How Can Insurance Brokers Manage Stress and Mental Health?

Despite the decreasing stigma of mental health and insurance firms offering more support for employee’s wellbeing, insurance brokers are continuing to suffer from high levels of stress and anxiety.

In an annual survey by Ecclesiastical, it was found that 70% of brokers experienced stress at work (up 9% from last year) and 44% experienced anxiety. The proportion of brokers feeling overwhelmed in the last 12 months rose to a record 41% (up from 36% in 2021). Heavy workloads, dealing with regulation, and customer demands were the three main causes of stress for brokers, with insurer service levels and staff shortages also being major concerns.

Increased stress is not only prevalent in the insurance sector, but across other financial services. In a 2022 study, The Mortgage Industry Mental Health Charter found that 55% of mortgage brokers continue to work more than the weekly recommended hours. Moreover, a quarter of brokers do not get enough sleep during the week, leading to higher chances of depression and anxiety.

So, what can brokers do to help manage their mental health?

Manage your workload

Working long hours might seem more efficient and productive, but it can actually lead to burnout. Working beyond your normal working hours can cause your concentration, productivity, and mental health to suffer. Learn to say ‘no’ to additional work that you cannot fit into your schedule, or if you are required for a project, manage expectations so that you are not faced with too many deadlines at once.

Take breaks

Take the opportunity to get away from your desk during lunchtime. Socialise with your colleagues or go outside to get some fresh air. It is also important to take breaks between large projects; you need time to recover, and rest is vital.

Maintain a healthy work-life balance

Set strict boundaries between work and home. If you need to work from home, do this in a specific area dedicated to work only. Manage your time carefully so that your professional life doesn’t encroach on your family/personal life. Having hobbies and personal goals outside of work can provide a sense of direction and positivity in your life.

Connect with others

Having friendships in the workplace can help improve the quality of your work life. It is also important that you have social connections outside of the workplace too. Having people to talk to is an effective way to address stress and feelings of isolation.

Don’t be afraid to ask for help

Worryingly, Ecclesiastical found that for the fourth year in a row the percentage of brokers who feel able to report their mental health issues has fallen (from 74% in 2019 to 60% in 2022). Speaking to your manager can be extremely useful for managing your workload and getting support, but if you feel unable to talk to someone more senior, talk to a friend, a family member, or trusted colleague for help and advice.

The Development Zone’s featured learning focus for November is Mental Health at Work. You can find a range of courses to help with mental health and wellbeing in the office, including Stress, Mental Health - Maintaining a Healthy Mind at Work, and Burnout.

If you’re not already signed up to the system, see what e-learning can do for your firm by visiting https://www.mydevelopment.zone for a 14-day free trial.