Sunday, January 29th, 2023

Revealed – 10 finest insurance coverage firms to work for in 2022

To make clear how the scenario has impacted the trade, skilled recruiting companies supplier the Jacobson Group, together with insurance coverage large Aon, performed analysis within the third quarter of final 12 months. The organizations’ insurance coverage labor market examine has discovered that trade professionals who have been ready to make strikes earlier within the pandemic have begun exploring their choices and re-evaluating their present roles, which resulted within the recruiting course of – particularly at skilled ranges – changing into “extraordinarily aggressive.”

The report additionally revealed that greater than half, or 56%, of insurance coverage firms have plans to extend their workforce within the subsequent 12 months, exacerbating the already aggressive “battle for expertise.”

Learn extra: ‘Nice resignation’ piles strain on life insurers

What can insurance coverage firms do to draw and retain expertise?

International administration consulting agency McKinsey identified how firms – not simply within the insurance coverage trade – can make the most of the pandemic to provide employees an excellent worker expertise by taking time to take heed to and interact with their workforce.

The agency surveyed virtually 1,000 people to evaluate their views on work and the way these have modified because of the COVID-19 disaster. The consulting large then recognized a number of elements that assist create the suitable working surroundings for workers. These embody:

  • A way of social cohesion and function
  • Collaborative groups
  • Clear duties and alternatives to be taught and develop
  • An organizational sense of function that aligns with staff’ private values
  • An appropriate bodily and digital surroundings that offers workers flexibility to realize a work-life stability

Aside from these, wage and advantages stay key in attracting and retaining expertise. A current survey by skilled companies agency Voya Monetary confirmed that 60% of US employees are paying extra consideration to the advantages that their employers present due to the pandemic. Greater than two-thirds, or 68%, of the over 1,000 respondents additionally count on office advantages to play a vital function of their future job choice.

Learn extra: Younger expertise in insurance coverage – the advantages of bringing them in

That are the most effective insurance coverage firms to work for?

To seek out out which insurers within the US present the most effective work surroundings that paves the best way for workers to thrive and develop each professionally and personally, Insurance coverage Enterprise went via a number of trade rankings, together with Fortune’s 100 Finest Firms to Work For 2022. We additionally checked out every insurer’s web site to see what advantages they provide staff and what current awards they’ve obtained that mirror their dedication to worker well-being. Listed here are those that got here up on high. The record is organized alphabetically.

1. Allianz Life

Headquarters: Minneapolis, Minnesota

Variety of staff: 2,200+

Allianz Life Insurance coverage Firm of North America (Allianz Life) is a subsidiary of Allianz SE – one of many largest monetary companies suppliers on this planet. It gives a variety of retirement options, together with life insurance coverage for people and glued and variable annuities.

For the eleventh consecutive 12 months, Allianz Life has been named in Fortune’s 100 Finest Firms to Work For, inserting quantity 77 in 2022. In accordance with its LinkedIn profile, the corporate presents a “artistic, collaborative working surroundings with ongoing profession growth alternatives.” Aside from aggressive compensation, Allianz Life gives a variety of advantages, together with tuition reimbursement, worker inventory buy plans, and a beneficiant retirement financial savings plan.

2. American Constancy Assurance

Headquarters: Oklahoma Metropolis, Oklahoma

Variety of staff: 2,000+

American Constancy Assurance Firm is a supplemental advantages supplier that serves a couple of million policyholders throughout 49 states. It caters largely to employers within the schooling, public, automotive, and healthcare sectors. Among the many services and products it presents are supplemental insurance coverage, reimbursement accounts and administration, cease loss insurance coverage for self-funded plans, Part 125 Plan administration, on-line advantages enrollment software program, and affected person safety and Inexpensive Care Act (ACA) consulting.

American Constancy was a part of Fortune’s 100 Finest Firms to Work For final 12 months, securing the 53rd spot. It was additionally named among the many nation’s High Workplaces in IT by IDG’s Insider Professional and Computerworld.

“The pandemic put a number of strain on IT, however luckily we had programs in place that made it potential for us to seamlessly transition to our workforce being practically 100% distant with out impacting our enterprise,” stated Diana Bittle, senior vice-president and chief info officer at American Constancy. “I’m happy with how our workforce jumped on the challenges this 12 months introduced, and we have been capable of rapidly implement new expertise to raised serve our prospects and colleagues.”

