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Attract and retain top performers by creating an exceptional employee experience



This post is part of a series sponsored by AgentSync.

Are you planning to grow?  Invest in these three areas to compete for talent

The insurance industry’s talent crisis has become such an over-reported topic that it’s almost clichéd. Articles and studies dating back to at least 2010 have warned of the impending insurance talent gap. A decade later, these predictions have proven true.

While you may be tired of hearing about it, the battle for talent in the insurance industry remains a pressing issue that cannot be ignored. For an insurance agency or brokerage firm, the reality of an aging workforce combined with the expectations of the younger generation can present challenges in attracting and retaining top talent.

Three oft-cited reasons why the insurance industry is particularly hard hit by labor shortages are its bad reputation, the limited knowledge high school and college students have about the industry, and the lack of training and growth opportunities for those already in it.

With the battle for talent already fierce and with insurance competing against much more glamorous industries for the best and brightest of the new generation, staff experience is one area where insurance agencies can have the upper hand (provided they play their cards right).

What is employee experience?

Employee experience describes a combination of factors that make up how employees feel about their company and their jobs. In addition to employee engagement, the employee experience emphasizes elements of belonging, purpose, achievement, happiness, and power. Studies have shown that in organizations where employee experience is highly valued, there is a significant increase in job performance and retention.

How employee experience affects insurance producers

In an insurance agency or brokerage firm, the producers are the backbone of the company’s success. You rely on your producers to bring in new business and retain existing customers, as well as rounding accounts to increase annual recurring revenue. Doesn’t it make sense to provide the best possible experience for these producers, so they are empowered to bring the most to your agency?

The issue of employee experience is not unique to the insurance industry. But thanks to the industry challenges mentioned above, focusing on producer experience is even more important if you want to grow your business despite the current obstacles facing the industry. When you provide producers with a positive experience, you’ll reap the rewards of a more motivated and harder-working sales team, better customer relationships, and ultimately a better bottom line.

At this point, you’re probably wondering what you can do to improve your producer experience and realize these results. We’re glad you asked!

Three best practices for improving the producer experience

Increase diversity by looking outside the box

The challenges facing today’s insurance companies are unique to this generation. So the solutions must be too. Although it may sound counterintuitive, experts recommend recruiting producers who have no background in the insurance industry, rather than simply poaching experienced producers from competing agencies.

The primary benefit of doing this is that bringing in people from completely outside the insurance industry opens up the opportunity to recruit talented women, Black, Indigenous, People of Color (BIPOC), LGBTQ+ and others who historically are not already represented in the industry.

Increasing diversity isn’t just some “politically correct” box to check off for your agency. It’s proven to drive innovation and revenue, as teams perform better when challenges are addressed from a variety of perspectives.

With the insurance industry’s reputation for being dominated by old, white men, bringing in new talent by recruiting people with no previous insurance experience can be a game changer for your agency.

Invest in modern technology that helps producers do their jobs

One point that all sources agree on when it comes to producer experience is that agencies need to invest in modern insurtech that makes the lives of their entire staff easier. On the practical side, investing in systems that help producers reduce busy work and repetitive data entry will obviously lead to higher productivity. But it is more than that.

The benefits of modern technology in your agency have a ripple effect, starting with the producer feeling more valued because their time isn’t spent on tasks they see as beneath them. Producers who have access to systems that automate the tedious parts of their jobs will feel their agency values ​​their time and expertise.

They will not be easily wooed by competitors who promise them better and high-tech resources. They will have more time to spend on relationships – both with customers (which obviously helps sales) and with other team members. Investing more time in building relationships has its own benefits, which we’ll touch on next.

The bottom line is that producers who are empowered to do what they’re good at and what they love will positively impact the entire agency ecosystem—just as producers who don’t can poison those around them.

Prioritize internal mobility, skills development and mentoring

This best practice is actually the culmination of the first two: When you diversify your talent pool with those outside the insurance industry, and when you create a positive experience for your producers by eliminating boring, repetitive tasks, you create an environment where the more senior producers can mentor the more junior ones which results in a fantastic experience for everyone.

When asked, employees often cite mentorship and opportunities to develop their skills as some of the top things they look for in a career. Millennials have a reputation for ‘job hopping’ but the truth is they are just as likely to stay in one place as older generations if they feel their career growth is being promoted.

That’s why it really pays to invest in your producers’ skills and professional development, whether it’s in the form of sales bootcamps, leadership training or offering technical training.

Looking for a way to improve your producer experience by streamlining everything from the onboarding process to licensing and appointment to continuing education? Book a demo with AgentSync.


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