P R A D

Technical Training

Firms are customizing their technical training offerings based on the knowledge and industry experience level of their producer-hires. While almost three-quarters of all producer hires received some type of technical training, the frequency was 95% for individuals coming from college or coming from outside the industry. Individuals coming from outside of the industry are receiving more technical training and are more successful when they receive this training. For producers from inside the insurance industry, success rates are generally pretty similar regardless of the level or type of technical training. However, for those hired from outside of the industry, the story is quite different. Those receiving no technical training, or relying solely on internal training resources suffer greatly, with success rates falling to alarmingly low levels. Outside training (frequently from a carrier school) seems to be a big differentiator of success for producers coming from outside the industry.

Success Rate of Those Hired from Inside the Industry

Success Rate of Those Hired from Outside the Industry

78%

68%

63%

62%

62%

61%

43%

38%

No Technical Training

Internal Training from Firm Only

Combination of Internal &

Outside Resources Training Only

No Technical Training

Internal Training from Firm Only

Combination of Internal &

Outside Resources Training Only

Outside Training

Outside Training

Source: Supplemental survey

Sales Training

Sales training is a discipline unto itself, and there are numerous independent organizations that have established a niche in the insurance brokerage industry. In addition, many firms have developed a sales process and systems that allow for firm-specific sales training to be conducted in house. Similar to technical training, firms frequently customize their sales training offerings based on the sales experience of their producer-hires. For producers with a sales background (inside or outside the industry), success rates are fairly constant regardless of the level or type of sales training

42 Producer Recruiting & Development Study