Addressing High Staff Turnover Through Intelligent Data Management

According to the U.S. Bureau of Labor Statistics, about 500,000 insurance employees will retire in the coming decade and there will be about 52,700 openings for insurance agents each year to replace workers who leave. Those jobs will probably be taken up by millennials, but a survey by The Institutes found that 80 percent of millennials have limited knowledge of insurance career opportunities.

Insurance agencies therefore have a dual challenge:  

  1. How to appeal to a younger generation who want a more innovative workplace where modern technology and practices are used
  2. How to reskill current employees on new technology to keep them from leaving.

Insurance Workplace Challenges

Across the insurance industry, several factors are causing a large number of insurance agents to consider resigning. These include

  • A lack of tools to perform their daily tasks
  • Unstructured, manual processes
  • Poor skills development
  • General work dissatisfaction  

Synatic’s Data Integration Hub (DIH) allows insurance agencies to streamline processes, adopt new tools to make work easier, and reduce the silos that prevent communication and collaboration between disparate teams and systems.

In recent years, agencies have adopted a number of new systems and these may force employees to bounce from one system to another in order to complete their tasks. This usually means wasting time recapturing data. By eliminating the operational complexities that frustrate workers, agencies can make employees’ jobs easier and less complex. This, of course, improves staff retention.  

Older, experienced agents are a benefit because they can quickly identify problems with data and how to deal with them. They are used to working on tasks which are manual, difficult to deal with, and time-consuming. When new agents arrive it can take three to six months for them to get up to speed with the agency's labor-intensive processes. However, these outdated processes and technologies can be frustrating and demotivating for employees, especially if they are spending more than 50% of their day capturing and keying in data.  

Manual data entry is error-prone and time-consuming, which has a negative impact on job satisfaction. If an agent has to deal with hundreds of accounts on a daily basis it can become difficult for them to focus on other more value-adding tasks. This frustration can build up and lead to burnout and staff turnover.  

For the younger generations of insurance agents, there is a focus on finding a conducive work environment that equips them with the tools necessary to perform their work. Agencies can help boost morale by leveraging Synatic’s comprehensive toolset to alleviate the frustration of manual work and create a more positive work environment.

How Synatic can Improve Agency Work

Synatic Agencies to integrate data from older solutions with more user-friendly modern solutions providing agents with all the data they need in one place. Agencies don't need to get rid of their old technologies, rather they can take advantage of the capabilities that more modern solutions are able to provide their agents with.

Synatic’s Data Integration Hub empowers agencies to automate their data bypass the need to continue to rely on tedious and outdated manual inputs and processes. This reduces the risk of error while increasing the potential for agencies to connect the data dots, allowing them to gain a far richer understanding of clients and their insurance needs.

By adopting a modern insurance data management solution, like Synatic, to improve work processes and activities, agencies can achieve several benefits.

  • Decrease hiring costs through staff retention
  • Retain staff and create a more highly skilled workforce
  • Reduce job transitions and time to gain knowledge
  • Improve customer relations as clients can get to know employees

If you want to address high staff turnover through intelligent data management and improve your agency’s work environment, contact Synatic today.

Wesley Borain
September 26, 2023
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