With inflation at a 40-year high, every business owner will need to brace themselves for increased costs and pressure on the bottom line. These challenges are especially true for insurance agencies who have had to make multiple adjustments to rates and prices across many industries. As the economy heads for recession, increased rent, utilities, and staffing expenditures are expected. For any business, combating these inflationary pressures should be a core objective. One solution to help compensate for increased costs is to consider utilizing remote employees, a new, more affordable approach to hiring.
Avoid the High Costs of Traditional Hiring
Filling a position at an insurance agency with locally-sourced candidates can cost upwards of $10k as it includes the salary and benefits paid to an employee and all the hours spent by your HR department for advertising, vetting, interviewing, and selecting a new employee. This hefty price tag can quickly become unsustainable when paired with the high turnover rates across the insurance industry.
Conversely, hiring remote employees can be a much more affordable option. Edge, a company specializing in providing insurance agencies with innovative HR solutions, utilizes remote talent from around the world, making staffing much more affordable than locally-sourced talent. Using full-time remote employees brought to you by Edge can reduce your overall cost of staffing, hiring, and training by 30-50%.
Reduce Employee Turnover at Your Insurance Agency
With “quiet-quitting” becoming more common, employee turnover is even more costly and time-consuming. This trend has been particularly prevalent within the insurance industry, as it ranks highest in employee turnover, according to a recent survey by the research firm Qualtrics.
Utilizing remote employees can be an antidote for high employee turnover, helping agencies realize the long-term cost savings associated with not having to find, hire, and train replacements constantly. And unlike the current “quiet-quitting” trend permeating U.S.-based employees, remote employees are incredibly loyal. Edge’s retention rate is 97%, a testament to the strong work ethic of Edge’s remote workforce and satisfied customers.
Seeking High-Quality Remote Employees
Hiring remote employees can seem risky at first. How will you know if they will be qualified and trained to understand the insurance industry? What if they can’t integrate with the rest of your staff? These questions and concerns are valid, and every agency should consider hiring remote employees that meet this criterion.
Fortunately, Edge remote employees are all vetted to ensure they have the skills and capabilities to succeed. All Edge employees have undergone a full English screening to ensure excellent communication skills and are vetted for hard and soft skills.
Additionally, all Edge employees must attend Edge Academy, a one-month training program that provides them with foundational skills to help them thrive. Pre-trained at the hands of industry experts, Edge employees bring an extensive range of skills to an insurance agency and excel with many commonly needed tasks, including:
- Quoting and COI Management for Various Carriers
- Operating Proprietary AMS Platforms
- Handling Administrative Tasks
- Handling Communication Such as Emails And IM
- Managing Inbound and Outbound Calls
Trusted by Your Peers
Hundreds of insurance agencies all over the country have discovered the many benefits of utilizing remote employees from Edge. In doing so, they’ve been able to reduce the costs associated with finding, training, and hiring full-time employees and reduce employee turnover.
Discover why hundreds of insurance agencies all over the country love working with Edge by scheduling a discovery call using the calendar through this link.