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To make clear how the scenario has impacted the trade, skilled recruiting companies supplier the Jacobson Group, together with insurance coverage big Aon, carried out analysis within the third quarter of final 12 months. The organizations’ insurance coverage labor market research has discovered that trade professionals who had been ready to make strikes earlier within the pandemic have begun exploring their choices and re-evaluating their present roles, which resulted within the recruiting course of – particularly at skilled ranges – changing into “extraordinarily aggressive.”
The report additionally revealed that greater than half, or 56%, of insurance coverage corporations have plans to extend their workforce within the subsequent 12 months, exacerbating the already aggressive “warfare for expertise.”
Read extra: ‘Great resignation’ piles pressure on life insurers
What can insurance coverage corporations do to draw and retain expertise?
Global administration consulting agency McKinsey identified how corporations – not simply within the insurance coverage trade – can benefit from the pandemic to provide employees an impressive worker expertise by taking time to take heed to and interact with their workforce.
The agency surveyed nearly 1,000 people to evaluate their views on work and the way these have modified because of the COVID-19 disaster. The consulting big then recognized a number of elements that assist create the appropriate working setting for workers. These embody:
- A way of social cohesion and objective
- Collaborative groups
- Clear tasks and alternatives to be taught and develop
- An organizational sense of objective that aligns with staff’ private values
- An acceptable bodily and digital setting that provides workers flexibility to attain a work-life steadiness
Apart from these, wage and advantages stay key in attracting and retaining expertise. A current survey by skilled companies agency Voya Financial confirmed that 60% of US employees are paying extra consideration to the advantages that their employers present due to the pandemic. More than two-thirds, or 68%, of the over 1,000 respondents additionally anticipate office advantages to play a vital position of their future job choice.
Read extra: Young talent in insurance – the benefits of bringing them in
Which are one of the best insurance coverage corporations to work for?
To discover out which insurers within the US present one of the best work setting that paves the best way for workers to thrive and develop each professionally and personally, Insurance Business went by a number of trade rankings, together with Fortune’s 100 Best Companies to Work For 2022. We additionally checked out every insurer’s web site to see what advantages they provide staff and what current awards they’ve obtained that mirror their dedication to worker well-being. Here are those that got here up on high. The record is organized alphabetically.
1. Allianz Life
Headquarters: Minneapolis, Minnesota
Number of staff: 2,200+
Allianz Life Insurance Company of North America (Allianz Life) is a subsidiary of Allianz SE – one of many largest monetary companies suppliers on the earth. It offers a variety of retirement options, together with life insurance coverage for people and stuck and variable annuities.
For the eleventh consecutive 12 months, Allianz Life has been named in Fortune’s 100 Best Companies to Work For, putting quantity 77 in 2022. According to its LinkedIn profile, the corporate presents a “inventive, collaborative working setting with ongoing profession improvement alternatives.” Apart from aggressive compensation, Allianz Life offers a variety of advantages, together with tuition reimbursement, worker inventory buy plans, and a beneficiant retirement financial savings plan.
2. American Fidelity Assurance
Headquarters: Oklahoma City, Oklahoma
Number of staff: 2,000+
American Fidelity Assurance Company is a supplemental advantages supplier that serves multiple million policyholders throughout 49 states. It caters largely to employers within the training, public, automotive, and healthcare sectors. Among the services and products it presents are supplemental insurance coverage, reimbursement accounts and administration, cease loss insurance coverage for self-funded plans, Section 125 Plan administration, on-line advantages enrollment software program, and affected person safety and Affordable Care Act (ACA) consulting.
American Fidelity was a part of Fortune’s 100 Best Companies to Work For final 12 months, securing the 53rd spot. It was additionally named among the many nation’s Top Workplaces in IT by IDG’s Insider Pro and Computerworld.
“The pandemic put a variety of strain on IT, however thankfully we had methods in place that made it attainable for us to seamlessly transition to our workforce being practically 100% distant with out impacting our enterprise,” stated Diana Bittle, senior vice-president and chief data officer at American Fidelity. “I’m happy with how our staff jumped on the challenges this 12 months introduced, and we had been capable of shortly implement new know-how to raised serve our clients and colleagues.”
