Insurance Network CEO Says Independent Agents Must Prepare for Looming Workforce Crisis
John Tiene, CEO of Agency Network Exchange, warned ANE member insurance agents that a workforce gap in the next decade will make it harder for independent agencies to find, recruit and keep new talent.
John Tiene, CEO of Agency Network Exchange, warned insurance agents at the ANE annual conference today that an unprecedented workforce gap in the next decade will make it harder for independent agencies to find, recruit and keep new talent, and ultimately stay in business. The Bureau of Labor Statistics predicts the insurance industry will have an estimated 400,000 job openings by the year 2020.
“The workforce crisis will be hardest on smaller insurance agencies with aging staff in their 50s today. Fewer producers and personnel could have big impacts on revenue and customer service that will drive existing clients away,” Tiene said.
“Tech-savvy agents who embrace mobile technologies and social media will be in a better position to compete for talent.”
Nearly 50 percent of the industry’s workforce is above the age of 45, with only 27 percent under age 35 in line to replace them. Millennials, the largest group entering the workforce, make up 25 percent of the U.S. workforce today and will be 50 percent of the global workforce by 2020. (BLS)
According to Tiene, “Insurance companies are creating innovative internship and training programs that give Millennials an opportunity to explore careers in insurance and help attract talent from outside traditional channels.”
The keynote speaker at this year’s ANE Conference was Noelle Codispoti, executive director of Gamma Iota Sigma, an international fraternity for students of insurance, risk management and actuarial science. She discussed the talent gap statistics in the insurance industry and how Millennials are responding to recruitment efforts.
“Students starting in entry level positions today are more focused on company than cash,” said Codispoti. “Companies should be open to discussing not only compensation and career growth, but also the support they are willing to give the individual in terms of professional development, as well as the company’s community outreach efforts and commitment.”
The ANE conference was attended by more than 160 independent agents and other insurance professionals from New Jersey, Pennsylvania and Delaware. In addition to the keynote presentation, the event featured breakout sessions for agency owners, producers, account managers and CSRs.
See the full press release on PRWeb here!
ANE Adds Seven Agencies in New Jersey and Pennsylvania
More than $22+ Million in New Business Premiums Written Last Year
ANE, Agency Network Exchange, LLC announced it added seven new agencies in Pennsylvania and New Jersey last year to grow its membership to more than 50 independently owned and operated agencies. The network, which began with just seven agencies in 2009, helped its members write more than $52 million in new business premiums over the last three years and paid more than $5.6 million in profit sharing to members in the same period.
"ANE's continued momentum across New Jersey and Pennsylvania demonstrates that our business model is working for independent agencies that want to stay competitive and grow," said John Tiene, CEO, ANE. "ANE will continue to add talent, realign staff and invest in technology that drives our members' success and helps us achieve our goal of expanding the network across the Mid-Atlantic states."
ANE added four agencies in New Jersey:
- U.S. Insurance (Newton, NJ)
- Richards & Summers (Denville, NJ)
- Livingston Insurance Agency (Livingston, NJ)
- Fidella Insurance (Mount Laurel, NJ)
ANE added three agencies in Pennsylvania:
- Absolute Insurance Agency (Upper Chichester, PA)
- Commercial Insurance Providers Group (Levittown, PA)
- The DeAngelo Company (Wyomissing, PA)
ANE Personnel Announcements
ANE also named Neal Stanley as interim Chief Operating Officer and consultant. Stanley joined the ANE Board of Directors in 2016 as its first independent member. Jocelyn Rineer was promoted to Vice President, Field Operations.
Stanley has over 40 years of experience as the president or senior officer of insurance companies and agencies. He recently retired from United Valley Insurance Services, Inc., one of the nation's largest agency networks, where he was a director and COO. He continues in a consulting role with the company, assisting its member agencies in perpetuation and acquisitions.
Rineer joined ANE from E&K Agency, Inc. of Eatontown, NJ, where she served for 15 years as Commercial Lines Marketing Manager with responsibility for placing a wide variety of commercial lines risks with numerous standard and wholesale outlets. As Director of Field Services, Rineer was the primary contact for ANE's New Jersey members. A licensed producer, Rineer is also a Certified Insurance Counselor.
Help Your Agency Meet Customer Expectations
With 2.4 billion smartphone users by the end of 2017, how is your agency providing assurance to customers?
Insurance buyers turn to independent agents for assurance that the bases are covered and their risks are mitigated by a professional. Their expectations for engagement with their agent during this process has changed rapidly and will not stop evolving. Focusing on an Omni-channel experience with your client will satisfy their need for fast interaction, but still provide personalized touches only an independent agent can provide.
Empowered by technology, your customers have more leverage than ever before. You as an agency principal or staff have to embrace four imperatives:
- For speed, tap into mobile connections.
- For intelligence, set up systems to gather customer knowledge.
- For impact, build a better customer experience.
- To become more flexible, embrace digital transformation.
Meeting these changing customer expectations is hard and not every agency will pursue it equally. Watch Ellen Carney, Principal Analyst at Forrester Research, Inc. teach us about data driven marketing, customer buying habits, and the future of the independent insurance agency.
Forrester Analyst Says Insurance Agents Must Embrace Digital Technologies to Stay Relevant at 2016 ANE Conference
At the Agency Network Exchange Annual Conference this week, Forrester Principal Analyst Ellen Carney told independent insurance agents they must exploit digital technologies that create value and increase operational agility to stay relevant in the face of new competition from digital "disruptors" that are changing the way insurance is sold and serviced.
In Carney's keynote, "The Agent in the Age of the Customer: The Customer-Driven Changes that are Remaking Insurance," she outlined four market imperatives for independent agents:
- Turn big data into business insights
- Transform the customer experience
- Embrace the mobile mind shift
- Accelerate your digital business
"Agents who want to succeed must change how they do business by embracing the digital technologies today's consumers are looking to utilize," said John Tiene, CEO, ANE.
"Change is never easy, but it is essential and necessary to keep clients from migrating away from independent agents. ANE is helping our agents succeed by giving them the tools they need to transform their businesses."
Last year, ANE announced an agreement to make Vertafore the exclusive provider of agency management technology solutions for ANE members. ANE agencies receive preferred support and pricing for the Vertafore Agency Platform -- comprehensive software that helps agents easily and economically grow new business, retain clients, maximize profitability and manage business lines.
The ANE conference was attended by more than 160 independent agents and other insurance professionals from New Jersey, Pennsylvania and Delaware. The event featured six break-out sessions for agency owners, producers, account managers and CSRs. Carney also participated in a panel with executives from The Hartford, Selective Insurance Company and Vertafore to discuss "What Agents Need to do to Stay Relevant."