Workforce issues are among brokerage firms' top concerns and are a priority action area for the RCCAQ.
But these issues are of great relevance to the entire insurance industry, not just the brokerage sector. In this regard, the Coalition pour une relève en assurance de dommages mandated the market research firm SOM to conduct a survey of Quebec companies operating in the industry. The survey was carried out from July 20 to September 28, 2020; a total of 167 respondents took part (primarily direct insurers, brokerage insurers, brokerage firms, claim adjusting firms). The goal was to identify hiring needs and ensure that the Coalition's initiatives are aligned with them.
The following is an overview of the highlights, with a specific focus on the realities facing brokerage firms.
Current situation
According to the data obtained by SOM, the estimated number of employees in 2020 in the damage insurance industry (P&C), including certified and non-certified personnel, was around 32,000, with brokerage employees accounting for nearly 31%.
Growing need
The survey findings confirm the growing need for qualified workers. Insurance brokers are listed among the certified professions with the highest need: the estimated number of new hires for 2020-2021 was up 15% compared to the figure from the previous survey in 2017.
A wide range of high-quality jobs, mostly full-time, are sitting there just waiting to be filled, confirming the strong prospects for anyone seeking to requalify. In addition, it is expected that 84% of the positions filled in the next three years will be for certified personnel.
Significant advantages
With a turnover rate far below the Quebec average (8% vs. 24.4%) and with mostly high salaries, the damage insurance industry is a bastion of stability. Taking all insurance-related professions into consideration, working conditions are another very attractive feature: the employers surveyed mentioned flexible schedules, group insurance, training opportunities and the option of working from home (even more attractive during a pandemic).
However, in line with the Quebec economy as a whole, retirement-fuelled succession issues are a disturbing trend. Industry-wide, 19% of the workforce is 55 years of age or older (vs. 21% for Quebec as a whole). This same figure rises to 24% when we specifically consider the situation of brokerage firms.
Robust, even during the crisis
The robustness of the damage insurance sector has also been confirmed by the stability—even the growth—of its workforce despite the pandemic's repercussions on the labour market. Against all odds, 61% of companies in the industry plan to hire new staff in the coming year.
Damage insurance brokers top the list of the key in-demand professions for the next three years (September 2020-September 2023), with approximately 2,600 positions to fill, accounting for 44% of all industry hiring during that period.
Candidates' experience and personal qualities (even pre-training) are the key factors when it comes to recruitment, regardless of whether they are just beginning their careers or are refocusing their goals, or whether they recently immigrated to Quebec or are retired.
Potential solutions
The RCCAQ is well aware of the difficulties that the labour shortage has been causing its members and sees recruitment as a key issue.
For that reason, the RCCAQ is working on various initiatives aimed at facilitating the hiring process, e.g. via salary subsidies and requalification programs. For further information, you are advised to contact your local employment centre (CLE). The RCCAQ is also working to raise awareness among government officials regarding brokerage firms' labour issues by promoting the profession in dealings with Quebec's Ministry of Labour, Employment and Social Solidarity (MTESS) and with the Minister's office.
In the short term, the RCCAQ will continue to attend career days organized by institutions offering damage insurance training. The next date is March 9 for an online event involving Quebec City-based O’Sullivan College. If you are hoping to fill a position in that region, please contact us by March 5 with your job offer.
Other solutions that might help you to fill vacancies include the platform available on Coalition's website. This accessible and user-friendly recruitment tool gives your job offers enhanced visibility while providing access to a pool of candidates who are interested in and motivated to join the sector.