Learn extra: The best way to assist your staff thrive

3. Farmers Insurance coverage

Headquarters: Woodland Hills, California

Variety of staff: 21,000

Farmers Insurance coverage Group is likely one of the nation’s largest suppliers of auto, properties, and small enterprise insurance policies. Caring for its staff is a high precedence for the insurer. To do that, it has applied a variety of the way to offer worker assist, together with the Farmers Household Fund, which allows the Farmers neighborhood to reply rapidly when staff expertise monetary hardship. Since its launch in 2012, this system has offered greater than $2.5 million in grants to assist staff.

The corporate additionally exhibits its dedication to range and inclusion via sponsorships of a broad vary of worker teams, together with the Ladies’s Inclusion Community, Farmers Delight, Veterans & Advocates, Farmers Asian Alliance, Somos Farmers, Black Professionals Alliance, Incapacity Inclusion Group, Farmers Future, FarmersFit, and Guardian Join.

Farmers ranked 89th within the 2022 Fortune 100 Finest Firms to Work For.

4. Lemonade

Headquarters: New York, New York

Variety of staff: 1,100+

Lemonade makes use of synthetic intelligence and behavioral economics to supply householders, renters, apartment, automobile, pet well being, and time period life insurance coverage insurance policies to purchasers throughout the US. The insurtech agency’s insurance policies are 100% digital. It gives quotes, underwrites and sells insurance policies, and handles and pays claims by way of a web based app. The corporate additionally expenses a flat price and pays claims “super-fast.” Lemonade as soon as famously granted a declare in three seconds by leveraging chatbots for coverage queries and claims and fraud detection.

Lemonade can also be a public profit company and a Licensed B Company. It operates an annual giveback program, the place it donates unused premiums to non-profits chosen by its neighborhood. Since 2017, the corporate has given again virtually $4.3 million to numerous charitable establishments throughout the US. In 2021 alone, Lemonade has donated greater than $2.3 million to 65 non-profit organizations, together with American Forests, Malala Fund, Charity: water, and CURE Childhood Most cancers.

Quick Firm acknowledged Lemonade’s giveback program in its record of World Altering Concepts for 2021. That very same 12 months, Inc. Journal dubbed the agency as one of many Finest-Led Firms and a Finest Office in America.

Learn extra: Lemonade giveback supply shrinks however marketing campaign fizzes

5. Liberty Mutual

Headquarters: Boston, Massachusetts

Variety of staff: 45,000+

Liberty Mutual Holdings Firm Inc. is the sixth-largest P&C insurer globally and fourth within the US. The agency presents a variety of insurance coverage services and products, together with private vehicle, householders, specialty traces, reinsurance, business multiple-peril, employees compensation, business vehicle, common legal responsibility, surety, and business property.

In 2019, Liberty Mutual unveiled its multi-year plan to extend range, fairness, and inclusion for all staff. The plan offered accountability and transparency by setting and publicly reporting on long-term targets to extend the illustration of girls and folks of colour in any respect ranges of the enterprise within the US.

A 12 months later, Liberty Mutual was acknowledged among the many “Finest Workplaces in Monetary Providers & Insurance coverage” and “Finest Workplaces for Mother and father” by Nice Locations to Work. Regardless of the challenges led to by the COVID-19 pandemic, 92% of the corporate’s general workforce reported that they have been “extraordinarily glad” with Liberty Mutual as a spot to work, up from 85% the 12 months prior.

In the identical 12 months, the corporate established its first-ever International Worker Expertise operate geared toward taking a extra “holistic, inclusive, and data-driven strategy” to understanding what issues to staff and dealing with them to co-create distinctive experiences. It additionally launched Moments that Matter, a brand new initiative to establish and map an important moments that influence worker experiences on the firm.

In 2021, Liberty Mutual has been named a Forbes Finest Employer for Variety and Finest Employer for New Graduates, by providing ample alternatives for all staff. Lots of the firm’s govt management have additionally been awarded for his or her excellent dedication to the worker expertise.

Learn extra: Why an insurance coverage VP sticks up for work-life boundaries

6. Mutual of Omaha

Headquarters: Omaha, Nebraska

Variety of staff: 6,000+

Mutual of Omaha is a Fortune 500 mutual insurance coverage and monetary companies firm providing quite a lot of merchandise, together with Medicare complement, life insurance coverage, long-term care protection and annuities, in addition to group protection corresponding to life, incapacity, and 401(okay).

The corporate was acknowledged by Forbes as one of many Finest Employers for Variety 2022. It additionally ranked quantity 84 in Fortune’s 100 Finest Firms to Work For.

