Revealed – 10 best insurance companies to work for in 2022 | Insurance Business America
To shed light on how the situation has affected the industry, professional recruitment service provider The Jacobson Group, together with insurance giant Aon, conducted an investigation in the third quarter of last year. organizations’ insurance labor market study found that industry professionals who were waiting to make moves before the pandemic began to explore their options and reassess their current roles, resulting in the recruitment process, especially in experienced levels, became “extremely competitive.”
The report also revealed that more than half, or 56%, of insurance companies have plans to increase their workforce in the next 12 months, exacerbating the already aggressive “war for talent.”
read more: ‘big resignation’ increases pressure on life insurers
What can insurers do to attract and retain talent?
global management consulting firm mckinsey noted how companies, not just in the insurance industry, can take advantage of the pandemic to provide workers with an exceptional employee experience by taking the time to listen and engage with their workforce .
The firm surveyed nearly 1,000 people to gauge their views on work and how these have changed due to the COVID-19 crisis. then the consulting giant identified several factors that help create the right work environment for employees. these include:
- a sense of social cohesion and purpose
- collaborative teams
- clear responsibilities and opportunities to learn and grow
- an organizational sense of purpose that aligns with the personal values of the employees
- a suitable physical and digital environment that provides flexibility to the staff to achieve a balance between work and personal life
Aside from this, salary and benefits remain key to attracting and retaining talent. A recent survey by professional services firm Voya Financial showed that 60% of workers are paying more attention to benefits provided by their employers due to the pandemic. More than two-thirds, or 68%, of the more than 1,000 respondents also expect job benefits to play a crucial role in their future job selection.
read more: young talents in insurance: the benefits of incorporating them
Which are the best insurance companies to work for?
to find out which insurers in the usa. uu. they provide the best work environment that paves the way for employees to thrive and grow both professionally and personally, the insurance business went through several industry rankings, including fortune’s 100 best companies to work for in 2022. also visited the site each insurer’s website to see what benefits they offer employees and what recent awards they’ve received that reflect their commitment to employee well-being. here are those who made it to the top. the list is sorted alphabetically.
1. allianz life
Headquarters: Minneapolis, Minnesota Number of Employees: More than 2,200
Allianz Life Insurance Company of North America (Allianz Life) is a subsidiary of Allianz SE, one of the world’s largest providers of financial services. offers a range of retirement solutions, including life insurance for individuals and fixed and variable annuities.
For the 11th consecutive year, Allianz Life has been named among Fortune’s 100 Best Companies to Work For, ranking 77th in 2022. According to its LinkedIn profile, the company offers a “creative and collaborative work environment with opportunities continuous professional development. .” In addition to competitive compensation, Allianz Life offers a variety of benefits, including tuition reimbursement, employee stock purchase plans, and a generous retirement savings plan.
2. American fidelity guarantee
headquarters: oklahoma city, oklahoma number of employees: more than 2,000
american fidelity insurance company is a provider of fringe benefits serving more than one million members in 49 states. primarily serves employers in the education, public, automotive, and health sectors. Products and services offered include supplemental insurance, reimbursement and management accounts, loss-limit insurance for self-funded plans, section 125 plan management, online benefits enrollment software, and Affordable Care Act consulting and patient protection (aca).
american fidelity was part of fortune’s 100 best companies to work for last year, securing the 53rd spot. it was also named one of the best workplaces in the country by idg’s insider pro and computerworld.
“The pandemic put a lot of pressure on this, but fortunately we had systems in place that allowed us to seamlessly transition to our nearly 100% remote workforce without impacting our business,” said Diana Bittle, Senior Vice President. -president and chief information officer of american fidelity. “I’m proud of how our team took on the challenges this year brought, and were able to quickly implement new technology to better serve our customers and colleagues.”
read more: how to help your employees thrive
3. farmers insurance
Headquarters: Woodland Hills, California Number of Employees: 21,000
farmers insurance group is one of the nation’s largest providers of auto, home and small business policies. taking care of its employees is a priority for the insurer. To do this, it has implemented a variety of ways to provide support to employees, including the Farmer Family Fund, which enables the farming community to respond quickly when employees experience financial hardship. Since its launch in 2012, the program has provided more than $2.5 million in grants to support employees.
The company also shows its commitment to diversity and inclusion through sponsorship of a wide range of employee groups, including the Women’s Inclusion Network, Farmer’s Pride, Veterans & Advocates, Asian Farmers Alliance, We Are Farmers, Black Professionals Alliance, Disability Inclusion Group, Farmers Future, Fit Farmers, and Parent Connection.
Farmers were ranked 89th in Fortune’s 100 Best Companies to Work For 2022.
headquarters: new york, new york number of employees: more than 1,100
Lemonade uses artificial intelligence and behavioral economics to offer term life, pet health, homeowners, renters, condo and auto insurance policies to customers across the United States. the policies of the insurtech firm are 100% digital. provides quotes, writes and sells policies, and manages and pays claims through an online application. the company also charges a flat fee and pays claims “super quickly.” lemonade once granted a claim in three seconds by leveraging chatbots for policy and claim inquiries and fraud detection.
Lemonade is also a Public Benefit Corporation and a Certified B Corporation. operates an annual payback program, in which you donate unused premiums to non-profit organizations selected by your community. Since 2017, the company has returned nearly $4.3 million to various charities in the United States. In 2021 alone, lemonade has donated more than $2.3 million to 65 nonprofits, including Forests America, Malala Fund, Charity: Water, and Childhood Cancer Cure.
fast company recognized the lemonade giveback program on its list of ideas that will change the world by 2021. that same year, inc. The magazine named the firm one of the best-run companies and best place to work in America.
