Broker stress levels reach record high due to workloads and regulation

Broker stress levels have reached a record high due to heavy workloads, client expectations and regulation, new figures by Ecclesiastical have revealed.

The data, which was published in the insurer’s annual Broker Wellbeing Survey today (10 October 2024), shows two in five (40%) brokers had reported stress levels as high or very high.

This is the highest since the survey launched in 2019.

Workload remains the leading cause of stress for brokers, with 73% citing it as their main challenge.

The volume of regulation, meanwhile, was the highest contributor for smaller firms (68%) and the second biggest factor overall (66%).

Customer demands followed as the next major pressure point at 54%. The same amount of brokers also noted challenges in dealing with insurers.

One broker said: “My workload is constantly increasing. Clients are expecting quicker responses than ever. Insurers are providing slower responses than ever. We’re just stuck in the middle.”

Another said: “There’s so much pressure to perform well and in a timely manner and it’s getting harder with increasing regulations imposed. It’s very hard to keep up to date with new rules.”

Action taken

However, the survey also highlighted positive steps made by firms to reduce the stigma around mental health and foster a more supportive work environment.

For example, flexible working options are now offered by two thirds (66%) of broker firms to support wellbeing, up 5% from 2023.

And nearly 48% now offer a confidential helpline, up 5% from last year, while 47% offer advice and guidance on how to deal with stress, a year-on-year increase of 12%.

Nearly a third, meanwhile, now have a dedicated mental health first aider.

These improvements mean that 82% of staff believe their firm is supportive of people with mental health issues.

Richard Coleman, managing director at Ecclesiastical, said: “While it’s positive to see progress is being made in reducing the stigma of mental health in the broker market, our latest Broker Wellbeing Survey found that brokers are still under considerable pressure on a day-to-day basis.

“However, it is encouraging to see the efforts of firms to support them, despite the challenges of staff shortages, increasing customer demands and increasing regulatory requirements.”