3 Crucial Tips For Recruiting In The Insurance Industry
Have you been curious about how to recruit in the insurance industry? As an area of work sometimes deemed to be dry, we have some tips for attracting and retaining the best talent!
With the average age of insurance agents estimated to be 59 years old, the insurance industry is facing what’s been called a “silver tsunami” of retirement. It’s no surprise then that 58% of insurance companies plan to recruit and hire within the next 12 months.
The need to hire more insurance agents is also driven by the fact that the industry is relatively recession-proof: people need insurance whether the economy is up or down. Recruiting for insurance faces its own challenges, however, mostly related to its less than glamorous reputation.
To help you overcome these challenges, here are three crucial tips for recruiting for the insurance sector.
1. Highlight the value proposition of working in insurance
A recent survey of insurance agents found that 81% stated financial stability was the most important factor for staying in the industry, 78% enjoyed the work-life balance working in insurance provided, and 75% stayed due to career development.
These factors are among the top reasons why employees are attracted to and stay in their roles. Ensure your recruiting strategy highlights these coveted benefits of working in insurance especially because they might be a surprise to some candidates.
2. Match your consumer base by recruiting Millennial’s
KPMG identified the “millennial factor” is one of the biggest headwinds facing the insurance industry. As Millennials and younger generations are ignoring the traditional triggers for purchasing insurance, 86% of insurance CEOs state they are concerned about the influence of these consumers.
One of the most effective ways to target this younger consumer base is by recruiting Millennials to service their peers. Attracting younger employees requires insurance companies to adopt an employer brand that’s innovative and progressive by adopting industry-changing trends such as analytics and technological advances.
In addition, according to a survey of Millennial insurance agents, their favorite things about working in insurance included the flexibility to set their own schedule, being rewarded for hard work, and the entrepreneurial nature of the role. Surveys of Millennials all have these as factors that are effective for attracting them as employees so match your recruiting value proposition to what they are looking for.
3. Leverage new recruiting technology to improve candidate experience
One major way Millennials are true to their stereotype is their appreciation for technology. Among Millennial insurance agents, 86% of respondents said technology in the workplace is increasing and enabling them to better reach serve customers.
When it comes to recruiting, today’s candidates expect this technology-driven “consumer first” mentality and service. This translates into significantly faster time to fill and ongoing and personalized communication. To meet these expectations, recruiters are leveraging innovations in tech such as AI-driven screening that can reduce top-of-funnel activities by screening thousands of resumes instantaneously.
Candidates are realistic, however, and understand that not every part of the recruiting cycle can include the human touch. Companies are scaling communication among hundreds or even thousands of applicants through chatbots, which can help with initial candidate communication such as FAQs about the job.
These recruiting tools free up recruiters’ to build relationships and educate candidates on the many benefits of a career in insurance.