One-in-five insurance professionals have changed companies in the last year, says a survey of 1,300 independent agencies and MGAs from Vertafore about the state of the insurance workforce. Most of those who have moved reported their decision to make a change was driven mainly by financial considerations – including salary and bonuses. This 20% turnover rate shows quite an increase from their 2017 survey, which showed about 11.9% turnover in the insurance industry. The higher rate was confirmed by both agency employees who reported changing jobs, as well as agency owners who stated they had either "slightly more" or "significantly more" employees leave in 2021. The survey – their fifth annual – asked insurance professionals about their reasons for staying at or leaving their job, their career satisfaction, whether they would recommend a job in insurance to their friends and how they feel about modernization and the use of technology. In the face of higher turnover rates, nearly 80% of agency owners and principals told Vertafore they have made changes in order to retain their workers, including upping their pay and offering more flexible scheduling and remote work. According to the survey, these owners and principals aren't wrong to focus on this area, as 49% of those who reported changing jobs said they did so for more bonuses or financial rewards and 44% for a higher salary. Other reasons reported for making a job switch included more or better benefits (36%), more time off (30%), remote work (27%), increased sponsored professional development (25%) and a flexible schedule (11%). In the slideshow above, we'll look at five of the biggest insights about independent agencies Vertafore uncovered in their survey.

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