Employee Engagement in the Insurance Industry: Making a Path Forward

Like most major fields, the insurance industry has faced many challenges over the past few years, especially with regard to its workforce. The early days of the pandemic put tremendous pressure on workers, leading many to rethink their career trajectories and what they value in a job. What followed should have been no surprise: The Great Resignation, a wave of “quiet quitting,” and a renewed focus on work/life balance. All of this has left insurance leaders wondering how they can keep employees engaged and effectively lead them, especially in a rapidly changing, ever-evolving workplace environment. While there are no easy answers, there are clear steps insurance organizations can take to move things in the right direction: prioritize a strong and supportive company culture, identify what employees are looking for, and adopt new technologies and practices to better serve those needs. 

Building a Better Company Culture

The most obvious way that the insurance industry can make their organization more appealing and engaging is to focus on building a company culture that employees want to be a part of. According to a 2019 study from Glassdoor, a company's culture matters significantly, not only to employees who are considering a job, but also to employees staying in their jobs. Additionally, the Edelman 2021 Trust Barometer Special Report on the Belief-Driven Employee found that 59% of employees want their work to be more personally fulfilling and to work in an environment where they feel more valued, with 6 in 10 choosing their employer based on beliefs. More than anything else, employees want value and meaning from their work, something that many companies have failed to provide.

Addressing this can take many forms: recent college graduates and almost-graduates want to know there is room to grow before they join an organization, so firms need to offer career advancement opportunities, upward mobility within the organization, training, and workshops to hone individual skills. It is also important to allow employees more say in how they work: flexible scheduling, hybrid working models, and sufficient paid time off are all increasingly popular among workers, who appreciate having the means to build a better work-life balance. 

Beyond this, it's important to be empathetic: hear your employees out, taking a data-driven approach to determine what they want. Recognize their accomplishments and help them find value in their work and show each individual how much the company appreciates their efforts. Encourage your team to offer shout-outs and take steps to make everyone feel like they are part of a larger community. This takes effort, but when employees are fully engaged, they will return that effort in kind.

What More Can Be Done?

Compared to some sectors, insurance has handled the challenges of the past years fairly well. According to research from Gallup and Workhuman, employees who work in the finance and insurance industry are more likely to say their organization has a recognition program (56%) than any other industries. Yet while some firms have embraced the flexibility and value-driven focus that employees want, others have struggled to fill roles within their existing culture, trying to return to normal rather than take the opportunity to improve. 

Yet while the pandemic might be over, there is no going back to “normal,” as our industry has changed fundamentally since 2019. Rather than aim to replicate the way things were done pre-pandemic, we need to find ways to drive improvements and growth. For instance, insurance is a customer-focused industry, so more can be done to more directly impact customers’ lives, such as community participation and volunteerism. 

Similarly, we should look to new opportunities to support employees and their needs. Counseling services and employee assistance programs, along with a greater focus on diversity and inclusion, can go a long way toward ensuring that everyone feels involved in the company’s culture. Plus, a workplace that respects people of all backgrounds will attract and retain a wider and better community of talent. New technologies can also help, with cloud technology bolstering efficiency and empowering workers to collaborate with other players in the industry.

What Crawford & Company Is Doing

For its part, Crawford & Company has made a number of changes in the name of engaging and empowering its employees. In 2021, Crawford & Company UK launched a Smarter Working Program, with the Canadian group having released an identical one shortly thereafter. Leveraging the many lessons learned from the adoption of remote working during the pandemic, the program introduces new agile work options, allowing employees to choose where they work from and what hours they choose to work. Not only does the program foster a healthier work/life balance, but we’ve also found that more flexible working models can help make employment more accessible to underserved populations, supporting our diversity and inclusion efforts. 

This isn’t the only thing we’ve done to better support employees either: Crawford Canada is ramping up its co-op programs with local universities and colleges, and has had 20 students work through the program over the past 18 months with plans for more down the road. We’ve launched a Career Fast Track program designed to accelerate the learning curve of new employees who have recently joined the insurance industry. Crawford Canada also recently conducted a survey, in which 72% of employees said they felt like they were a part of a community at work. The group is also currently rolling out a more comprehensive engagement survey as part of an annual review.

There is still a lot more that can be done to improve employee engagement in the insurance industry and positive change won’t come easy. Still, Crawford & Company is committed to being one of the most agile and progressive employers in the sector, supporting the physical and mental well being of its workforce. We aim to provide a workplace that respects everyone’s needs, serving as an example for the rest of the industry in the process.