Insurtech Industry Report: 20% of Insurance Professionals Reported Changing Companies in 2021 due to Salary Requirements

Vertafore, which claims to be the leader in modern insurance tech, recently released its annual insurance workforce survey report, titled “The Insurance Agency Workforce: Evolving into the next normal.”

Based on responses from over 1,300 insurance professionals, the report “includes insights on how independent agencies and MGAs responded to the Great Resignation, what attracts individuals to the insurance industry, factors that can keep employees in seat and how workers feel their agency is responding to technology modernization.”

Findings from Vertafore’s fifth annual report include:

  • One in five insurance professionals “reported changing companies in 2021, and financial considerations such as salary and bonuses were key drivers.”
  • In the face of staffing challenges, nearly 80% of agency owners and principals “reported making changes to retain their employees, including increasing compensation, offering flexible schedules and adding remote work options.”
  • As in previous years, most respondents (78%) would “recommend a career in insurance. However, that number dipped by 7% compared to 2020.”
  • Women made up more than 60% of all respondents but “comprised less than 30% of those who identified as an owner or principal.”
  • While three-quarters of survey-takers felt InsurTech has had “a positive impact on their agency in the past two years, more than half also said their agency could do a better job staying up-to-date with tech advances.”
  • Insurance professionals want more time in their day “to work with clients and identified automation and client digital engagement tools as the two most significant modernization trends for agency growth.”

Survey responses show that the insurance industry “is populated with people who are committed to their clients and community.”

While insurance was not immune to the Great Resignation, many agencies have been “proactive about making changes to keep their talent.”

And insurance professionals “are optimistic about technology advancements, but also feel their agencies have room to improve.”

You may access the 2022 report, “The Insurance Agency Workforce: Evolving into the next normal,” to view all findings.

As one of North America’s Insurtech “leaders” for over 50 years, Vertafore claims that it is “modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most.”

Vertafore’s solutions “provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.”

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