Keeping the producer happy

A new LIMRA study entitled “It’s All About Me,” indicates that most life insurance producers surveyed (64 percent) are “very likely” to stay with their current company. However, nearly one fifth said they would consider moving to another firm if its culture, style and support more closely matched their needs.

“Just like any other relationship, the relationship between a company and a producer must be tended to and both parties must feel like it’s the right fit for them,” said LIMRA senior researcher Polly Painter Eggers. “We wanted to know whether there was a predominant issue that drove producers to switch companies or to remain loyal. What we found was there were a number of subtle indicators weak signals that influence producers.”

While most producers regard personal drive and initiative as the keys to their success, many also acknowledge the importance that products, business models and support services play in a successful career. The extent of the support they receive can help determine whether or not a producer is happy in his current work situation.

In addition to the support services provided to a producer, working style may also help determine whether a producer decides to stay with his current company. Managers who can tailor the work environment, making it more flexible or structured depending on the individual producer, may see a better producer retention rate. Furthermore, keeping lines of communication open can prevent a producer from feeling “detached” or “underappreciated,” two reasons producers gave for leaving their company.

“It’s clear that high-performing producers will always be in demand,” said Painter Eggers. “A successful retention program works to provide not just strong service support but also offers training and flexibility to meet the individual needs of top producers.”