Running an insurance agency requires hard work, dedication, and time management skills.
Hiring the right staff members for the job is one of the most important tasks an insurance agency owner or an office manager must undertake.
A successful hire can mean the difference between a thriving business and one that struggles to keep up with the competition.
However, hiring the right employees is not always an easy task. Fortunately, with the help of technology, the hiring process can be streamlined and made more efficient.
At Edge, we specialize in providing staffing and workforce management solutions for insurance firms.
We have helped numerous insurance agencies streamline their hiring processes and achieve their goals.
This article will discuss utilizing technology to streamline your insurance agency’s hiring process.
Hiring Challenges Amidst New Age Tech
Before diving into the technology insurance firms can utilize to improve their hiring process, we must look into the challenges agencies currently face.
Limited Talent Pool
Finding qualified candidates with experience in the insurance industry can be challenging.
Insurance agencies often compete with each other for a limited pool of talented professionals, making it difficult to attract top talent to their firms.
This is particularly true in regions with a high concentration of insurance companies, where competition for talent is fierce.
Time-consuming Recruitment Process
Recruiting can be a lengthy and time-consuming process, with agencies often receiving hundreds of applications for a single position.
Sorting through resumes and conducting interviews can drain resources, especially for smaller agencies without dedicated HR staff, or the tech to optimize hiring speed.
High Turnover Rates
The insurance industry has a high turnover rate, with employees frequently leaving for higher-paying positions or other sectors.
This can be costly for agencies, requiring them to devote time and resources to recruiting and training new employees.
Difficulty Attracting Young Talent
The insurance industry has struggled to attract younger workers, with many millennials and Gen Zers viewing the sector as outdated or unexciting.
This makes it difficult for agencies to fill entry-level positions and develop a talent pipeline for the future.
Lack of Tech
The insurance industry has traditionally been slow to adopt new technologies, particularly regarding hiring and talent acquisition.
This lack of technological advancement has disadvantaged insurance firms when competing for top talent in a rapidly changing job market.
With the COVID-19 pandemic forcing many businesses to adopt remote work policies, insurance firms that still need to implement these policies risk losing top talent to firms that offer remote work options.
Insurance firms must adopt new technologies and modernize their hiring processes to stay competitive.
Optimizing The Hiring Process With Tech
Utilize an Applicant Tracking System (ATS)
An applicant tracking system is a software application that helps companies manage their recruitment process more efficiently.
The ATS allows you to track applicants through every stage of the hiring process, from initial application to a job offer.
It can automate job postings, screen resumes, and even schedule interviews. An ATS can also help you to identify and attract top talent, which can be a valuable asset to your agency.
According to a survey by Jobvite, 50% of all recruiters believe that using an ATS has improved the quality of candidates they hire. Moreover, the same survey found that 86% of recruiting professionals feel that technology has positively impacted their hiring process.
Utilizing an ATS can significantly reduce the time and resources needed to find the right employees for your agency.
Here are some websites that offer applicant tracking systems to help you apply the above:
Workable
Workable is an all-in-one recruiting software that helps organizations streamline their hiring process. It offers an easy-to-use applicant tracking system, personalized candidate communication, and pre-built interview kits, making it a popular choice for small to mid-sized businesses.
Lever
Lever is a modern recruiting software that enables organizations to manage their hiring process efficiently.
Its features include a robust applicant tracking system, customizable interview feedback forms, and automated job postings to various job boards. Lever’s focus on collaboration and user experience has made it a popular choice for tech startups and fast-growing companies.
Greenhouse
Greenhouse is a cloud-based recruiting software designed to help organizations find and hire top talent. Its platform offers features such as customizable hiring workflows, in-depth reporting and analytics, and seamless integrations with popular HR tools.
Greenhouse’s focus on data-driven hiring has made it popular for enterprise-level companies and fast-growing startups.
Use Video Interviewing Technology
Video interviewing technology has become increasingly popular in recent years. With the rise of remote work, video interviews have become essential for companies to connect with candidates.
