Today’s corporate landscape is constantly changing. On top of strict regulations and tighter budgets, technology is disrupting the insurance industry in a big way.
In the past, agencies needed nothing more than a pen, paper, and telephone to conduct business. But times are changing. Cutting-edge agency software is no longer a luxury. It’s a requirement.
But this isn’t a bad thing. Technology doesn’t just make your job easier – it’s a great way to keep your employees happy.
In January 2016, Vertafore (parent company of QQSolutions) commissioned an independent study with Hanover Research. We were surprised to find that technology plays a big role in job satisfaction.
If you want to read the study, click here; otherwise, here are some of the key findings from our survey:
1. Software has an impact on job satisfaction for your agency
Not just any software will do. According to Hanover Research, there were three important features or benefits that actually improved job satisfaction. The best software is:
- easy to use
- designed specifically for the insurance agency
- facilitates multitasking
Employees that work in agencies with software that possesses all of these qualities were more satisfied than others. And since employee turnover is high, this is a critical consideration for agencies considering a software upgrade.
2. Culture, benefits, and career opportunities affect turnover
According to PropertyCasualty360, 25% of today’s insurance workers will retire by 2018. Building a “technology first” company culture today makes it easier to attract and retain tomorrow’s top producers.
We live in a world where you can buy groceries with your smartphone and people talk to each other without speaking a word. Our hiring processes, business systems, and even the way we interact with others is significantly different today than it was just a few years ago.
The average age of today’s top producers is 59, meaning you’ll be hiring people that have never heard of a Rolodex or used a fax machine. They will want to work in the cloud and communicate differently than you’re used to.
This isn’t a threat to your business, but an opportunity to hire and retain top talent that will reach customers your company hasn’t been able to reach. These future insurance superstars will work much differently than you, and to keep them around you will need to give them not only the culture they desire, but also a good compensation and benefits package. Our study found that 53% of independent insurance agents say pay and benefits play a substantial role in employee turnover.
3. 96% of agency employees are satisfied at jobs with modern software
Would you want to struggle with the tools necessary to do your job on a daily basis?
Neither do your employees. Millennials who grew up in the digital age aren’t going to be happy at a job that relies on handwritten client files, fax machines and reams of paper to get things done.
Because millennials now have insurance needs of their own, agencies need to move from pen and paper to the cloud in order to keep employees around who can best serve this new generation of insurance customers.
What This Means for You
Though you may be hesitant to adopt new technology for your agency, the future of your business depends on your ability to recruit and retain top talent who expect to be provided with modern day business tools.
Because job satisfaction and technology are so closely aligned, you owe it to yourself to become comfortable with the tools available. You’ll be happily surprised to find they will save you money and position your agency to serve a new generation of tech-savvy customer.
View the findings of the study and download our free e-book: “Managing Your Agency Workforce in the Digital Era” by clicking the link below:
Managing your agency workforce in the digital era: strategies and solutions for maximizing employee performance and engagement >
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