A couple of interesting reports got the interest of Weekly Industry News. One is how interest in insurance is dropping among young workers. The second talks about how much they’re going to change the industry once they become employed.
The reports are an interesting contrast.
The first report comes from Applied Systems and InVEST’s. It’s titled The Future of Insurance: Bye Boomers, Hello Digital Natives. In a nutshell it says younger generations are becoming more aware and familiar with insurance but the interest in it as a business is not growing with that awareness.
In the last four years Generation Z’s awareness of insurance has grown by a whopping 56%. Gen Z is the group after millennials and they were born somewhere around the mid-1990s. The level of interest they have in insurance is about the same as the 2015 survey.
It sits at 14%. Sadly, those expressing no interest at all in insurance as a career has jumped 11% when compared to the 2015 survey.
One college fraternity — Gamma lota Sigma — is trying to change the interest in insurance by calling for insurance professionals to spend time on campus. It just finished its second annual Boots on the Ground Month to encourage students to think about a job in insurance.
Spokeswoman Alyssa Bouchard said, “We’re showcasing the many career paths and opportunities in the insurance industry, and our goal here is really to reach students who might not have considered or heard about careers in insurance before. We are trying to continue to expand and diversify the talent pipeline for the insurance industry.”
She says they have found much more interest by students when they truly understand what insurance is and how it helps people. Reading about it and actually talking with someone are two very, very different things and “if those professionals are showing up on campus, students are going to be aware of those opportunities and will gravitate towards those opportunities.”
The Applied report bears out her contention when it noted that 47% of those responding to the survey said they would definitely consider an insurance career if they understood it better. It found that those in Gen Z want a job that aligns with their personal interest and:
• One with income potential
• One with career development opportunities
• One that focuses on giving back
And once Gen Z discovers a love for insurance then what? Nintex — the workflow productivity company — says their expectations about work, money and how the workplace itself functions is going to radically change how business is done. The Nintex report says employers need to be aware of that fact and not understanding that could be a shock.
That’s not necessarily a bad thing. Shocks can be overcome.
Here’s what’s good about Generation Z as employees. First of all, they aren’t job hoppers like their older brothers and sisters the millennials. In the Nintex report 60% said they plan to stay on their first job for at least a year and 71% say they’ll do a year or two.
Of course, most employers would like that number to be much larger than a year or two.
They also have expectations. Some of those expectations you will likely find to be unreasonable but they are the expectations of that generation.
• 53% expect a promotion of some kind within a year
• 30% want one within the first nine-months
That sounds spoiled and entitled but Generation Z looks at it differently. They’re weighted down — heavily — with student debt. They want more income to get out from under those heavy payments.
The good thing about those heavy payments is why. Most of Gen Z took courses in college and have degrees in a field they like and chose on purpose. In the case of insurance its financial and that means they have a good understanding at the outset of insurance.
Another plus is their technology skills. They likely top yours. So they’ll want to circumvent your system and go to something more efficient and that works better for them. That, too — especially if you’re into improving the technology you use — is a good thing.
Source links: Insurance Business America, PropertyCasualty360.com