Mutual of Omaha has developed a number of ongoing applications for workers and managers that assist an inclusive tradition. These embody:

  • Mutually Related – a obligatory culture-shaping workshop that explores many ideas and values that assist range, fairness, and inclusion.
  • Mutually Inclusive – the agency’s flagship program is designed to bolster a number of ideas that “bridge connections throughout variations,” together with allyship, id and anti-racism.
  • Variety and Inclusion Motion Group (DIAG) – made up of leaders all through the corporate
  • and supply focus and course for the agency’s DEI initiatives.
  • Advocacy and Advisory Council – comprised of associates representing every enterprise unit and operation, who advocate alternatives for incorporating DEI methods and advocate for DEI inside their enterprise items.

7. Nationwide

Headquarters: Columbus, Ohio

Variety of staff: 26,000+

Nationwide Mutual Insurance coverage Firm is a Fortune 100 agency that gives a full vary of insurance coverage and monetary companies merchandise throughout the US. Its insurance coverage portfolio consists of automobile, motorbike, householders, pet, farm, life, and business insurance policies. The corporate additionally presents annuities, mutual funds, retirement, plans and specialty well being companies.

Nationwide’s dedication to range, fairness, and inclusion displays how the corporate operates. A regular requirement for doing enterprise with the insurance coverage large is a “dedication to creating alternatives that promote provider range.”

Yearly, hundreds of its staff additionally take part in affiliate useful resource teams and enterprise unit councils to foster inclusion and enhance enterprise outcomes. In 2021, the corporate hosted occasions to rejoice its staff’ heritage, educate them about various experiences and display how we will be higher allies. A separate marketing campaign additionally allowed associates to generate an identical present from the Nationwide Basis to pick out non-profit companions targeted on social equality and financial empowerment.

Nationwide is the top-ranking insurer in Fortune’s 100 Finest Firms to Work For in 2022, securing the twenty first spot.

Learn extra: Insurance coverage companies threat placing “revenue over folks” on LGBTQ+ points

8. Progressive Insurance coverage

Headquarters: Mayfield Village, Ohio

Variety of staff: 45,000+

The Progressive Group of Insurance coverage Firms is likely one of the hottest insurance coverage manufacturers within the US. The insurance coverage juggernaut is the third-largest auto insurer and high motorbike and specialty RV insurer within the nation, writing greater than 13 million auto insurance policies per 12 months. The insurer additionally writes business auto and a number of other different private traces dangers, together with householders’ insurance coverage.

Progressive places a premium on letting its staff be themselves and convey their strengths to work. It additionally holds workers accountable for sticking to the corporate’s core values – integrity, golden rule, aims, excellence, and revenue. Working at Progressive presents glorious advantages, together with entry to monetary wellbeing applications, which give tuition help, truthful base pay, 401(okay) retirement plans, and an annual bonus program. Firm advantages additionally embody well being, imaginative and prescient, and dental care, well being financial savings accounts, psychological well being assist, entry to health facilities, and maternity assist.

Progressive ranked 51st in Fortune’s 100 Finest Firms to Work For and sixty fifth in 100 Finest Giant Workplaces for Millennials in 2022.

9. PURE Insurance coverage

Headquarters: White Plains, New York

Variety of staff: 800+

PURE Insurance coverage is a policyholder-owned insurer devoted to aiding households and people by offering a variety of non-public coverages, together with house, auto, cyber and fraud, jewellery, artwork and collectible insurance coverage. The agency focuses on high-net-worth households and people who want help defending their property and houses. It presents a clear view of their course of, permitting purchasers to know precisely the place their cash goes and the way their accounts are being managed.

PURE, which stands for Privilege Underwriters Reciprocal Alternate, was not too long ago named not too long ago one of many Finest Workplaces in Monetary Providers and Insurance coverage by Fortune, Finest Excessive Web Price Insurance coverage Firm on the Non-public Asset Administration (PAM) Awards, and Finest Insurance coverage Underwriter on the Household Wealth Report Awards.

Learn extra: Why insurance coverage firms cannot afford to miss range

10. USAA

Headquarters: San Antonio, Texas

Variety of staff: 32,000+

USAA is a diversified monetary companies group of firms and among the many main suppliers of insurance coverage, funding, and banking options to members of the US navy, veterans, and their households.

USAA can also be one of many high insurance coverage firms to work for within the nation. The insurer offers staff and their households a variety of advantages, together with medical and dental insurance coverage protection, RSPs, paid break day, recognition applications, entry to health facilities and private trainers, faculty admission help, and ongoing coaching applications. It ranked 87th within the 2021 version of Fortune’s 100 Finest Firms to Work For.

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