Remember that famous Tweet from Sir Richard Branson, “Train people well enough so they can leave, treat them well enough so they don’t want to.”
Most agency owners and principals consider their front-line agents as their most valuable asset. Yet they admit that it can be a struggle to support employee learning and development. Agents often juggle the demands of customers while keeping up with rules and regulations or internal work processes and tools. The pace of technology changes and an aging workforce is putting a lot of pressure on younger insurance professionals. Indeed, in a recent U.S. Bureau of Labor Statistics publication based mostly on employer surveys for the Finance and Insurance sector’s unemployment rate was at 1.5% as of August 2022.
This development has some owners looking for faster and cost-effective ways to hire agents. However, keeping new hires engaged and giving them the tools to succeed on the job also merit focus. After all, the cost of replacing an employee averages one-half to twice their annual salary, according to Gallup. So, whether it’s through knowledge transfer from experienced agents or on-demand access to learning resources and continuing education, investing in employee development could save costs and grow revenues in the long-run. Now, if you’re still asking that question, “What happens if we train them and they leave?”, then consider instead, “What happens if you don’t train them, and they stay?” A poorly trained agent is probably not going to meet their performance goals or serve your customers effectively. What steps are you taking to close the talent gap?
At Unadio, we are well-aware of the lack of access to insurance professionals with expertise in areas such as plan design, compliance, benefits, or ethics. We have created a community where experts grow thought leadership by sharing knowledge in the form of lectures, case studies and other on-demand learning resources. So, whether you’re looking for a cost-effective way to bring your agents or brokers up to speed on industry trends or an expert looking to turn your best practices into CEs and earn revenue, join us to help close the insurance skills gap.