Video interviews are also more efficient than in-person interviews, as they can be scheduled more quickly and eliminate the need for travel.
Using video interviewing technology can save you time and money while also increasing the quality of candidates you hire.
According to a survey by Software Advice, 60% of job seekers feel that video interviews are more convenient than in-person interviews.
Furthermore, 63% of hiring managers feel that video interviews are just as effective as in-person interviews.
Here are some video interview platforms you can integrate into your agency:
Zoom
Zoom is a popular video conferencing tool that can be used for video interviews to connect with candidates remotely and efficiently. It offers features such as screen sharing, recording, and virtual backgrounds.
HireVue
HireVue is a video interviewing platform that uses AI and machine learning to analyze candidate responses and provide insights into their skills and traits. It offers various types of video interviews, including live, on-demand, and one-way interviews.
Spark Hire
Spark Hire is a video interviewing platform that allows recruiters to create custom interview questions, review candidate responses, and share them with hiring managers.
It offers various integrations with ATS and HR systems for a seamless recruitment process.
Implement Pre-employment Assessments
Pre-employment assessments are designed to evaluate a candidate’s skills, knowledge, and personality traits.
These assessments can be customized to fit your agency’s needs and help you identify the best candidates for the job.
Pre-employment assessments can also help you reduce the risk of turnover by hiring employees who fit your agency’s culture and values well.
According to a study by Aberdeen Group, companies that use pre-employment assessments experience 36% less turnover than those that do not.
Furthermore, companies that use pre-employment assessments also see a 39% increase in productivity and a 20% increase in sales performance.
We’ve rounded up three pre-employment assessment platforms that your agency can use:
Criteria Corp
Criteria Corp provides pre-employment assessment tools to help you assess candidates’ cognitive aptitude, personality traits, and job-specific skills, allowing you to make more informed hiring decisions.
eSkill
eSkill provides customizable pre-employment assessments tailored to your specific needs and can help you evaluate a candidate’s skills and knowledge in typing, data entry, and more, enabling you to make data-driven hiring decisions.
TestGorilla
TestGorilla is an online assessment platform that provides a wide range of pre-employment tests to help you evaluate candidates’ skills, knowledge, and personality traits.
Utilize Social Media for Recruiting
Social media has become an essential tool for recruiting in recent years. Platforms like LinkedIn, Twitter, and Facebook allow you to connect with candidates and showcase your agency’s culture and values.
Social media can also attract passive candidates who may not be actively looking for a job but could be a good fit for your agency.
According to a survey conducted by CareerBuilder, 70% of employers use social media to screen candidates during the hiring process.
Furthermore, 57% of employers who use social media to screen candidates have found content that caused them not to hire a candidate.
When utilizing social media for recruiting, it’s essential to have a clear strategy in place. Show your agency’s culture and values, and be authentic in your messaging.
Additionally, comply with all applicable laws and regulations when using social media for recruiting, including equal employment opportunities and data privacy.
Utilize Artificial Intelligence (AI) in Resume Screening
AI-powered software can quickly and accurately scan resumes to identify candidates who meet the job requirements.
This can save hiring managers time and ensure they get qualified candidates.
Three websites that offer AI resume screening are:
Ideal
Ideal is an AI-powered recruitment automation platform that uses intelligent screening algorithms and chatbots to improve the quality of hires and reduce bias in the hiring process.
Textio
Textio is an AI-powered writing assistant that uses natural language processing to improve the language and tone of job postings and other HR-related content, to attract more diverse and qualified candidates.
Mya Systems
Mya Systems is an AI-powered conversational platform that uses natural language processing to automate various stages of the recruiting process, including resume screening, scheduling interviews, and answering candidate questions.
Use Online Reference-checking
Traditional reference checking can be time-consuming and often yields little valuable information.
Online reference-checking tools can help automate the process and provide more detailed insights into a candidate’s work history and performance.
