Adapting to the Changing Insurance Industry

Adapting to the Changing Insurance Industry

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By, Bryan Fields, Sr Sales Representative

The insurance industry is experiencing a revolution. GreatInsuranceJobs.com’s recently-released 2017 Insurance Industry Employment and Hiring Outlook Survey provides an inside look at hiring trends in the national insurance industry, and things are definitely changing.

In the past few years, the insurance industry has experienced tremendous growth and expansion, which means that hiring is at an all-time high. According to the survey, more than 11,500 new job opportunities in the insurance industry will be available in the last three quarters of this year and many of those new positions can be attributed to advancements in technology. But with growth comes growing pains.

With 25% of insurance workers planning to retire soon, managers in the insurance industry are faced with finding quality, qualified personnel to fill their open requisitions and enable them to grow or just replace retiring baby-boomers. This staffing crisis is being compounded by the overall growth the industry is experiencing. And while the insurance industry is thriving, it’s often overlooked by people as a career choice, especially recent graduates. However, the technological revolution is shaking up the insurance industry and new opportunities are being created with tech-savvy millennials in mind.

But even if hiring managers can sort through piles of applicants to find the right people, it will likely cost organizations more to get them hired and retain qualified personnel. If you consider the cost of training, supervision, work stations, IT equipment, office space and employee benefits, the cost of a U.S.-based employee can add upwards of 40% to the annual base salary. But the problems don’t end there. Retaining the top performers will inevitably become more challenging as the competition for their services will almost inevitably escalate. With this in mind, it is more important than ever for insurance companies to find ways to keep their best employees happy and productive. Allowing employees to focus on revenue-enhancing or career-path skillsets is a terrific way to make that happen, and removing the “grunt work” that generates the least ROI for the business is one way to facilitate that focus.

Furthermore, controlling an organization’s costs is a critical element in promoting stability and enabling growth. Growth is the strongest universal factor that will increase the career growth opportunity for every individual within an organization.

What are insurance companies to do? As it becomes more challenging and more expensive to recruit and retain top talent, insurance companies are reevaluating their business models and are in search of new ways to retain a talented workforce, meet growing industry demands and remain profitable. Utilizing the expertise of an experienced outsourcing consultant like Vantage Agora is a low-risk, high-return strategy that can accelerate returns while improving service and quality levels.

Outsourcing solution partners provide a backstop for clients by helping them to address their difficulty in finding the personnel who can deliver quality and affordable service to their clients. Those high-performing employees, combined with lower overall expenses, will give forward-thinking organizations an edge over their competition.

Vantage Agora enables organizations to focus their managers and producers on acquiring new customers, servicing and cross-selling existing clients, and improving their bottom lines instead of focusing on lather-rinse-repeat processes like hiring CSRs and issuing certificates of insurance.

We make it easy for business owners and managers to keep their people focused on their customers and increasing revenue. The experience and productivity that Vantage Agora can provide minimizes startup effort and maximizes the return on how quickly benefits are realized.

Is your company prepared for the revolution? Contact us today to find out just how easy it is to get started.

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