Combining skills with a willingness to adapt,
it’s possible to find opportunities amid change
When you know the client’s business as well or even better than they do and can fix what’s
broken—most importantly before things derail entirely—that is invaluable to everyone and a worthy trait.
By Michael Wayne
In November 2023, I read an article that cited U.S. Bureau of Labor Statistics predicting that the insurance industry could see a workforce reduction of 400,000 via attrition by 2026. I can’t count how many times over the last decade I have heard that there would soon be a shortage of workers in the industry that numbered around 500,000.
A sizable number of our colleagues are indeed aging out, and that is responsible for a multitude of challenges—loss of institutional knowledge and fostered relationships chief among them. Additionally, more seasoned colleagues, and even younger ones, aren’t always eager to adapt to new changes, whether those changes are technology related or general in nature.
I am painting with a broad brush regarding some of my above statements. We do indeed have older colleagues who embrace the ease that technology brings to our world and temper any fears they may have. They are reveling in the analytical insight that we’ve never had before to do our jobs and improve what we do for clients.
While the majority of our colleagues may be slow to change, most of them do change when their survival is at stake. What strikes me as a bit odd in the current environment, however, are the recent rounds of layoffs that have happened, particularly from GEICO, Liberty Mutual, and USAA.
GEICO announced last August a slashing of 2,000 employees. Also last year, USAA said goodbye to nearly 1,000 employees. In April, it announced another 220 would be let go. Liberty Mutual cut some 350 jobs last August, 850 more jobs last October, and 250 more this past February.
These weren’t the only ones. American Family Insurance confirmed staff reductions last October, and Farmers Insurance announced it knew a thing or two about saying goodbye to employees as it announced last August that 2,400 employees (11% of its workforce) would no longer be a part of its plans.
Whether the rationale is restructuring or pulling out of specific markets, just the thought of layoffs seems shocking, considering the dearth of employees. To be fair, some of these organizations are off-setting the layoffs with new hires in other areas, but it begs the question—outside of sales, what are the top five skills to have moving forward to help ensure you don’t become a layoff victim?
Computer literacy. This one is a given. Frankly, at this point, I can’t imagine any job in the industry that doesn’t require computer literacy. Whether in the office or working from home, face-to-face with clients or out of the public’s eye, computer literacy is not an optional skill.
Beyond just learning the basics, there are specific programs that relate to specific jobs in the industry, and the ever-growing reliance on artificial intelligence (AI) for certain aspects means many of us are going to be confronted with the fact that AI will become a commonplace tool. Far from Skynet and the world of the Terminator, AI is finding useful roles to play.
Communication. Even as our systems become more automated and advanced, it will still be necessary for organizations to personally relay critical information to employees and clients. The ability to communicate well will always be essential to every organization’s success.
For employees and clients, a lack of communication can lead to frustration on a variety of fronts. That can ultimately mean the loss of good employees and clients. Both of which are detrimental to the overall health of any organization.
The ability to effectively convey knowledge and wisdom, regardless of the subject, to specific audiences will always be highly regarded.
Customer service. We all realize that relationships are the foundation of success in our industry. That does not make us unique. Just like every other profession, service matters. If clients do not think that they are being paid enough attention to, they’ll find someone who they feel does pamper them enough.
Soft skills that build upon communication to forge relationships and truly build an understanding of who clients are, what they desire, and anticipating their needs before they may even know it is a need, are invaluable.
Organizational and problem-solving skills. Regardless of what systems are being used to keep everything running smoothly, someone has to have ultimate responsibility … especially when smoothly becomes choppy. Whether it’s at the beginning, in the middle, or while ensuring the relationship into perpetuity, having the ability to keep things orderly and on-track is never going to be out of fashion.
When you know the client’s business as well or even better than they do and can fix what’s broken—most importantly before things derail entirely—that is invaluable to everyone and a worthy trait.
Analytical skills. Analytical skills are the culmination of problem solving. To a degree, everything else listed previously could qualify to be under this as an umbrella, but there are many more examples that this simple article can’t include and do justice to.
Abilities such as research, forecasting, creativity, reporting, and argumentation only begin to scratch the surface. In several cases, analytical skills come together, like atoms, to form the elements that appeared previously in this article, in addition to others. Just like we work to identify differentiators to set us apart as agencies, differentiators set us apart as individuals. Having analytical skills that no one else brings to the table is always a plus.
Be flexible. This is not number six. Being flexible does not qualify as a skill. It’s a mindset, and a good one to possess.
You may not always be in complete control of what is going on around you. To maintain your role, or move on to something greater, you may have to grin and bear some things that you would rather not. To clarify, I do not mean to say you should knowingly contribute to anything unscrupulous. This is simply saying that you may not like specific duties that fall to you to get accomplished.
Being flexible and taking on jobs that no one else wants, as long as they are short-term, could be a blessing. Be careful that you don’t get pigeonholed into something that you never intended to be a career-choice though. At the end of the day, to shine in your role, you have to have affinity for the bulk of what you are doing. Otherwise, you’ll eventually just go through the motions, and colleagues are going to notice.
The author
Michael Wayne is a freelance insurance writer.
