How to Retain Your Top Producing Insurance Agents (on a Budget)
If you want to keep your top insurance agents producing and grow your insurance agency’s production this year, consider developing a low-cost reward and recognition program. A great form of retaining your top producers is to ensure they feel as though they are valuable to your insurance agency. Studies have shown insurance agents working in agencies with individualized incentive programs (e.g., incentives ranging from time off, cash-bonuses, incentive trips, etc.) are more likely to increase production, have the confidence to ask for more referrals, generate more leads, have more of a work/life balance, and stay with the same agency for multiple years. Providing your insurance agents with an incentive program doesn’t have to be expensive: we have compiled a list of great low-budget ways to reward your top producing insurance agents to ensure retention and happiness, all while staying within your agency’s means.
- Understand what matters to your insurance agents.
What motivates your team’s top-producers? Is it more work/life balance? Is it office-wide recognition? Simply being named #1 with a carrier for sales? By taking the time to figure out what is important to your group of talent, you are showing them that you actually care. This creates a sense of support and appreciation for your insurance agents. Give them a reason to perform well! Consider sending out a short survey to determine their goals, dreams, favorite places to eat, things to do, and ultimate “best day” experience.
- Have them share their story.
Invite all of your employees to share how they came to accomplish what they have today. To do this, you could have a team-wide meeting (keep it short with a digital meeting), or create a forum on your website just for employees. Regardless of how you allow your team of insurance agents to share their stories, this gives them the option to work together and talk about their achievements, values, and hardships. This type of open conversation also allows for top producers to mentor some of your younger agents. Top producers can share their experiences, strengths, and weaknesses – looking more human to the newcomers in your agency, this could open up an opportunity for coaching and growth programs amongst peers. The ultimate goal with this is to showcase your top-producers and give them a chance to see how far they’ve come while feeling empowered to grow even more!
- Provide your team with the afternoon off.
Many insurance agents find value in their time; after all, the flexibility of making their own schedules, allowing for a work/life balance is one of the number one reasons why individuals get into the insurance business. Providing an opportunity for employees to take the afternoon or morning off can be a great reward for their hard work. A free morning or afternoon can help them feel more productive and refreshed. With some of your top-producing agents, it may be difficult to get them out of the field long enough – so, go the extra mile and give them a gift card for lunch with their spouse or child(ren), movie tickets for the afternoon matinee, etc.
- Create a board of appreciation.
Remember the bulletin board in grade school where the “student of the month” would get posted? This is an exceptional grown-up version allowing you to put a spotlight on your employees on a weekly, monthly, and annual basis. You can also consider doing departmental recognition boards! Place your top-producing insurance agents on your board of appreciation, provide an explanation of their most recent successes, and give some sort of reward to that individual. The reward doesn’t have to be out of budget – it can be anything from a provided lunch to an afternoon off.
- Write them a personal note.
A little bit of personal recognition goes a long way. As a leader taking the time out of your day to write your insurance agents and other employees to congratulate them on their successes is a big way to demonstrate your gratitude for the hard work and betterment of the insurance agency as a whole. Your employees look to you to recognize their hard work. A personal note can mean a lot to someone, so take a little time to write to your employees on a regular basis.
These low-cost tips are great ways for principal agents to say “thank you”. Your insurance agents and other employees will appreciate the time and effort you have taken to recognize them. Increase the productivity and morale at your insurance agency by implementing one or more of these tips on a daily, weekly, or monthly basis.
For further assistance in finding ways to reward your employees, give us a call at 800-962-4693 and we would be glad to provide help.