Planning to grow? Invest in these three areas to compete for talent

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Planning to grow? Invest in these three areas to compete for talent

Insurance Industry, known to be stable Even in uncertain times, jobs and growth will return in the following year. According to Jacobson Group In the third quarter 2021 survey, 93 percent of insurance companies plan to maintain or increase their headcount in the coming year. Most of them (56 percent) plan to grow aggressively.

In a recent article, Journal of Insurance The study’s results suggest a 1.81 percent increase in overall insurance industry employment over the next 12-month period — assuming projections work out as expected.

This means that if you’re planning to grow, you’re not alone. And this War for talent Things are going to get even more brutal as the industry gears up for another boom. Not only will most insurance companies be hiring in the next 12 months, but the survey shows that most roles across all functions are expected to be at least moderately underfilled. This is the first time in the history of Jacobson Group’s research that insurance companies have reported this level of difficulty filling stocks!

Retiring Baby Boomers, Fewer young people Return to Business Insurance, High revenue Are you planning to grow among new hires, and insurance companies? It’s the perfect storm Talent crisis It’s already getting worse. So, what should the insurance company do?

Here are some thoughts on how insurance carriers can stay as competitive as possible, putting them ahead of the curve in recruiting and retaining the talent they need to meet their growth goals.

Invest in technology

We have said it ourselves On that day In many cases, but it bears repeating: Insurance companies that invest in technology to make employees’ lives easier will lead the way as they scramble for talent. From the practical side, investing in systems that help your employees cut back on busy work and repetitive data entry can lead to greater productivity. But more than that.

The benefits of modern technology have a ripple effect. Employees feel more valued because they are not spending their time on tasks below them. Distribution channel partners will also feel the same when they gain access to systems that provide a single source of truth and ways to get things done faster than your competitors have.

You also cannot overlook the benefits that technology brings to the compliance side of things. With a system that manages producer onboarding, licensing, renewals and appointments (for example, AgentSync), you’ll be ready to add agencies and producers quickly without fear of missing important compliance steps.

Invest in diversity

This generation is unique in the challenges faced by today’s insurance companies. So, there must be solutions. Although it may seem counterintuitive, experts recommend it Recruiting employees who do not have a background in the insurance industryRather just Poaching experienced employees from other companies.

Doing so actually has the benefit of bringing new workers into the industry, helping the overall problem (the labor shortage) rather than bridging your own company’s short-term problem. Another benefit of bringing in people from completely outside the insurance industry is that it opens up the opportunity to recruit talented women, Black, Indigenous, People of Color (BIPOC), LGBTQ+ and others historically underrepresented in the industry.

Investing in a diverse workforce is not a “politically correct” box. It has been discovered Driving innovation and revenueBecause teams work best when they face challenges from different angles.

With the reputation of an older, white-dominated insurance industry, bringing in new talent by adding people with no prior insurance experience can be a game-changer. Ultimately, no one in the industry will solve the current shortage of vacant jobs and qualified candidates by hiring the same people you’ve already hired for the past several decades.

Invest in training/mentoring

This tip is actually a culmination of the first two: When you diversify your talent pool with people from outside the insurance industry, and create a positive experience for your employees by eliminating tedious, repetitive tasks, the result is a more senior employee environment. Time and ability to provide training and guidance.

When asked, the staff Often cite guidance And opportunities to develop their skills are some of the key things they look for in a career. Millennials have a reputation for “job hopping,” but the truth is that they’re just as likely to stay in one place as older generations if they feel empowered to advance their careers. If insurance companies want to grow not just in 2022, but for years to come, they need to invest in the next generation of talent while they still have some seasoned employees to acquire knowledge.

All in all, the storm brewing for insurance companies won’t be resolved by doing things the same way they’ve always done them. Upfront costs, whether it’s investing in a producer license and compliance management system or spending time training staff with no prior industry experience, are inevitable. The key to success is to fall as fast as possible and build momentum to achieve growth goals, rather than falling behind and missing the mark.

While you can take most of this advice and run it yourself, and may need help from outside sources, one area where we can support you is your investment in technology. Implementing a producer license management system like AgentSync Manage can make it easier for your own staff and the agencies, MGAs and MGUs you partner with to work with your insurance company.

check AgentSync demo to learn more.

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