Vertafore, the leader in modern insurance technology, released its annual insurance workforce survey report, titled “The Insurance Agency Workforce: Evolving into the next normal.”
Based on responses from more than 1,300 insurance professionals, the report includes insights on how independent agencies and MGAs responded to the Great Resignation, what attracts individuals to the insurance industry, factors that can keep employees in seat and how workers feel their agency is responding to technology modernization.
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Findings from Vertafore’s fifth annual report include:
- One in five insurance professionals reported changing companies in 2021, and financial considerations such as salary and bonuses were key drivers.
- In the face of staffing challenges, nearly 80% of agency owners and principals reported making changes to retain their employees, including increasing compensation, offering flexible schedules and adding remote work options.
- As in previous years, most respondents (78%) would recommend a career in insurance. However, that number dipped by 7% compared to 2020.
- Women made up more than 60% of all respondents but comprised less than 30% of those who identified as an owner or principal.
- While three-quarters of survey-takers felt InsurTech has had a positive impact on their agency in the past two years, more than half also said their agency could do a better job staying up-to-date with tech advances.
- 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 modernization trends for agency growth.
Survey responses show that the insurance industry is populated with people who are committed to their clients and community. While insurance was not immune to the Great Resignation, many agencies have been proactive about making changes to keep their talent. And insurance professionals are optimistic about technology advancements, but also feel their agencies have room to improve.
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