As more Baby Boomers retire and Millennials increasingly seek high-paying jobs in tech and finance, the insurance industry is feeling a talent pinch. According to the U.S. Bureau of Labor Statistics, nearly 51 million insurance jobs are expected to become available by 2022 — owing to industry growth and openings created by retirees.
To face that talent shortage head on, employers are trying to make the work — namely, selling insurance — more attractive. They’re enticing prospective appraisers, actuaries, claims processors, and sales agents by mirroring the cultural offerings of big tech companies. Some are increasing pay packages (the median annual industry wage in 2012 was $34,750) while adding to already healthy benefits programs. Other firms are even offering free meals, onsite massages, and, in one instance, building a ferris wheel at headquarters (see No. 1 on our list below). And, for the moment, it seems to be working. Turnover at these firms is low and their workers tell us they’re happy and staying put.
To compile a list of the best workplaces in insurance, Great Place to Work, the longtime partner for Fortune’s annual list of the 100 Best Companies to Work For, recently surveyed 86,000 workers in the industry who answered 58 questions about the characteristics that constitute a great workplace.
According to Great Place to Work, these 10 insurance firms have outperformed their peers by a margin of 20-25% by focusing on merit-based promotions, offering competitive compensation and profit sharing, and involving staff in major decisions that affect their jobs or work. Read more on each of these companies below.
For more information on how to apply to Fortune’s workplace rankings, go here.