to the industry, our role is to facilitate their assimilation and to ensure that they stay in the sector," adds Mr. Ferrari-Vianna.