The pandemic’s persistent impacts on how employees work has culminated in a global event dubbed “The Great Resignation,” with millions of individuals voluntarily abandoning their respective jobs despite financial incentives. In 2021, 4.3 million workers said goodbye to their employers, according to the Bureau of Labor Statistics (BLS), cementing one of the most volatile years with employee resignations to date.

While the insurance industry has not experienced a significant increase in employee turnover, surveys suggest that agents likewise demand more out of their professions. According to Vertafore’s research, the insurance industry is in desperate need of flexibility, innovation, and investment in its Agents. Therefore, regardless of whether the Insurance Agency is currently struggling to retain and recruit personnel, Insurance Agencies must understand what motivates today’s individuals to leave their positions in order to prevent future agent dissatisfaction and lower productivity. 

Agencies will need to find a way to recruit young, talented Insurance Agents in order to maintain long-term industry stability and agility in the Insurance sector. According to research, millennials and Gen Zers are roughly twice as likely as baby boomers to look for new jobs in the coming year. Because the average age of a life insurance agent in the United States is 59, Agencies don’t confront the same issue of unstable labor demands that other industries are experiencing today with personnel settled in their career choices. However, while these insurance executives aren’t changing professions right now, they are approaching retirement, putting the sector at risk of a workforce shortage. Hence, Insurance Agencies will soon be looking to attract fresh and diverse talent to compensate for soon departures, which will bring new challenges and the need for higher levels of technological infrastructure to suit the new digitally-aged individuals.

You may ease into the welcome change if you listen to your employees first and commit to making employee experience (EX) a vital business effort by implementing the newest cloud technologies in Agency Management Software (AMS). CoTé’s all-in-one AMS platform, AGENCYMATE, was designed to help agents across all aspects of their business,  including collaboration solutions that enable simple job management for Agency personnel, boosting staff morale and allowing them to focus on converting leads, managing sales, and maintaining policies. Most insurance agencies underestimate how technology may enhance a strong organisational culture inside an insurance agency, missing the opportunity to provide substantial individual and organisational advantages as engaged employees understand and align with the CX objective. Therefore, if you fail to set up your Insurance Agency for the next generation of Insurance Agents, your Agency will lose a competitive edge in its recruitment efforts.