Michigan Department of Technology, Management and Budget’s Post

An idea I've become obsessed with: Empowering the next generation of insurance professionals. This is crucial to fill the upcoming gap in the workforce. 50% of the insurance workforce will retire in the next 15 years. But only 4% of millennials are interested. Here are the 3 ways The Provant Group is preparing today: 1. Embrace Digital Technology: Equip our team with the latest tools and systems. This eliminates tedious manual work and endless paper-pushing. Automation can fill knowledge gaps and boost productivity. 2. Offer Flexible Work Arrangements: Everyone values flexibility. Remote work options and flexible hours attract and retain the best. A happy workforce is a productive workforce. 3. Focus on Career Growth: Provide clear paths for advancement. Continuous learning opportunities keep employees engaged. Invest in their future, and they'll invest in your company. These steps may seem small, but they are essential. Done well, they will help you stay ahead in the insurance industry. __________ ♻️ Repost and Follow me for updates on business, life, and insurance.

"I'm drowning and can't delegate. Our new employees don't know anything." The struggle is real to onboard and train our new(er) colleagues. Have you considered what we're asking as you drop them into your team? There's a reason this is hard. Our industry's a little extra on everything including this basic question... How "big" is the group? Note: We're not talking premium or revenue to the firm here. We're looking for a count of benefit-eligible employees. Depending on who's asking (or the data source) our new employee may hear/see: EEs FTEs Lives PTBEs Heads Eligibles Insureds Enrollees Contracts Members Doorknobs Employees Subscribers Participants Beneficiaries Belly Buttons Policyholders Plus, in some markets, we still say “I got a 100-man group”... That takes me back to my start in the business in the late 1900s. 😉 Am I missing any? Don't blame knowledge gaps on remote work or work ethic. Work as a team to provide resources and structure without overwhelm. If you're curious about how our programs can help while removing the training burden off of your existing team, ask me. Pssst. Message me if you don't understand a term and want to ask privately. Last week I explained RFP to someone in a Marketing Dept and the week prior that "PnC" was "P&C"... There are no silly questions and you may ask me something we'll figure out together! Day 10: Daily LinkedIn posts in April and May about how high-performing client service teams help insurance brokers grow. #letsgetreal GenuineShift We build client service teams to help insurance brokers grow. Clients hire you to be led.™ #insurancebrokers #insuranceindustry #womenininsurance #employeebenefits

We finished 78 EXP Advisor on-boarding projects, 61 of them for career insurance/wealth platforms, 15 for RIA platforms and 3 for banking platforms. We sourced 4,914 EXP, personally screened and profiled 4,056 who were qualified for the 78 projects. Of the 4,056 screened and profiled, 2,474 (61%) were not interested in a discussion to change platforms at that time and,1582 (39%) were interested in a discussion to change platforms. After discussing some details about the specific project value proposition, 899 ( 57%) of the 1582 qualified advisors were not interested in moving a discussion forward directly with the client, but would have interest in future opportunities, and 683 (43%) of 1582 qualified advisors were interested in taking next steps with a client Interview. That is slightly less than 9 per project. Q1’24 results were average. 39% (give or take) of experienced advisors say yes to a possible change on any given day, but only 17% move the discussion forward. Most of our projects are for one or maybe 2 advisors, so 9 to 1 is not bad. There are times of the year when numbers like these go up or down, but not by much. The main difference over the past 5-7 years is timing. If you’re looking to grow and experienced advisors are your target, we should talk!

Now, don't quiz me on self funded, level funded, or any benefits plan structure for that matter, BUT at the end of the day, whether its business insurance or employee benefits, we are managing risk. How can we better deliver for our clients today when business owners face more risk than they ever have before? By taking a holistic approach to risk management. This means aggregating ALL of the data from both the business insurance and employee benefits practices, laser focusing on where the opportunities are to lower TOTAL cost of risk, and building targeted, proven solutions to execute on behalf of our clients. Segregating these practices has never made sense to me. And that's why we we do it differently. If you are interested in seeing what this three step process looks like with your data, send me a DM or email me at Madison.Baker@marshmma.com

More to come on product focus and progression.

Join my Public Administration journey! Exploring Treasury operations (Telecom), underwriting (Insurance), admin roles, and customer service. Sharing insights on: Toxic work environments Micromanagement Overcoming obstacles Resilience building Book recommendations Ask questions, share thoughts, and let's grow!

How much is your legacy system truly costing your company? One way you can figure this out is by checking to see how much money you regularly spend on maintenance. There are also indirect financial consequences of outdated software, including inefficient operations and frustrated employees.

❗ Is your agency prepared for the retirement of your experienced Account Managers? Here are some statistics from Vertafore’s 2024 State of the Independent Agency Report: 🔷 Nearly 60% of current Account Managers have over 20 years of experience in the industry. 🔷 Account Managers represent the largest group planning to retire in the next five years, with 37% of potential agency retirees identifying as Account Managers. 🔷 Alarmingly, only 15% of retiring Account Managers reported knowing of a succession plan for their role. 🔷 38% of agencies are offering remote work in order to retain employees. 🔷 41% of insurance professionals stated that remote work options would make them more likely to stay in their current jobs. 🔷 Only 20% of agencies are using increased compensation as a retention strategy. 🔷 However, 52% of insurance professionals indicated that increased compensation would make them more likely to stay with their current agency. How have you updated your hiring strategy in order to recruit top talent?  What retention strategies have proven effective in the retention of existing talent?

‼️ HELP NEEDED IMMEDIATELY ‼️ We have just returned from an INCREDIBLE convention with over 45,000 top financial services representatives and industry leaders. Our aim is to EXPAND our brokerage in the next 36 months and we need HELP! We're seeking to train and support remote, part-time financial representatives with the chance to establish their own agencies. The upcoming years will witness the largest wealth transfer ever, with retirement assets totaling between $60 trillion and $100 trillion changing hands. Only 330,000 licensed professionals are currently available, and one-third will retire in the next 5-10 years. This presents a remarkable business opportunity for YOU and us. Get licensed now, begin part-time, and seize the chance to establish agencies nationwide. Life Insurance/Investment/Mortgage Licenses are available for less than $38! Comment “YES” below and we will contact you to schedule a Zoom interview this week! #nowhiring #financialadvisor #getlicensed #careeropportunity #newcareer

Tight deadlines. Software and tech overload. Endless insurance company requirements. It's tough being a new estimator. 😰 Small inaccuracies can lead to big consequences, and the reality is that last year's knowledge can quickly become this year's outdated skill. That's why up-to-date Standard Operating Procedures (SOPs) are so essential for a new estimator's success. SOPs: ✅ Ensure your estimates are precise and up to the mark ✅ Dramatically reduce onboarding time for new estimators ✅ Boost your operational efficiency and financial performance ✅ Increase client trust and satisfaction with transparent, accurate estimates ...And we're giving away our top 5 SOPs for training new estimators in our latest blog. You don't want to miss grabbing these free templates: https://lnkd.in/gneW-rAt #Estimators #Xactimate #RestorationIndustry #SOPs