Read extra: How to help your employees thrive
3. Farmers Insurance
Headquarters: Woodland Hills, California
Number of staff: 21,000
Farmers Insurance Group is likely one of the nation’s largest suppliers of auto, properties, and small enterprise insurance policies. Taking care of its staff is a high precedence for the insurer. To do that, it has carried out a variety of how to supply worker assist, together with the Farmers Family Fund, which permits the Farmers group to reply shortly when staff expertise monetary hardship. Since its launch in 2012, this system has supplied greater than $2.5 million in grants to assist staff.
The firm additionally exhibits its dedication to range and inclusion by sponsorships of a broad vary of worker teams, together with the Women’s Inclusion Network, Farmers Pride, Veterans & Advocates, Farmers Asian Alliance, Somos Farmers, Black Professionals Alliance, Disability Inclusion Group, Farmers Future, FarmersMatch, and Parent Connect.
Farmers ranked 89th within the 2022 Fortune 100 Best Companies to Work For.
4. Lemonade
Headquarters: New York, New York
Number of staff: 1,100+
Lemonade makes use of synthetic intelligence and behavioral economics to supply householders, renters, rental, automotive, pet well being, and time period life insurance coverage insurance policies to purchasers throughout the US. The insurtech agency’s insurance policies are 100% digital. It offers quotes, underwrites and sells insurance policies, and handles and pays claims through a web based app. The firm additionally prices a flat payment and pays claims “super-fast.” Lemonade as soon as famously granted a declare in three seconds by leveraging chatbots for coverage queries and claims and fraud detection.
Lemonade can also be a public profit company and a Certified B Corporation. It operates an annual giveback program, the place it donates unused premiums to non-profits chosen by its group. Since 2017, the corporate has given again nearly $4.3 million to varied charitable establishments throughout the US. In 2021 alone, Lemonade has donated greater than $2.3 million to 65 non-profit organizations, together with American Forests, Malala Fund, Charity: water, and CURE Childhood Cancer.
Fast Company acknowledged Lemonade’s giveback program in its record of World Changing Ideas for 2021. That identical 12 months, Inc. Magazine dubbed the agency as one of many Best-Led Companies and a Best Workplace in America.
Read extra: Lemonade giveback offer shrinks but campaign fizzes
5. Liberty Mutual
Headquarters: Boston, Massachusetts
Number of staff: 45,000+
Liberty Mutual Holdings Company Inc. is the sixth-largest P&C insurer globally and fourth within the US. The agency presents a variety of insurance coverage services and products, together with private car, householders, specialty strains, reinsurance, industrial multiple-peril, employees compensation, industrial car, normal legal responsibility, surety, and industrial property.
In 2019, Liberty Mutual unveiled its multi-year plan to extend range, fairness, and inclusion for all staff. The plan supplied accountability and transparency by setting and publicly reporting on long-term objectives to extend the illustration of girls and other people of coloration in any respect ranges of the enterprise within the US.
A 12 months later, Liberty Mutual was acknowledged among the many “Best Workplaces in Financial Services & Insurance” and “Best Workplaces for Parents” by Great Places to Work. Despite the challenges led to by the COVID-19 pandemic, 92% of the corporate’s total workforce reported that they had been “extraordinarily glad” with Liberty Mutual as a spot to work, up from 85% the 12 months prior.
In the identical 12 months, the corporate established its first-ever Global Employee Experience operate aimed toward taking a extra “holistic, inclusive, and data-driven strategy” to understanding what issues to staff and dealing with them to co-create distinctive experiences. It additionally launched Moments that Matter, a brand new initiative to determine and map a very powerful moments that affect worker experiences on the firm.
In 2021, Liberty Mutual has been named a Forbes Best Employer for Diversity and Best Employer for New Graduates, by providing ample alternatives for all staff. Many of the corporate’s government management have additionally been awarded for his or her excellent dedication to the worker expertise.
Read extra: Why an insurance VP sticks up for work-life boundaries
6. Mutual of Omaha
Headquarters: Omaha, Nebraska
Number of staff: 6,000+
Mutual of Omaha is a Fortune 500 mutual insurance coverage and monetary companies firm providing quite a lot of merchandise, together with Medicare complement, life insurance coverage, long-term care protection and annuities, in addition to group protection reminiscent of life, incapacity, and 401(ok).
The firm was acknowledged by Forbes as one of many Best Employers for Diversity 2022. It additionally ranked quantity 84 in Fortune’s 100 Best Companies to Work For.
Mutual of Omaha has developed a number of ongoing packages for workers and managers that assist an inclusive tradition. These embody:
- Mutually Connected – a obligatory culture-shaping workshop that explores many ideas and values that assist range, fairness, and inclusion.
