Doing More with Less: Mitigating a Shrinking Insurance Agent Workforce with Salesforce

Jenna Trott

5 min read | JULY 11, 2023

The insurance industry, once known for its stability and predictability, has undergone significant changes in recent years. As we are all aware, 2020 brought about challenging market conditions and skyrocketing inflation, of which many companies are still feeling the effects. Evolving customer expectations have elicited additional challenges with insurers being engaged in a constant battle to win over customers while remaining compliant with heightened regulatory pressures. In the midst of juggling these obstacles, the insurance agency is also faced with an imminent threat as more than half of the current insurance workforce is set to retire within the next 15 years. This retirement wave will leave behind over 400,000 positions that inexperienced, “green,” producers will have to fill, struggling to step into the shoes of the experienced professionals who preceded them.

This raises an important question: how can insurance companies effectively navigate the challenges posed by evolving market and customer conditions, boost productivity, and address the impending loss of more than half of their existing workforce?

The answer is to uncover ways to do more with a lot less, and Salesforce may be the solution. In this article, we’ll be discussing ways that the insurance industry can scale back its tech and support the next generation of workers with the tools they need to withstand the ever-shifting winds of the insurance industry.

The Art of Turning Data into Action

Rather than spending exorbitant time and resources finding and hiring “all-star” green prospects, insurers should look toward CRM technology. There is significant untapped potential to replicate the intuitive expertise gained by seasoned producers through leveraging customer data and employing analytics to help guide producers toward their most promising opportunities.

How does Salesforce do this?

Salesforce enables insurers to move beyond raw customer data to instead harness customer intelligence. By leveraging advanced analytics and integrating external data streams, Salesforce allows insurers to identify critical inflection points in the insurance buying journey and understand customer behaviors that signal intent. This actionable customer intelligence equips producers, especially the less experienced ones, with the insights needed to focus on the best opportunities and make informed decisions.

For example: Enter Sarah, an insurance producer utilizing Salesforce. Armed with advanced analytics and integrating external data streams, she can go beyond internal metrics and gain a holistic view of her prospects and customers. With this enhanced understanding, Sarah can identify critical inflection points in the insurance buying journey. For instance, by analyzing credit reporting data, she can identify customers who are shopping for a new car or house, signaling a potential need for auto or homeowner’s insurance. She can then proactively reach out to these prospects at the right time, offering tailored insurance solutions that meet their individual needs.

Revolutionize Relationship-Building

These days, it’s simply not enough to be aware of customer behaviors or significant life events like having a baby or buying a new home – producers need actionable guidance. Having a CRM designed specifically for the insurance industry offers a unique advantage by providing insurance producers with pre-configured communication journeys from the first moment of contact.

How does Salesforce do this?

Salesforce goes beyond simply providing producers with insights by offering pre-configured communications tailored to specific insurance buying journeys. Less experienced producers often struggle to determine the right course of action when engaging with prospects, but with Salesforce, producers are equipped with expert guidance on making meaningful connections, determining the optimal engagement cadence, selecting the right channels for communication, and identifying the precise moment for personalized outreach. In a competitive market, Salesforce offers producers a critical head start in delivering exceptional customer experiences while streamlining their workflow and maximizing their effectiveness in building lasting client relationships.

For example: An up-and-coming producer in the insurance field, Alex often struggles to identify just the right moment to email or call a prospect. He recently identified a prospect who has shown interest in a specific insurance product. Salesforce’s pre-configured journey for that particular product guides Alex on the most effective way to initiate contact. It suggests starting with an initial email to introduce the product’s key features and benefits, followed by a call to touch base within two days to address any questions or concerns. Salesforce’s pre-configured journeys, which adapt based upon the prospect’s behavior and responsiveness, guide Alex to provide additional relevant information and resources, keeping them engaged and informed. With purpose-built journeys, less experienced producers like Alex gain confidence in timing engagements, reaching critical touchpoints, and boosting conversion opportunities.

Automation: The Key to Superior Personalization

Experienced producers have mastered the art of scaling customer relationships, effectively juggling existing customers and prospects at different stages of their journeys. This is something that producers with less experience often struggle with, who can quickly become overwhelmed with a myriad of moving pieces, and their abilities are often further hindered by the limitations of manual workflows. Insurers can eliminate this headache by deploying a CRM with insurance-specific capabilities. With purpose-built platforms at their disposal, less experienced producers can effortlessly scale personalized connections, effectively manage prospect pipelines, seamlessly engage with customers during significant life events, and cultivate unwavering loyalty through continuous and personalized nurture campaigns.

How does Salesforce do this?

By harnessing the power of automation and customer data, Salesforce provides deep insights into insurers’ customer base, automatically triggering and informing highly effective marketing campaigns and journeys. Not only does this free producers from the constraints of manual workflows, but it also enables insurers to efficiently manage larger prospect pipelines and proactively engage with existing customers during pivotal life events or crucial stages. Further, the implementation of always-on nurture campaigns, fueled by customer intelligence, ensures the delivery of highly relevant information that nurtures trust and fosters loyalty for life.

For example: Emma is a newer producer but is leveraging Salesforce’s robust customer data and automation capabilities. With access to a wealth of customer data that spans demographics, preferences, past interactions, and more, Emma can understand her prospects and customers on a deeper level, uncovering their unique needs and preferences. This information empowers her to create targeted marketing campaigns that capture her audience’s attention. For instance, Emma can automatically send personalized emails to prospects based on triggers like website visits or product interest, increasing conversion chances. Thanks to automated follow-ups and personalized communications, Emma can expertly manage and nurture her pipeline with ease and confidence.

Salesforce is the bridge that helps insurers overcome the gaps caused by a shrinking agent workforce. With purpose-built tools, producers can achieve more with fewer resources, utilizing customer intelligence to deliver personalized experiences at scale while forging genuine personal connections. Embracing Salesforce’s digital transformation not only mitigates the impact of retiring producers but also positions insurers for long-term success in an evolving industry landscape.

Ready for the Next Level? Elevate Your Performance with These Integrations

Moving fast in the insurance industry is seemingly still not fast enough, and with an incoming wave of greener producers, insurers are finding that they are ill-equipped to face the unique challenges and intricacies of their roles. While their enthusiasm and drive are invaluable, the need to quickly grasp complex systems and processes can be overwhelming. Integrating industry-leading systems like Applied Epic, Duck Creek, or Guidewire with Salesforce has proven to be a game changer for the insurance industry and can further provide the necessary tools for less experienced producers to excel. Here’s how: