Strategies Insurance Leaders Use to Reduce Sales Agent Turnover

Strategies Insurance Leaders Use to Reduce Sales Agent Turnover by Jacqueline Evans MS, Thomas Edison University, 2005 BS, University of the West Indies, 1992 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University October 2018 Abstract High turnover of new sales agents costs insurance leaders millions of dollars and adversely impacts profit margins. The purpose of this multiple case study was to explore the retention strategies that insurance leaders from central New Jersey used to reduce sales agent turnover. Study participants included 5 insurance leaders with sales management experience ranging from 3 to 5 years. Job embeddedness theory was the conceptual framework for the study. Data were collected via semistructured interviews, company reports, and archival records. Using thematic analysis, the data were examined and coded and generated 4 key themes: recruiting and selection process; value of coaching, training, and mentoring; leadership engagement; and organizational culture. The implications of this study for social change include the ability of insurance leaders to allocate increased profits to funding local and community-based service organizations and philanthropic initiatives. Additionally, with increased profits, insurance leaders may be able to invest in developing indemnity products and services tailored for underserved populations, such as women, minorities, and low-income individuals and families, thereby contributing to positive social change.High turnover of new sales agents costs insurance leaders millions of dollars and adversely impacts profit margins. The purpose of this multiple case study was to explore the retention strategies that insurance leaders from central New Jersey used to reduce sales agent turnover. Study participants included 5 insurance leaders with sales management experience ranging from 3 to 5 years. Job embeddedness theory was the conceptual framework for the study. Data were collected via semistructured interviews, company reports, and archival records. Using thematic analysis, the data were examined and coded and generated 4 key themes: recruiting and selection process; value of coaching, training, and mentoring; leadership engagement; and organizational culture. The implications of this study for social change include the ability of insurance leaders to allocate increased profits to funding local and community-based service organizations and philanthropic initiatives. Additionally, with increased profits, insurance leaders may be able to invest in developing indemnity products and services tailored for underserved populations, such as women, minorities, and low-income individuals and families, thereby contributing to positive social change. Strategies Insurance Leaders Use to Reduce Sales Agent Turnover by Jacqueline Evans MS, Thomas Edison University, 2005 BS, University of the West Indies, 1992 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University October 2018 Dedication I dedicate this study to my best friend, partner, and love, my husband Ransford, and our two children Kwami and Khamil. Thank you, my love, for your unwavering belief in me and your ardent and steadfast support during this journey. I would not have started this journey without your push and could not have finished without your pull. To my children, I have always wanted to be the best role model for you. I hope I have provided a good example of hard work, dedication, and sacrifice in pursuing one's dreams, and the sweetness of the reward at the end. I love you both world without end. I also dedicate this work to my parents Sydney and Inez Brown. Although you both came from very humble beginnings, you instilled in me the principles of working hard and aiming high. Daddy, although you are no longer here, I thank you for always encouraging my educational pursuits and teaching me to dream big. Mommy, thank you for providing a loving, nurturing, caring, environment where I always felt secure and loved. Thank you both for implanting in me an appreciation for the value of education. Acknowledgments I would like to thank my doctoral committee for their guidance and support. I thank my chair, Dr. Gwendolyn Dooley, for the continuous feedback, prompting, and supervision she provided, which drove me to produce the best work possible. To my other committee members, Dr. Mary Weber and Dr. Scott Burrus, I thank them for the critical reviews they provided, which also challenged me to think and write at a higher level and perform at my best. Finally, I want to thank my best friend and confidant Sharon Johnson and accountability partner and fellow cohort Lisa Burnside. Sharon, I thank you for being an inspiration and one of my biggest and most dedicated cheerleaders. Lisa, I thank you for holding me accountable for achieving goals and milestones timely towards completing this program on schedule. This journey would have been immeasurably more challenging without you all.