PURE’s ability to deliver an exceptional member experience starts with our people. Our unique company structure, which combines a member-owned insurer and a for-profit management company, fuels an entrepreneurial environment which allows us to attract and retain outstanding individuals. This is pivotal to the important work we do every day for our membership. We focus on fostering a strong work culture that empowers employees and provides them with a strong sense of purpose and direction in their career.
Here are a few of the initiatives we launched in 2017 that are vital in attracting and retaining our talented employees:
Employee Engagement Committee
PURE’s Employee Engagement Committee, a group of more than 30 individuals from various office locations and departments, is dedicated to maintaining and enhancing an environment that values and supports our employees. The committee focuses mainly on culture, onboarding and PURE’s social impact, which together help to cultivate and sustain an engaged workforce.
Volunteer Time Off
We introduced volunteer time off (VTO), which is paid time off designated specifically for volunteering so our employees have flexibility to participate in meaningful, purposeful and rewarding opportunities. As an organization, we are aiming to log 500 volunteer days in 2018.
College Loan Assistance
PURE partnered with financial technology company, CommonBond, to add a student loan assistance program to our benefits package. The program is designed to help employees pay off their student debt or their child’s student debt more quickly. Within two months of launching the program, 32% of millennial employees and 23% of all PURE Group employees had enrolled.
Learning and Development
When we invest in further educating our team, we are able to deliver more innovative solutions and offer a higher level of service to our membership. We offer our employees many personal and professional advancement programs, including courses aimed at developing young talent, education for first-time managers and leadership seminars.
PURE Excellence Awards
Each month during our companywide Town Hall, we recognize a number of individuals who have gone above and beyond to provide exceptional service to the membership. In 2017 we expanded this recognition program with the launch of our Employee Excellence Awards, an annual award created to recognize individual contributors, managers and teams making extraordinary contributions to the organization and our membership, while upholding the PURE Principles. Here are the 2017 winners.
- Andy Brotherton, General Adjuster (Individual Contributor)
- Tony Juliano, Performance Improvement Manager, Claims (Manager)
- New England Regional Team (Team)
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Bridging the Talent Gap
A recent study from The Hartford found that only four percent of millennials are interested in a career in insurance, yet almost a quarter of the insurance workforce is set to retire in the next few years.
There is an impending talent gap in the insurance industry. More traditional companies are either struggling to recruit young talent or overlooking this demographic in their recruiting efforts, despite the growing pool of qualified candidates.
PURE’s philosophy has always been to play the long game. We take this approach with nearly everything we do, including recruiting. We hire experienced talent throughout the year but also focus a large percent of our recruiting efforts on identifying and attracting the next generation of insurance industry executives.
The Annual Summer Training Program, launched in 2010, is integral to this approach. Over the past eight years, we have hired nearly 200 recent graduates from top-tier schools throughout the country. We introduce them to PURE and the insurance industry and provide comprehensive training for their permanent roles on PURE’s Member Advocate, Underwriting or Product Development teams.
These efforts are already making a difference. While the median age of workers in the insurance industry is 45, at PURE it is 33. Today, 62 percent of our staff are millennials, and 86 percent of millennials hired since 2014 are still with the company. Many of these professionals have since advanced in their careers, assuming a variety of more senior positions and making a significant contribution toward PURE’s success. In fact, 100 percent of our inaugural training class are still with us today each serving in a management role.
We attribute the success of this effort to PURE’s purpose-driven culture. Our employees come to work every day with a sense of purpose—to create an exceptional member experience while upholding the PURE Principles—and in return are rewarded with a career that is part of a fulfilling life.
- Practice Membercentricity. Seize every opportunity to create an exceptional member experience and reinforce an alignment of interests with the membership.
- Use Empathy, Creativity, And Urgency to Be Exceptional. Favor action over unnecessary bureaucracy. Put yourself in their shoes, asking “How?” instead of justifying “Why not?” Take risks that don’t compromise our values or threaten the enterprise, and learn from mistakes.
- Do the Right Thing. Never compromise integrity or transparency for the sake of a shortcut. Make the membership, your team members and our partners proud.
- Be a Team Player. The One Who Is There When Needed the Most. Emphasize collaboration, active listening and respectful communication. Be proactive and give constructive feedback and receive it earnestly. Work toward the common goal of making our company the best it can be.
- Be Obsessed with Getting Better. Think big. Invest in yourself to enhance your expertise and create a better you. Seek out and advocate ways to create a better company, a better industry and a better community.
- Have Fun. Bring passion to everything you do. Create joy for others around you.
Awards & Recognition
We were given extraordinary opportunities to fulfill our purpose in 2017 and are pleased to be recognized for excellence in a number of categories. It is an honor to be named Best High Net Worth Insurance Company by the Private Asset Management Awards and Best Insurance Underwriter by the Family Wealth Report Awards for the third consecutive year. The wealth management community has placed a greater emphasis on improving transparency, reducing conflicts and aligning interests with their clients—something we emphasize here at PURE as we determine how best to serve our membership. These awards speak to the achievements of our entire staff and the important work we do every day for the nearly 75,000 high net worth families we serve.
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· Private Asset Management, ‘Best High Net Worth Insurance Company”
· Family Wealth Report, “Best Insurance Underwriter”
· Best in Biz, “Executive of the Year,” Gold; “Fastest Growing Company,” Bronze
· Entrepreneur 360, List of “Best Entrepreneurial Companies in America”
· The Inc. 5000, “Inc. Magazine’s List of America’s Fastest-Growing Private Companies”