According to Microsoft’s 2022 Work Trend Index, 41% of the global workforce is considering a job change in the next year and 46% are planning to make a major career transition. This reality demands that employers pay closer attention to retention.
Across the insurance industry, many of the factors causing a large number of insurance agents to consider resignation include – a lack of tools to perform their daily tasks, poor training, unstructured processes, and general work dissatisfaction. By streamlining tasks, reducing data siloes, and eliminating many of the different operational complexities that frustrate workers and negatively impact outcomes, agencies can make employees’ jobs easier and less complex. This, in turn, aids retention.
Across insurance businesses, agents and brokers have to maintain the systems and daily business processes. When these individuals are dealing with multiple systems and these systems don’t integrate easily or work together, it can be incredibly frustrating.
It is not uncommon for insurers to approach digital transformation by investing in a range of new technologies to help agents and brokers work faster. But all these new systems can often slow people down, causing employees to bounce from one system to another in order to complete their daily tasks. And instead of focusing their energy on selling insurance products, they spend their time recapturing data. Added to this there is often a relatively steep learning curve involved in coming to grips with new solutions. Lastly, collating data from several disparate systems to compile reports is challenging.
When brokers and agents are manually inputting data into multiple solutions, this can result in errors and omissions. The manual entry of data is incredibly time-consuming and so, unsurprisingly, it can have a negative impact on job satisfaction. When one considers that agents and brokers are spending more than 50% of their day capturing and keying in data, there is no way that these employees have the time to properly service customers and provide them with the insurance products that are best suited to their needs.
All of this negatively impacts on the employee experience, driving staff to look for work opportunities elsewhere. It also results in longer time to value.
Research around employee satisfaction offers a number of best practices that business leaders should follow to boost employee retention. One of these highlights how deploying the right tech-enabled tools can improve the employee experience and help staff feel more content in their roles.
With the right tech stack in place, there is less stress and frustration in the workspace and so insurance agencies have more productive and happier teams. But it’s not only about putting the latest and greatest tools and technologies in place. As part of an insurance agency’s tech deployment strategy, agencies must make sure that their employees have the right technology set-up., If all the systems insurance teams are using have been well integrated, agents will have improved visibility of client data and can serve clients based on the most up-to-date and relevant information.
With Synatic, insurance agencies are better positioned to keep employees productive and happy. Synatic allows agents to easily and seamlessly work with their data in different ways, as they see fit. Gone are the days of manual data entry. Synatic’s Hybrid Integration Platform empowers agencies to break free of the restrictions imposed by tedious manual processes, thus reducing the risk of omissions, duplications and error. By making it easier for agents and brokers to connect disparate and siloed systems and automate manual processes, agencies can combat burnout and provide their teams with a great technology experience.
Synatic is a single, unified data platform that provides the right ETL, integration, API management and Warehousing tools so that you can easily shift the administrative burden currently sitting on the shoulders of your agents and brokers.
If you want to learn more about how you can improve your team’s work experience and increase employee retention, contact Synatic today.