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5. mutual freedom
headquarters: boston, massachusetts number of employees: more than 45,000
liberty mutual holdings company inc. It is the sixth largest P&C insurer in the world and the fourth largest in the United States. The firm offers a wide range of insurance products and services, including personal auto, homeowners, special lines, reinsurance, commercial multi-peril, workers’ compensation, commercial auto, general liability, surety bonds, and commercial property.
In 2019, Liberty Mutual unveiled its multi-year plan to increase diversity, equity and inclusion for all employees. The plan provided accountability and transparency by setting and publicly reporting on long-term goals to increase the representation of women and people of color at all levels of business in the United States.
a year later, liberty mutual was recognized among the “best workplaces in financial services & safe” and “best workplaces for parents” for great places to work. Despite the challenges brought on by the COVID-19 pandemic, 92% of the company’s overall workforce reported being “extremely satisfied” with Liberty Mutual as a place to work, up from 85% a year earlier.
In the same year, the company established its first global employee experience function with the goal of taking a “more holistic, inclusive, and data-driven approach” to understanding and working with employees about what matters to them. to create exceptional experiences. experiences. also launched Moments That Matter, a new initiative to identify and map the most important moments that impact employee experiences across the company.
In 2021, Liberty Mutual has been named a Forbes Best Employer for Diversity and Best Employer for Recent Graduates, offering extensive opportunities for all employees. many of the company’s executive leaders have also been honored for their outstanding dedication to the employee experience.
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6. omaha mutual
Headquarters: Omaha, Nebraska Number of Employees: More than 6,000
mutual of omaha is a fortune 500 mutual insurance and financial services company that offers a variety of products, including medicare supplement, life insurance, long-term care coverage and annuities, as well as group coverage such as life , disability, and 401(k).
The company was recognized by Forbes as one of the Best Employers for Diversity in 2022. It was also ranked 84th on the Forbes 100 Best Companies to Work For.
mutual of omaha has developed several ongoing programs for employees and managers that support an inclusive culture. these include:
- Mutually Connected: A mandatory culture-building workshop that explores many concepts and values that support diversity, equity, and inclusion.
- Mutually Inclusive: The company’s flagship program is designed to reinforce various concepts that “make connections across differences,” including partnership, identity, and anti-racism.
- diversity and inclusion action group (diag), made up of leaders from across the company
- and provide focus and direction for company dei initiatives.
- advocacy and advisory council: made up of associates representing each business unit and operation, who recommend opportunities for embed dei strategies and advocate for dei within their business units.
7. at the national level
Headquarters: Columbus, Ohio Number of Employees: More than 26,000
Nationwide Mutual Insurance Company is a Fortune 100 company offering a full range of insurance products and financial services in the United States. Its insurance portfolio includes auto, motorcycle, home, pet, farm, life, and commercial policies. the company also offers annuities, mutual funds, retirement, plans and specialized health services.
Nationwide’s commitment to diversity, equity and inclusion reflects how the company operates. A standard requirement for doing business with the insurance giant is a “commitment to creating opportunities that promote provider diversity.”
Each year, thousands of its employees also participate in partner resource groups and business unit councils to foster inclusion and improve business results. In 2021, the company hosted events to celebrate the legacy of its employees, educate them on diverse experiences, and demonstrate how we can be better allies. A separate campaign also allowed partners to generate a matching gift from the national foundation to select nonprofit partners focused on social equity and economic empowerment.
Nationwide is the highest ranked insurer in Fortune’s 100 Best Companies to Work For 2022, ranking 21st.
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8. progressive insurance
Headquarters: Mayfield Village, Ohio Number of Employees: Over 45,000
the progressive group of insurance companies is one of the most popular insurance brands in the united states. The insurance giant is the nation’s third-largest auto insurer and the nation’s leading specialty RV and motorcycle insurer, writing more than 13 million auto policies a year. The insurer also covers business auto risks and several other personal lines, including homeowners insurance.
progressive prioritizes letting its employees be themselves and bring their strengths to work. it also holds staff accountable for adhering to the company’s core values: integrity, gold standard, goals, excellence, and profit. Working at Progressive offers great benefits, including access to financial wellness programs, which provide tuition assistance, fair base pay, 401(k) retirement plans, and an annual bonus program. company benefits also include medical, vision and dental care, health savings accounts, mental health support, gym access and maternity support.
progressive was ranked 51st in Fortune’s 100 Best Companies to Work For and 65th in the 100 Best Great Workplaces for Millennials in 2022.
9. safe pure
headquarters: white plains, new york number of employees: more than 800
pure insurance is a policyholder-owned insurer dedicated to helping families and individuals by providing a variety of personal coverages, including home, auto, cyber and fraud, jewelry, art and collectibles. The firm focuses on high-net-worth families and individuals who need assistance protecting their assets and homes. offers a transparent view of your process, letting customers know exactly where their money is going and how their accounts are being managed.
Pure, which stands for Reciprocal Privileged Underwriters Exchange, was recently named one of the Best Insurance and Financial Services Workplaces by Fortune, Best High Net Worth Insurance Company at the Private Asset Management (PAM) Awards. and Best Insurance Underwriter in the Family Wealth Report Awards.
read more: why insurance companies can’t afford to overlook diversity
Headquarters: San Antonio, Texas Number of Employees: Over 32,000
usaa is a group of diversified financial services companies and is among the leading providers of insurance, investment, and banking solutions to members of the US military, veterans, and their families.
usaa is also one of the top insurance companies to work for in the country. The insurer provides employees and their families with a variety of benefits, including medical and dental insurance coverage, RSPS, paid time off, recognition programs, access to gyms and personal trainers, college admission assistance, and training programs. continuous training. Ranked 87th in the 2021 edition of Fortune’s 100 Best Companies to Work For.