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Two Reports: Millennials & Insurance

Posted By Administration, Wednesday, May 4, 2016

Bad news baby boomers … the reign of a generation who radically changed the world politically, socially and musically has come to an end. Pew Research Center says Census Bureau statistics show there are now 500,000 more millennials alive in this country than baby boomers.


First some definitions:


  Baby boomers — those born between 1946 and 1964

  Generation X — those born from the mid-1960s to the early 1980s

  Millennials — or Generation Y — born in the early 1980s to 2000


There are:


  74.9 million baby boomers

  75.4 million millennials


In 2015 millennials officially took over the workforce. Here’s how the workforce shakes out:


  53.5 million workers in the U.S. are millennials

  52.7 million workers are Generation X

  44.6 million workers are baby boomers


And experts think the number of millennials in the U.S. will grow to about 81 million by 2036 because of immigrants joining their ranks.


All of this impacts insurance and the insurance workforce. Most of those under age 40 working in insurance say they like their jobs and the freedom it provides. They’re optimists by nature and see insurance as an opportunity and as a secure job now and in the future.


Or so says Insurance Journal’s 2016 Young Agents Survey. It took a look at 500 agents 40 and younger and got their opinions.


Here are the 10 things they like most about insurance:


  A flexible schedule.

  The opportunity for professional development and community involvement.

  The earning potential.

  The daily challenges. No two days are the same.

  Work-life balance.

  The ability to check several markets to attain the best insurance coverage for each client.

  Establishing relationships with clientele and educating them about the importance of insurance and how it can impact their business.

  Helping people.

  Being own boss.

  The residual income.


With every good comes a bad and this is what these millennials like least about their insurance careers:


  Doing servicing work.

  The pressure from carriers to produce for them in order to keep an appointment.

  Overcoming the negative perceptions set forth by those before me.

  Having to regularly deal with new (revolving door) insurance carrier representatives and what seem like the constantly evolving appetites.

  The stigma that comes with selling insurance.

  The lack of young talent in the business and awareness of our business.

  Having to negotiate many different online production/quoting systems.

  The hours can be demanding.

  The first three-to-five-year grind as a new young agent.

  Lack of response by carriers to agent feedback.


The good news is since baby boomers are slowly but surely relinquishing control to millennials, these young agents can change the negatives they find in insurance.


Or not.


Source links: PropertyCasualty360.com, Insurance Journal

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials: Looking at the Future of Your Busines  Two Reports: Millennials & Insurance  Weekly Industry News 

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