Based on responses from more than 1,300 insurance professionals, Vertafore’s 2022 report titled “The Insurance Agency Workforce: Evolving into the next Normal” grants insight into what attracts individuals to the insurance industry, factors that help retain employees and how workers feel their agency is responding to technology modernization.
Findings include:
– One in five insurance professionals changed companies in 2021 with salary and bonuses being key motivators.
– Nearly 80% of agency owners and principals made changes to retain their employees, including increasing compensation, offering flexible schedules and adding remote work options.
– Most respondents (78%) would recommend a career in insurance. However, that number dipped by 7% compared to 2020.
– Women made up over 60% of all respondents but comprised less than 30% of those who identified as an owner or principal.
– Insurance professionals want more time in their day to work with clients and identified automation and client digital engagement tools as the two most significant trends for agency growth.
Survey responses show that the insurance industry is populated with people who are committed to their clients and community. Insurance professionals are optimistic about technology advancements, but also feel their agencies have room to improve.
In light of these developments, O’Neill Marketing feels confident in our ability to retain agents and agencies while servicing their needs with high-tech platforms, 100% commission rate, consistent bonuses and dedicated support lines.