|[February 16, 2017]
FlexPaths, LLC Releases New Insurance Industry Data
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
"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 optimstic that this
study will be a catalyst for substantive change between now and 2020,"
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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170216005417/en/
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