Turnover Rate

What Does Turnover Rate Mean?

The turnover rate is the percentage of employees who leave a workplace during a specific period. A higher percentage indicates a larger number of employees have left their jobs. Turnover can be either voluntary or involuntary.

Insuranceopedia Explains Turnover Rate

The insurance industry typically experiences a high turnover rate, particularly among agents, due to the competitive nature of the field. In 2015, Forbes ranked insurance companies as having the highest turnover rate.

While entering the insurance industry as an agent may be relatively easy—since some states do not require formal training or higher education—earning income through sales can be challenging, especially for new agents. Many people tend to decline rather than accept insurance offers.