Here are some online reference checking websites to look at:
Checkster
Checkster is a cloud-based platform that offers various tools to help organizations assess, reference check, and onboard candidates efficiently and effectively.
SkillSurvey
SkillSurvey provides an online reference-checking solution that automates the reference-checking process and provides insights into a candidate’s strengths and areas of improvement.
CrossHQ
CrossHQ is an automated reference-checking solution that uses AI-powered technology to help companies make more informed hiring decisions by providing data-driven insights into a candidate’s job performance and potential fit.
Implement a Mobile-friendly Application Process
Many job seekers, especially the new generation, prefer to search and apply for jobs on their mobile devices.
A mobile-friendly application process can make it easier for candidates to apply and increase the likelihood of attracting top talent.
A few mobile-friendly job portals we recommend:
Indeed
Indeed is a global job search engine that enables job seekers to find millions of job listings from thousands of websites, company career pages, and job boards.
Linkedin is a social networking platform for professionals, allowing users to create a professional profile, connect with other professionals, and apply for job postings from various companies.
Monster
Monster is a job search engine that helps job seekers find and apply for job opportunities and provides career advice and resources to help job seekers succeed.
Utilize Virtual Job Fairs
Virtual job fairs allow employers to connect with job seekers more efficiently and cost-effectively.
They can be beneficial for reaching a broader pool of candidates, including those who cannot attend in-person events.
Three virtual job fairs we recommend are:
Brazen
Brazen is a virtual event platform that offers chat-based recruitment events, virtual career fairs, and online hiring events that help employers connect with job seekers.
Easy Virtual Fair
Easy Virtual Fair is a virtual career fair platform allowing employers to connect with job seekers in real time through chat, video, and audio.
CareerEco
CareerEco is an online career fair platform that offers virtual career fairs, recruitment events, and webinars for employers to engage with job seekers and college students.
A New Age of Hiring
In today’s world, technology is rapidly changing how we live and work. With the rise of new tech, hiring practices have evolved, and companies can now use cutting-edge technology to attract and hire top talent.
According to a report by KPMGx, 68% of HR executives said their organizations are using new technologies to source, attract, and engage talent, and 42% are using AI or machine learning for recruitment and candidate screening.
Insurance agencies are no exception and can benefit significantly from implementing new technological methods to improve their hiring process.
Attracting top talent through these new-age methods is critical for the success of any business, and Edge is the perfect partner to help insurance agencies achieve this goal.
With a global network of remote resources and a deep understanding of the latest technological innovations in hiring, Edge ensures that insurance firms are getting the best talent from around the world.
Edge also provides a complete HR-tech ecosystem to help insurance agencies manage their remote teams, including payroll and global compliance, equipment and infrastructure, 24/7 IT support, and training.
This can ensure that remote workers are seamlessly and fully integrated into the agency’s workflow and culture and can deliver high-quality work.
Benefits of Remote Workers for Insurance Firms
Access to a Wider Talent Pool
Hiring remote workers allows insurance firms to tap into a larger pool of talent from all around the world, increasing the chances of finding the right candidate for the job.
Cost Savings
Remote workers can help insurance firms save on office space, equipment, and other overhead costs associated with maintaining a physical office.
Increased Productivity
Studies have shown remote workers are often more productive than their office-based counterparts, as they have fewer distractions and can better manage their time.
Better Work-life Balance
Remote workers have more flexibility regarding when and where they work, which can lead to a better work-life balance and improved job satisfaction.
Reduced Employee Turnover
Remote workers are often happier and more satisfied with their jobs, which can lead to lower employee turnover rates and increased stability for the insurance firm.
Conclusion
Hiring the right employees is crucial to the success of your insurance agency. Incorporating technology into your company’s hiring process is essential in attracting the best talent in the job market.
With new-age hiring technologies, insurance firms can streamline their recruitment process, increase efficiency, and improve the quality of candidates hired- staying ahead of the curve in the rapidly changing insurance market.
