Insurance Agent Retention Methods How To Keep Your Top Producers
There is a huge reason why insurance carriers and their affiliated agencies are always recruiting agents on a regular basis
. The fact is that the insurance industry, particularly life insurance companies, has been having a high insurance agent turnover for quite a while now. It sometimes appears that insurance companies are always on a mad scramble to get more agents on their side of the fence.
If you look at the big picture, it will appear as though those insurance agencies and the very companies that create the insurance products that they sell are filling a bucket with a lot of holes in it. They will recruit qualified agents to fill up posts in their rank and file only to lose them after a period of time. Take note that they lose both their top performers and relatively average performing insurance agents. This has prompted experts in the field to survey the various factors that influence agent retention in the insurance industry.
Beginning Things Right Insurance Agent Recruiting
One of the key things that an insurance carrier can do in its agent retention efforts is to improve their recruitment solutions. This also means that they should make use of the top insurance agent databases. There are a lot of insurance agent lists out there but a considerable amount of effort should be made in order to ensure the quality of the lists that they are paying for.
Recruiting agents the best ones is the first step in the agent retention process. However, this is only the first step. Studies have shown that several factors have a negative impact on agent retention for many insurance companies.
Determining the Factors that Affect Insurance Agent Retention
People have asked questions as to what these said factors are. There have been several theories that have been formulated to this effect. Some ask if social demographics have a significant impact on the retention of great insurance agents. Some have asked if agent remuneration has a positive or negative impact on retaining agents.
Some have pointed to the allocation and resource strategies as a possible culprit that has negatively impacted employee retention for many insurance agencies. Some industry leaders have speculated that perhaps there is a relationship between the various working conditions and the prospect of retaining agents.
Others have pointed to improving the quality of training of new insurance agents. Others have speculated that since agent retention is the key concern that lack of continuing employee development is the culprit.
It can be seen here that there are a lot of areas that need to be investigated in order to formulate effective agent retention methods. Studies have narrowed everything down to six possible factors which include training and development, product knowledge, remuneration, resourcing strategies, social demographics, and working conditions.
The results of these studies are pretty interesting. Studies have shown that working conditions and using commissions as the method of remuneration have no negative impact on agent retention. On the other hand, it has been found that social demographics, training, product knowledge, and ongoing employee development have a direct impact on agent retention. It is recommended that companies should concentrate on these factors to help them retain their top producers.
by: AdvisorDatabases
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