The ability to attract and retain the right kind of talent is a top challenge for all businesses, especially among mid-sized and large companies. Recruitment is a particular pain point in the insurance industry. So what are the best insurance agents doing to effectively recruit and retain talented people (not just millennials)?
From vacation perks to personality traits, here's what several top independent agents think about effective recruitment in a quickly evolving landscape. These agents, recognized recently at Travelers' agent conference, share some of their secret sauce in turning employees into life-long insurance professionals.
1. Robin Price, Allen Tate Insurance Services LLC, Charlotte, North Carolina
I believe what we offer in our industry transcends age and other demographics. We are a highly personal business. Once people "get it," they understand that insurance is something familiar to everyone. It's relatable. It is a great industry for "people problem-solvers" and those with an analytical mind — ideally, some combination of the above. I think there is a wide range of people who can enjoy a successful career in our business. I'm looking for passion about selling, but also compassion for people.
2. Tom Harrison, SIA of the Great Lakes, Green Bay, Wisconsin
Agency sales culture is transitioning to accommodate multiple generations in different cultures. New sales staff come from all ages and walks of life. The key is identifying the traits necessary to be successful as a sales person. It's followed by a formal onboarding process in an environment highly structured with constant reinforcement, encouragement and high levels of accountability. Training includes spending time in industries working and volunteering to build the business acumen and the ability to counsel and lead as a professional rather than as a "quoting vendor" with little value and no differentiation.
3. Sue Hendrix, Insurance Store, Inc., Chesterfield, Missouri
Hire for sales ability — not knowledge of insurance, which can be learned. Our agency hired a totally green producer based on a referral from one of our clients. If the skill set for sales is there, learning the insurance piece is doable. This particular producer is in his fifth year with the agency and has already taken the Personal Lines CIC test and passed.
Reaching out to your client base can produce some amazing talent. I also think the more experienced producers/owners need to nurture the new producers for continued success; take them under their wing to assist with lead development. Universities that offer "insurance degrees" can also be a great way to recruit producers.
One last thing: Promote from within your organization. If you have folks with the talent for sales but are hesitant to go 100% sales, incentivize them with some portion of salary and commission.
4. Vincent Mannino, All Nevada Insurance, Inc., Las Vegas, Nevada
I believe we can attract new workers to our industry by giving them several monetary incentives to bring in their own business, as well as cross-sell other lines of insurance to our existing clients. This is, of course, on top of paying them a healthy hourly/salary rate. I also believe in full benefits for all employees. This includes medical, dental and vision, as well as having them participate in our 401(k) plan.
Offering them healthy and competitive pay, along with full benefits, is a sure way to attract new workers. At that point, they feel valued and consequently remain loyal to you and your agency.
Related: Be an agent of change
5. Paul Hammack, Professional Insurance Associates, San Carlos, California
Recruitment is the $64,000 question (does that show my age?). The insurance industry provides a wide array of employment opportunities. Whether your interest or passion is sales, underwriting, claims, accounting, loss control, risk management, customer service or technology, there is something for everyone.
Insurance is an industry that is not going away. Your earning potential is as high as you want to make it. Anyone can build a lifelong career with insurance. You can't say that for every industry. Just look at manufacturing in the United States. Insurance may not have the sizzle and pizazz of a startup technology company offering stock options, but it's a stable industry that is not going away.
Insurance and technology go hand in hand. The insurance industry is at a real turning point where the technology being developed today is going to shape the industry for decades. Those who become a part of the industry now will help shape and define the future.
One of the many things I like about owning my own agency is that I have the stability of the industry, and the personal flexibility to be my own boss and raise a family. If I want to coach Little League I can. I can earn as little or as much as I set my sights on by working less or more. My business is a part of the community, and I'm happy to be there when my neighbors and fellow business owners suffer a loss that requires my knowledge and expertise.
6. Robert Bizak, Rogers & Gray Insurance Agency, Inc., Kingston, Massachusetts
Approximately 90% of the sales executives we've hired over the past five years have been from outside the industry, and they've been extremely successful. This is in great part due to the effectiveness of our training and sales mentors.
I believe agencies need to create the right environment for the type of people they're trying to attract. For us, it is about our culture and identifying people that match and buy into our core values.
We also provide unique employee benefits to our employees, including access to two spectacular vacation properties. Our people bid on desired weeks based on seniority, and we always hear from them about how important this benefit is to them.
Related: Teach insurance literacy
7. Robert Mazey, New Jersey Agents Alliance LLC, Princeton, New Jersey
I think that we need to do more to expose people to insurance at a much younger age. The industry spends billions of dollars each year on marketing, but nowhere near as much in creating mediums in our educational system.
If there were more investment dollars allocated to heightening awareness about insurance career opportunities, it would be money well spent.
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