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2024 Marine and transportation market outlook

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The marine, transportation and aviation market requires specialist talent, that’s why you need expert knowledge and skills to help source the right talent for your business needs. One of our experts is Drew Crawford, Business Director for the Marine, Transportation and Aviation market. Drew has been working across the sector for a number of years advising clients and professionals on hiring strategies, career planning and growth opportunities. We spoke to Drew about the latest market trends, factors affecting hiring, in-demand roles and skills, and what businesses and professionals need to be prepared for in 2024. For advice on the Marine, Transportation and Aviation market, support with your hiring strategy or guidance on finding a new role, contact Drew.

What specific trends have you seen in your market?

Following COVID, there has been a sheer demand from brokers to attract producers from the market, who are able to bring in additional business / contacts. This has been quite challenging as there are many businesses fighting to attract the same talent.

The market in Europe and the US remains competitive and will continue to be buoyant in the year ahead.

What factors have affected talent attraction and retention in the past 12 months?

There is still a demand from Lloyd’s Brokers looking for back office / technical individuals (technicians). Feedback from the market is that these roles are harder to fill, as the individuals who are typically serving these roles are harder to contact as they are not market facing and / or on LinkedIn.

Producers who have contacts and are able to produce or bring in business are hugely in demand.

Counter-offers are also at an all-time high when technicians are handing in their notice, due to the sheer difficult nature (and cost) of replacing them.

Not all professionals are attracted by high remuneration but in the last 18 months salaries have gone up by 15-20% and it’s clear, that this won’t be sustainable in the long term. 2024 should see professionals move roles for less of an increase in salary, so we should expect less attrition.

For Lloyds Brokers in the market looking to attract producers to their business, they are naturally having to think creatively about how to incentivise individuals to join the business. We have seen an increase in long term Incentive plans (LTIPs), and equity deals being offered.

Which roles are most likely to be in demand throughout 2024?

Technicians will still remain in demand, as will producing brokers. Many companies are looking at succession planning with an ageing workforce (producers). We are finding the more ‘up and coming’ producing brokers are being fast-tracked into a production role, meaning they have limited technical ability. Good training is key and essential to upskilling young professionals.

What skills are in-demand for professionals wanting to work in this market?

Soft skills will continue to be dependent on the job role.

For technicians, having strong attention to detail and the ability to be methodical in thinking and practice will be essential. Brokers are looking for people with huge attention to detail. For producers, businesses are looking for people who are well connected and have the desire to work and travel internationally. They must have the desire to go out and generate referral business and grow accounts organically year on year. It’s not just about being good at managing clients - hunger and passion is key.

What do clients and professionals need to be aware of throughout 2024?

Companies are having to look at budgets as they can’t pay over the odds for a producer, like they may have done post COVID.

Artificial Intelligence (AI) is a huge factor, traditional insurance brokers that broke risk properly and Insurtech firms who are looking to disrupt marketing, digitise everything. Technology and digital platforms are going to be huge in 2024, especially for Insurance MGA and Insurtech firms.

About Drew

Drew has been working with clients and professionals in the commercial and specialty insurance market for over eleven years and now also heads up IDEX’s Marine, Aviation and Transportation division. He focuses on identifying and placing mid to senior level Marine/Aviation professionals in the London and international insurance market – US through to the Nordics and across to Australia.

For advice on the Marine, Transportation and Aviation market, support with your hiring strategy or guidance on finding a new role, contact Drew.