To make clear how the scenario has impacted the business, skilled recruiting providers supplier the Jacobson Group, together with insurance coverage large Aon, carried out analysis within the third quarter of final yr. The organizations’ insurance coverage labor market research has discovered that business 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 – turning into “extraordinarily aggressive.”
The report additionally revealed that greater than half, or 56%, of insurance coverage firms have plans to extend their workforce within the subsequent 12 months, exacerbating the already aggressive “conflict for expertise.”
Learn extra: ‘Nice resignation’ piles strain on life insurers
What can insurance coverage firms do to draw and retain expertise?
International administration consulting agency McKinsey identified how firms – not simply within the insurance coverage business – can make the most of the pandemic to present staff an excellent worker expertise by taking time to hearken to and interact with their workforce.
The agency surveyed virtually 1,000 people to evaluate their views on work and the way these have modified as a result of COVID-19 disaster. The consulting large then recognized a number of components that assist create the precise working atmosphere for workers. These embody:
- A way of social cohesion and goal
- Collaborative groups
- Clear tasks and alternatives to be taught and develop
- An organizational sense of goal that aligns with staff’ private values
- An acceptable bodily and digital atmosphere that provides workers flexibility to attain a work-life steadiness
Aside from these, wage and advantages stay key in attracting and retaining expertise. A current survey by skilled providers agency Voya Monetary confirmed that 60% of US staff are paying extra consideration to the advantages that their employers present due to the pandemic. Greater 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.
Learn extra: Younger expertise in insurance coverage – the advantages of bringing them in
That are the most effective insurance coverage firms to work for?
To search out out which insurers within the US present the most effective work atmosphere that paves the best way for workers to thrive and develop each professionally and personally, Insurance coverage Enterprise went by means of a number of business rankings, together with Fortune’s 100 Greatest Corporations 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 acquired that mirror their dedication to worker well-being. Listed here are those that got here up on high. The record is organized alphabetically.
1. Allianz Life
Headquarters: Minneapolis, Minnesota
Variety of staff: 2,200+
Allianz Life Insurance coverage Firm of North America (Allianz Life) is a subsidiary of Allianz SE – one of many largest monetary providers suppliers on the planet. It offers a spread of retirement options, together with life insurance coverage for people and stuck and variable annuities.
For the eleventh consecutive yr, Allianz Life has been named in Fortune’s 100 Greatest Corporations to Work For, putting quantity 77 in 2022. In line with its LinkedIn profile, the corporate provides a “artistic, collaborative working atmosphere with ongoing profession growth alternatives.” Aside from aggressive compensation, Allianz Life offers a spread of advantages, together with tuition reimbursement, worker inventory buy plans, and a beneficiant retirement financial savings plan.
2. American Constancy Assurance
Headquarters: Oklahoma Metropolis, Oklahoma
Variety of staff: 2,000+
American Constancy Assurance Firm is a supplemental advantages supplier that serves multiple million policyholders throughout 49 states. It caters largely to employers within the schooling, public, automotive, and healthcare sectors. Among the many services and products it provides are supplemental insurance coverage, reimbursement accounts and administration, cease loss insurance coverage for self-funded plans, Part 125 Plan administration, on-line advantages enrollment software program, and affected person safety and Reasonably priced Care Act (ACA) consulting.
American Constancy was a part of Fortune’s 100 Greatest Corporations to Work For final yr, securing the 53rd spot. It was additionally named among the many nation’s High Workplaces in IT by IDG’s Insider Professional and Computerworld.
“The pandemic put a variety of strain on IT, however thankfully we had programs in place that made it potential for us to seamlessly transition to our workforce being almost 100% distant with out impacting our enterprise,” stated Diana Bittle, senior vice-president and chief data officer at American Constancy. “I’m happy with how our crew jumped on the challenges this yr introduced, and we had been capable of rapidly implement new expertise to raised serve our clients and colleagues.”
Learn extra: How one can assist your staff thrive
3. Farmers Insurance coverage
Headquarters: Woodland Hills, California
Variety of staff: 21,000
Farmers Insurance coverage Group is likely one of the nation’s largest suppliers of auto, properties, and small enterprise insurance policies. Caring for its staff is a high precedence for the insurer. To do that, it has carried out a spread of how to offer worker help, together with the Farmers Household Fund, which permits the Farmers neighborhood to reply rapidly when staff expertise monetary hardship. Since its launch in 2012, this system has offered greater than $2.5 million in grants to help staff.
The corporate additionally exhibits its dedication to variety and inclusion by means of sponsorships of a broad vary of worker teams, together with the Ladies’s Inclusion Community, Farmers Delight, Veterans & Advocates, Farmers Asian Alliance, Somos Farmers, Black Professionals Alliance, Incapacity Inclusion Group, Farmers Future, FarmersFit, and Dad or mum Join.
Farmers ranked 89th within the 2022 Fortune 100 Greatest Corporations to Work For.
4. Lemonade
Headquarters: New York, New York
Variety of staff: 1,100+
Lemonade makes use of synthetic intelligence and behavioral economics to supply owners, renters, condominium, 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 by way of a web based app. The corporate additionally costs 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 be a public profit company and a Licensed B Company. It operates an annual giveback program, the place it donates unused premiums to non-profits chosen by its neighborhood. Since 2017, the corporate has given again virtually $4.3 million to numerous 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 Most cancers.
