Remote work, flexibility noted
The pandemic has also changed the face of work for those of us in the insurance business. A new report on the state of the independent insurance workforce is showing how the pandemic changed the nature of work in the industry, what insurance professionals value about their work, and what independent agencies can do to support their people now and attract new talent in the future.
The Insurance Agency Workforce: Ripe for Flexibility, Innovation, and Investment in People details the results of Vertafore’s fourth annual survey of the independent insurance agency workforce. The report’s key findings show:
- Agencies may need to reassess the future of the five-day-a-week office culture
- Insurance professionals continue to find their work rewarding but also reported more stress in 2020
- Compared to previous surveys, fewer respondents plan to stay in the industry for more than 10 years and many are eyeing retirement
- Core InsurTech solutions are helping insurance professionals to be more efficient, but adoption of more modern tools remains modest
- Agents ultimately want more time in their day for meaningful client interactions
The majority of respondents reported working from home at least part-time during the pandemic. That may have implications for the future of the office. When asked about their ideal work environment, just 15% of respondents said they want to go back to the office full-time. Two-thirds of respondents would like some mix of time at home and in the office, while nearly 1 in 5 want to work fully remote.
“Organizations will need to listen to their people and keep an open mind for what the flexible workplace will look like in the future,” said Kristin Nease, VP of Human Resources at Vertafore, in a news release. “There is no one-size-fits-all solution. Organizations need to have open, authentic conversations with their team about what will and won’t work for their people and their business.”
The report also offers interesting insight on what insurance professionals want in 2021, including greater flexibility and more time with clients.
LMA Newsletter of 3-21-21