Last month, Assurance Insurance Brokerage was named the fourth best place to work in insurance by Fortune magazine – a prestigious honor, but hardly the first for Illinois-based agency. Assurance has won more than 60 awards related to performance and workplace culture, both in and out of the insurance industry.
With three centralized office locations and 330 employees, Assurance has plentiful resources to provide the kind of flashy workplace perks that grab headlines – private label champagne to celebrate promotions or an onsite “penthouse” floor with a Nintendo Wii and fitness equipment, for example.
While those things are nice, however, Assurance Chief Marketing Officer Steven Handmaker says there is something far simpler that keeps staff around.
“What is special, and what our employees tell us is special, is that Assurance is an organization that spends an exceptional amount of time showing employees our appreciation for the hard work they’re doing,” Handmaker told Insurance Business America. “Sometimes that’s in small and private ways and sometimes that’s in big and public ways, but it really is a culture that is based on appreciation.”
Taking an interest in staff and helping them advance in their career has been key for Assurance when it comes to tough industry challenges like recruiting and retaining talent. Insurance is not a top career choice for many new or experienced workers, so providing great benefits as well as innovative approaches to business is essential.
And in what may come as a shock to some agencies, Handmaker says results have nothing to do with financial assets.
“What makes our culture has nothing to do with the money spent on it,” he said. “What makes the culture more often than not is being nice, being appreciative and demonstrating that as often as possible. That doesn’t cost anything.”
Handmaker says he doesn’t know why other agencies haven’t implemented the practices that Assurance has, but he has seen “great strides” in the industry as a whole.
“That means [Assurance] will have to work a lot harder to remain competitive, but I think that’s okay,” he said. “I welcome the competition if it means the insurance industry is seen as a dynamic place where the best and brightest work. That way, we all win."
Correction: A previous version of this article stated that Assurance was named as a "Best Place to Work in Insurance" by Forbes magazine. This is incorrect; the agency was honored by Fortune magazine.
