Understanding and working successfully with agents is a necessity for insurers, but in order to do so, insurers need more information about these agents. CareerBuilder released results of nearly 1,000 agents, as well as a sample of insurance employers, focused on what agents like and dislike most about the job, whether or not employers meet the needs of agents, and how employers can confront key retention and recruitment problems. According to the report, “Maintaining a Talented Workforce: What Insurance Companies Need to Know,” attracting and retaining talent remain two of the most intractable challenges facing the industry. The study dove into what’s contributing to these challenges. In their current positions, agents most dislike heavy cold-calling, no employee benefits, little support in finding customers and inadequate compensation.
In fact, compensation was listed as agents’ top reason for turnover, behind cold-calling, unrealistic production expectations, lack of benefits and links between efforts and outcomes. Meanwhile, two-thirds of employers surveyed say the main cause of agent turnover is poor fit for the job, and only about a quarter of insurance employers identify compensation as a major factor in agent turnover.
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