HILLSDALE, N.J.--(BUSINESS WIRE)--Insurance companies conduct critical analysis of agency culture as part of re-envisioned advisor and customer experience. FlexPaths, LLC, in partnership with major insurers across the U.S. and Canada, has released an industry white paper entitled, “Building the Bridge for Culture Change: A Mandate for 2020.” Companies included The Guardian Life Insurance Company® as Platinum Sponsor, joined by Thrivent Financial, Bankers Life, Penn Mutual and London Life. The report takes aim at the current insurance agency model given the changing expectations of a digital, diverse and dispersed workforce and client base.
“While insurance companies are investing at a staggering level in transformation portfolios - these companies recognize that even with the anticipated success of strategic and operational initiatives, without an equivalent, investment into the future of the agency system – the front line will not be prepared to meet the requirements of next generation recruits and customers,” says Meryl Rosenthal, CEO & President of FlexPaths, LLC, a human capital consultancy. “As workplace culture is increasingly viewed as a driver of productivity and retention, by both progressive home office and field leadership, I am optimistic that this study will be a catalyst for substantive change between now and 2020,” Rosenthal concluded.
FlexPaths conducted the in-depth exploration into the people, processes and practices of insurance distribution. This included surveying several hundred agency leaders, approximately 1,400 advisors across the participating firms, and a series of 1-1 interviews with leaders. “Our focus at Guardian is creating a superior advisor experience that builds successful advisors across multiple dimensions of diversity. We believe workplace culture is key to that. This research gives us insight into where more work is needed to further elevate how we partner with our firms and their teams to remain relevant to the markets we serve,” stated Emily Viner, Vice President, Agency Growth & Development.
With a vast amount of data collected, missed opportunities around leadership, the advisor experience, culture, teaming, rewards & recognition, that cut across tenure, gender and generation, were identified. Select findings include:
- Despite understanding of market and customer trends, low projected targets of women prevail, both as advisors and leaders, between now and 2020.
- Few plans to reconfigure core processes, such as selection and onboarding, to appeal to women and millennials.
- The scarcity of critical feedback opportunities does not allow for the collection of objective data that could help improve retention.
- While most agencies employ teaming and mentoring, in general they are not tailored across advisor types.
- Given unprecedented market and technological changes, tenured leaders need incentives and personal support to remain engaged and appeal to a changing customer base.
For over a decade, FlexPaths has partnered with global, Fortune 1000 companies to prepare their people for an optimal employee experience resulting from workstyle and workplace initiatives.