Between the changes brought about by COVID-19, increased employee expectations, generational shifts and more, attracting and retaining talent can be a challenge.
Many independent insurance agencies are adapting to accommodate these shifts. A report from Vertafore found that nearly 80% of agency owners and principals had made operational changes to help retain employees over the past two years.
Vertafore found that most insurance professionals would recommend a career in insurance. However, nearly half would consider leaving the industry for a job that offered perks such as better compensation, a better work-life balance and career advancement.
To retain current talent, insurance agencies need to make sure their agency is offering those benefits. And to attract new talent, they need to show off their workplace cultures and talk about the meaning and purpose behind the work.
It’s no longer enough to simply post a job description and look for someone who meets the qualifications. With low unemployment rates and plentiful job openings, job candidates are vetting companies just as much as they are being vetted. To draw in top talent, agencies need to show what they have to offer beyond compensation and job security.
How to attract the next generation of talent
Articles
Hiring advice from agents and industry experts
Read more about the future of work
Future of Work Guide
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Methodology
The 2022 Agency Growth Survey report surveyed 738 US-based independent agency principals, producers and CSRs about emerging trends, hiring, DEI, technology, remote work and more. The research was conducted online by in-house Liberty Mutual and Safeco Insurance research experts in November and December 2021.Survey respondents included independent agencies that sell personal lines, small commercial or a combination of both, with results indicating no significant variance in practices based on the type of policies an agency sells.
About Agent for the Future
Agent for the Future is a free resource Liberty Mutual and Safeco offer to help lift up the entire independent agent channel. We regularly release proprietary research and e-books, such as the two-part Digital Accelerated series, publish agent stories and expert interviews, post fun quizzes and other interactive content, as well as produce the annual Agent for the Future Award. We believe digital is the future of the IA channel, and deliver future-looking content to help move you forward on your journey to becoming an Agent for the Future.
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About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
About Safeco Insurance
In business since 1923, Safeco Insurance sells personal automobile, homeowners and specialty products through a network of more than 10,000 independent insurance agencies throughout the United States. Safeco works hard to be the carrier champion of the independent agent. In a survey conducted in 2021 by Channel Harvest, independent agents named Safeco as the carrier that does more than others to support the overall growth of agencies. Safeco is a Liberty Mutual Insurance company, based in Boston, Mass.
For more information about Safeco Insurance, go to www.safeco.com.