Quick Firm acknowledged Lemonade’s giveback program in its record of World Altering Concepts for 2021. That very same yr, Inc. Journal dubbed the agency as one of many Greatest-Led Corporations and a Greatest Office in America.
Learn extra: Lemonade giveback supply shrinks however marketing campaign fizzes
5. Liberty Mutual
Headquarters: Boston, Massachusetts
Variety of staff: 45,000+
Liberty Mutual Holdings Firm Inc. is the sixth-largest P&C insurer globally and fourth within the US. The agency provides a variety of insurance coverage services and products, together with private car, owners, specialty strains, reinsurance, business multiple-peril, staff compensation, business car, basic legal responsibility, surety, and business property.
In 2019, Liberty Mutual unveiled its multi-year plan to extend variety, fairness, and inclusion for all staff. The plan offered accountability and transparency by setting and publicly reporting on long-term objectives to extend the illustration of girls and other people of shade in any respect ranges of the enterprise within the US.
A yr later, Liberty Mutual was acknowledged among the many “Greatest Workplaces in Monetary Companies & Insurance coverage” and “Greatest Workplaces for Mother and father” by Nice Locations to Work. Regardless of 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 yr prior.
In the identical yr, the corporate established its first-ever International Worker Expertise operate geared 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 establish and map crucial moments that impression worker experiences on the firm.
In 2021, Liberty Mutual has been named a Forbes Greatest Employer for Variety and Greatest Employer for New Graduates, by providing ample alternatives for all staff. Lots of the firm’s government management have additionally been awarded for his or her excellent dedication to the worker expertise.
Learn extra: Why an insurance coverage VP sticks up for work-life boundaries
6. Mutual of Omaha
Headquarters: Omaha, Nebraska
Variety of staff: 6,000+
Mutual of Omaha is a Fortune 500 mutual insurance coverage and monetary providers firm providing a wide range of merchandise, together with Medicare complement, life insurance coverage, long-term care protection and annuities, in addition to group protection corresponding to life, incapacity, and 401(okay).
The corporate was acknowledged by Forbes as one of many Greatest Employers for Variety 2022. It additionally ranked quantity 84 in Fortune’s 100 Greatest Corporations to Work For.
Mutual of Omaha has developed a number of ongoing packages for workers and managers that help an inclusive tradition. These embody:
- Mutually Linked – a obligatory culture-shaping workshop that explores many ideas and values that help variety, 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, id and anti-racism.
- Variety and Inclusion Motion 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
Variety of staff: 26,000+
Nationwide Mutual Insurance coverage Firm is a Fortune 100 agency that gives a full vary of insurance coverage and monetary providers merchandise throughout the US. Its insurance coverage portfolio consists of automotive, motorbike, owners, pet, farm, life, and business insurance policies. The corporate additionally provides annuities, mutual funds, retirement, plans and specialty well being providers.
Nationwide’s dedication to variety, fairness, and inclusion displays how the corporate operates. A normal requirement for doing enterprise with the insurance coverage large is a “dedication to creating alternatives that promote provider variety.”
Yearly, 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 exhibit how we might be higher allies. A separate marketing campaign additionally allowed associates to generate an identical present from the Nationwide Basis to pick out non-profit companions targeted on social equality and financial empowerment.
Nationwide is the top-ranking insurer in Fortune’s 100 Greatest Corporations to Work For in 2022, securing the twenty first spot.
Learn extra: Insurance coverage companies danger placing “revenue over individuals” on LGBTQ+ points
8. Progressive Insurance coverage
Headquarters: Mayfield Village, Ohio
Variety of staff: 45,000+
The Progressive Group of Insurance coverage Corporations 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 yr. The insurer additionally writes business auto and a number of other different private strains dangers, together with owners’ 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, targets, excellence, and revenue. Working at Progressive provides wonderful advantages, together with entry to monetary wellbeing packages, which offer tuition help, honest base pay, 401(okay) retirement plans, and an annual bonus program. Firm advantages additionally embody well being, imaginative and prescient, and dental care, well being financial savings accounts, psychological well being help, entry to health facilities, and maternity help.
Progressive ranked 51st in Fortune’s 100 Greatest Corporations to Work For and sixty fifth in 100 Greatest Massive Workplaces for Millennials in 2022.
9. PURE Insurance coverage
Headquarters: White Plains, New York
Variety of staff: 800+
PURE Insurance coverage is a policyholder-owned insurer devoted to aiding households and people by offering a spread 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 belongings and houses. It provides 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 Trade, was just lately named just lately one of many Greatest Workplaces in Monetary Companies and Insurance coverage by Fortune, Greatest Excessive Web Price Insurance coverage Firm on the Personal Asset Administration (PAM) Awards, and Greatest Insurance coverage Underwriter on the Household Wealth Report Awards.
Learn extra: Why insurance coverage firms cannot afford to miss variety
10. USAA
Headquarters: San Antonio, Texas
Variety of staff: 32,000+
USAA is a diversified monetary providers group of firms 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 be one of many high insurance coverage firms to work for within the nation. The insurer provides staff and their households a spread of advantages, together with medical and dental insurance coverage protection, RSPs, paid time without work, recognition packages, entry to health facilities and private trainers, faculty admission help, and ongoing coaching packages. It ranked 87th within the 2021 version of Fortune’s 100 Greatest Corporations to Work For.