Skip links

The situation

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. 

The challenge

CoTé Software & Solutions, we are an Australian technology company that always seeks to evolve and provide greater digital transformation solutions to the market to amplify customer engagement and simplify technologies. In 2021, we announced that we were expanding into the U.S market where we researched an opportunity for a solution specifically for the U.S insurance market. Branding as AGENCYMATE, CoTé tailored Insurance Agency Management Solution (AMS) that digitally transformed both the customer and agency experience, comprising of lead management, automated policy management, omnichannel communications, and robust compliant capabilities to meet state and federal laws.

David Buckley, General Manager and Operations at CoTé posed the question “What if organizations bet on better digital capabilities to give workers a better, more agile experience that works in the virtual office era?” Insurance Agents demand better working conditions – higher pay, work-life balance, and enhanced technology services— the solution means investing in cloud-based management systems and digital capabilities that can streamline and improve the employee experience while lowering turnover rates.

The solution

1. Reinforcing Business Agility with Your Organization

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.

2. Chasing Everyone’s Total Experience (TX)

Just as Insurance Agencies can lose future employment opportunities if they fall behind technological improvements, existing Insurance customers will leave their providers who lack the latest in tech to service them. This is because digital transformation goes beyond the technology itself—it’s about empowering workers to do their jobs more efficiently and providing customers with the best lead nurture process. As a result, we anticipate the need for companies and Insurance Agencies alike to incorporate a TX strategy, focussing on both the employee and customer experience combined.

CoTé’s, AGENCYMATE, all-in-one AMS platform accelerates your Agencies’ productivity and helps align their TX goal. Features such as highly configurable automation workflows, machine learning and artificial intelligence (AI), omnichannel communications, dynamic reporting, and application programming interfaces (APIs) are there for all your integration needs. This reduces the effort and time taken by the Agencies, to deliver a seamless customer and employee experience.

Final Thoughts

As the market size of U.S. insurance brokers and agencies continues to grow over $185 billion, experts predict the insurance sector will expand in the U.S. market, therefore making it even more important to invest in successful, new talent. We’re living and working in a time of great change in business and society. The insurance industry is no different, yet there are tremendous opportunities for insurance agencies and insurers to lead the way forward. In 2022 and beyond, they need to take advantage of new technologies to build more tailored products and customer journey experiences that individuals and businesses can use to protect themselves and their assets. With CoTé’s AGENCYMATE AMS solution, Insurance Agencies can ensure long-term commitment–from both their customers and agents.

To find out more Contact CoTé, we are here to help