- Mutually Inclusive – the agency’s flagship program is designed to bolster a number of ideas that “bridge connections throughout variations,” together with allyship, identification and anti-racism.
- Diversity and Inclusion Action Group (DIAG) – made up of leaders all through the corporate
- and supply focus and path for the agency’s DEI initiatives.
- Advocacy and Advisory Council – comprised of associates representing every enterprise unit and operation, who advocate alternatives for incorporating DEI methods and advocate for DEI inside their enterprise items.
7. Nationwide
Headquarters: Columbus, Ohio
Number of staff: 26,000+
Nationwide Mutual Insurance Company is a Fortune 100 agency that gives a full vary of insurance coverage and monetary companies merchandise throughout the US. Its insurance coverage portfolio contains automotive, motorbike, householders, pet, farm, life, and industrial insurance policies. The firm additionally presents annuities, mutual funds, retirement, plans and specialty well being companies.
Nationwide’s dedication to range, fairness, and inclusion displays how the corporate operates. An ordinary requirement for doing enterprise with the insurance coverage big is a “dedication to creating alternatives that promote provider range.”
Every 12 months, hundreds of its staff additionally take part in affiliate useful resource teams and enterprise unit councils to foster inclusion and enhance enterprise outcomes. In 2021, the corporate hosted occasions to have fun its staff’ heritage, educate them about various experiences and reveal how we might be higher allies. A separate marketing campaign additionally allowed associates to generate an identical present from the Nationwide Foundation to pick non-profit companions targeted on social equality and financial empowerment.
Nationwide is the top-ranking insurer in Fortune’s 100 Best Companies to Work For in 2022, securing the twenty first spot.
Read extra: Insurance businesses risk putting “profit over people” on LGBTQ+ issues
8. Progressive Insurance
Headquarters: Mayfield Village, Ohio
Number of staff: 45,000+
The Progressive Group of Insurance Companies is likely one of the hottest insurance coverage manufacturers within the US. The insurance coverage juggernaut is the third-largest auto insurer and high motorbike and specialty RV insurer within the nation, writing greater than 13 million auto insurance policies per 12 months. The insurer additionally writes industrial auto and a number of other different private strains dangers, together with householders’ insurance coverage.
Progressive places a premium on letting its staff be themselves and produce their strengths to work. It additionally holds workers accountable for sticking to the corporate’s core values – integrity, golden rule, aims, excellence, and revenue. Working at Progressive presents wonderful advantages, together with entry to monetary wellbeing packages, which offer tuition help, honest base pay, 401(ok) retirement plans, and an annual bonus program. Company advantages additionally embody well being, imaginative and prescient, and dental care, well being financial savings accounts, psychological well being assist, entry to health facilities, and maternity assist.
Progressive ranked 51st in Fortune’s 100 Best Companies to Work For and sixty fifth in 100 Best Large Workplaces for Millennials in 2022.
9. PURE Insurance
Headquarters: White Plains, New York
Number of staff: 800+
PURE Insurance is a policyholder-owned insurer devoted to aiding households and people by offering a variety of non-public coverages, together with residence, auto, cyber and fraud, jewellery, artwork and collectible insurance coverage. The agency focuses on high-net-worth households and people who want help defending their property and houses. It presents a clear view of their course of, permitting purchasers to know precisely the place their cash goes and the way their accounts are being managed.
PURE, which stands for Privilege Underwriters Reciprocal Exchange, was lately named lately one of many Best Workplaces in Financial Services and Insurance by Fortune, Best High Net Worth Insurance Company on the Private Asset Management (PAM) Awards, and Best Insurance Underwriter on the Family Wealth Report Awards.
Read extra: Why insurance companies can’t afford to overlook diversity
10. USAA
Headquarters: San Antonio, Texas
Number of staff: 32,000+
USAA is a diversified monetary companies group of corporations and among the many main suppliers of insurance coverage, funding, and banking options to members of the US navy, veterans, and their households.
USAA can also be one of many high insurance coverage corporations to work for within the nation. The insurer provides staff and their households a variety of advantages, together with medical and dental insurance coverage protection, RSPs, paid time without work, recognition packages, entry to health facilities and private trainers, school admission help, and ongoing coaching packages. It ranked 87th within the 2021 version of Fortune’s 100 Best Companies to Work For.
