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Top 3 Reasons Why People Leave the Ins. Industry

by Jan Alex, IA Contributing Reporter

Of those who leave the insurance industry, the most commonly cited reasons are issues of work-life balance and compensation, according to a study from Vertafore that assessed the state of the independent insurance agency workforce over the last four years.

The primary reason is compensation – nearly 60% of those leaving the industry stated their pay was the primary reason for leaving. Work-life balance followed close behind, factoring into over 50% of responses. Issues related to benefits (33%) placed third while promotions and retirement were the other most frequently mentioned reasons.

The study identified work-life balance and family life, as well as mental stress, as the most recurring themes in reasons for leaving the insurance industry. More than half of respondents said they would leave the industry for a better work-life balance, 84% indicated that while they would recommend the industry, they find it to be particularly stressful. However, according to the study, there may be an opportunity amidst the turbulence of the pandemic to alleviate the stress the workforce generally feels.

The last year has brought change to every aspect of life, especially work. As remote working became the new norm, the study asked respondents how they felt about working from home – yielding interesting results.

Out of all the respondents interviewed in the study, 67% said they would prefer a future with remote work as a permanent feature. Over half of the respondents said they favored a relatively even balance of in-person and remote work, and only 15% said they would prefer a full return to the office. In fact, some are even interested in continuing to work remotely on a full-time basis, with 18% saying they would prefer to remain working from home.

With the less-than-ideal retention numbers in the industry, the study suggests that many find the work-life balance more manageable from home.

The study also attempted to glean some answers to technology questions in the workplace and found that respondents felt strongly about having access to the necessary technological tools. Although the majority of respondents said they felt they had the “necessary tools" to do their job, 1 in 5 said they felt their lack of access to modern tools impacted their ability to be successful. u

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INSURORS 128th ANNUAL CONVENTION

SAVE THE DATE: OCTOBER 16-19, 2021 FEAT. MANLEY FREIBURG & PAUL OVERSTREET

THE NATIONAL ALLIANCE INFO MAP

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Introductory Series

1

Dynamic Series CISR

2

THE NATIONAL ALLIANCE INFO MAP

Map your career track and customize your learning experience by selecting the designations and course offerings that fit your needs.

Introductory Series CISR

Dynamic Series

WTH Seminars

CSRM CIC

CRM

CPRM Rubles

The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals. The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William

T. Hold Seminars

are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs. The Certified Insurance

Service Representative

(CISR) designation provides quality insurance education geared toward customer service representatives, account executives, servicing agents, new producers, and other professionals. The Certified School

Risk Manager (CSRM)

designation fills a need for quality risk management education for those associated with schools. The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The

Certified Risk Manager (CRM)

designation is recognized as being the foremost education available in the field of risk management. The

Certified Personal Risk Manager

(CPRM) designation yields the best training for meeting the needs of an affluent clientele. The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

2

WTH Seminars

1

The Introductory Series is a good choice for those interested in finding out more about the industry and industry fundamentals. The Dynamics Series, offers career-changing sales training. Providing a variety of pertinent topics, the William

T. Hold Seminars

are invaluable for expanding your insurance knowledge. The Dynamics Series can be used to meet update requirements across the designations. WTH Seminars satisfy update requirements for CISRs and CSRMs. CSRM

2

The Certified Insurance

Service Representative

(CISR) designation provides quality insurance education geared toward customer service representatives, account executives, servicing agents, new producers, and other professionals. The Certified School

Risk Manager (CSRM)

designation fills a need for quality risk management education for those associated with schools. CIC

CRM

3

3

CPRM

3

The Certified Insurance Counselor (CIC) provides an in-depth, practical approach to education for agents and other insurance practitioners. The

Certified Risk Manager (CRM)

designation is recognized as being the foremost education available in the field of risk management. The

Certified Personal Risk Manager

(CPRM) designation yields the best training for meeting the needs of an affluent clientele. Rubles

4

The James K. Ruble Seminars are advanced programs that offer a variety of specialty topics. CICs, CRMs, and CPRMs can meet their annual updates with a Ruble seminar.

2

We answer to main street, not Wall Street.

As a mutual company, we are owned by our policyholders. We focus our time, attention, and resources on delivering superior financial strength and stability, a comprehensive product portfolio, and most of all, on doing what’s right for policyholders. To us, policyholders are much more than insurance consumers. And because of that, all of our business decisions are made with a policyholder-first focus.

For more information about our products, please contact one of our territory managers at 615-889-2740.

Brent Potts ext 7514 Jane Kinard ext 7518 Bob Reeder ext 7545

Andy Wilder ext. 7528 Brent Potts ext. 7614 Jane Kinard ext. 7618

www.PennNationalInsurance.com