We keep hearing about the deep trouble insurance has as its workforce ages. By 2018 — a scant less than 18 months from now — close to 25% of the industry is going to retire. So hiring millennials — those who became adults around the year 2000 — is critical to filling jobs.
Rumors persist that millennials hate insurance and don’t want to work in the business.
That said, some millennials are already working in the biz. Vertafore did a survey of 4,000 of them aged 19 to 35 and found most love their jobs and love the industry. How much? A lot. Over 90% said an insurance career meets important criteria for job satisfaction:
• Work-life balance
• Career development opportunities
• Financial stability
That means there are some happy millennials working in insurance already and hopefully they’ll share the news:
• 81% of those surveyed said they plan on remaining in insurance as long as possible
• That’s up from 77% in 2015
• 70% say they’ll recommend an insurance career to their friends
Vertafore vice president of marketing is Guy Weismantel. He put the survey in perspective. “The insurance industry has turned over a new leaf with millennials, and we are in the midst of a technology revolution that is disrupting insurance and attracting a new generation of tech savvy talent that is optimistic about the future. Coupled with the qualities that a career in insurance offers, we see why the millennial generation is thriving in this industry and why more young professionals are looking at insurance for fulfilling, long-time careers,” he said.
Technology is a big reason many are attracted to the business and 86% of those surveyed say technology is improving and making it easier for them to sell and is giving them the tools to compete.
Here’s the survey’s breakdown:
• 81% are in the business for financial stability
• 79% like the idea of insurance providing work and life balance
• 74% like career growth
• 54% are joining the industry and discovered it via personal relationships
Millennials are also highly optimistic about the industry:
• 86% are somewhat or very optimistic
• 70% recommend a career in insurance to their friends
• 81% plan on staying as long as possible in insurance — that’s up 5% from a year ago
Millennials rely on efficient technology:
• 86% say technology increases efficiency by enabling them with the tools to compete
• 1/2 of the 86% rate technology usage as very important to staying in the industry
Millennials use social media to build their brand:
• 33% use Facebook and LinkedIn at least once a day for professional use
Here’s the top uses for social media:
• 50% brand awareness
• 41% professional development
• 39% lead generation
• 33% customer support
• 17% use it to search for new jobs
Last. When it comes to getting hired by insurance, millennials are twice as likely to be recruited via Facebook or LinkedIn or other social media than traditional means.
Source link: PropertyCasualty360.com