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Millennials & Insurance: The Future is Brighter than You Think

Posted By Administration, Tuesday, September 27, 2016

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

 

Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance: The Future is Brighter th  Weekly Industry News 

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