Millennials — those that came to adulthood around the year 2000 — now outnumber their grandparents the baby boomers. By 2020 millennials will make up half the work force on the planet.
A lot of polls we’ve seen lately say millennials don’t trust insurance and aren’t interested in the industry as a career. Part of the reason is the commercial aspect of the business. Many view it as greedy and being all about money. We know that not to be true and we know insurance — especially at the agent level — is about making people whole and taking care of them in a dark hour.
That said, not all surveys are negative. One recently done by Vertafore — it’s second annual Millennial Revolution report — says 80% of millennials are either optimistic or very optimistic about the industry and think it will evolve to attract the next generation of talent.
Millennials like the work-life balance that insurance offers. Compensation and the pure enjoyment of the work don’t hurt either. Decision making is another like. A whopping 75% say this is important or very important to them.
Other reasons and other findings:
• 90% like the use of technology and mobile and social media they see insurance moving toward.
• 70% say they use their smartphones at work.
• Less than 60% of baby boomers do that.
• 18% of veteran insurance people — conversely — think technology is a detriment to productivity.
• 82% of millennials think just the opposite.
Anthony Gomes of Vertafore said the industry is moving toward more use of technology and for good reason, “Phones and tablets are the last thing millennials check before bed and the first thing they check in the morning. There’s no question they’re able to increase the productivity and throughput of employees, but there is a corollary — customers are also connected.”
Gomes said technology is just not something insurance can ignore. “The skyrocketing use of mobile technology should serve notice to leaders in companies that consumers expect access to companies on their own terms in timelines they define for themselves, and that millennials are always connected, looking for ways to drive new business through that technology.”
In the end, the survey says 77% plan on staying in the industry as long as possible.
Source link: PropertyCasualty360.com