“Insurance firms [should focus on] creating a culture that appeals to young people. Young professionals have grown up with greater mobility and more fluid attitudes about where and when to work; flexible work arrangements enable that work style. Early career development, mentoring and clear career pathing help demonstrate a commitment to young employees and their professional growth.
Millennials are the most diverse generation ever, so a real commitment to diversity and inclusion (including family-friendly benefits) is also essential. Finally, meaningful corporate social responsibility efforts can be a key differentiator for young people choosing an employer.”
“There is nothing but opportunity for young insurance professionals. With a 1% unemployment rate and the US Department of Labor predicting we’ll need 400,000 new workers to replace the 25% of insurance professionals that are now very close to retirement, opportunities in the industry are almost literally endless.
Young insurance professionals with some education and some experience are in such high demand that the hardest part is figuring out the best use of our limited time, and the talent wars will continue for the foreseeable future. It’s an exciting time!”
“There are more than enough opportunities for young people in insurance, but the difficult part is convincing an old industry that it must learn new tricks. A field that was once dominated by handshake deals and carbon copies is being revolutionized by a generation that doesn’t accept the status quo.
The millennial demand for seamless consumer experiences and transparent, data-driven processes is transforming the entire economy, and insurance is not exempt. Carriers and producers are being forced to modernize their practices and can benefit by utilizing the knowledge and skill sets of the people modernizing the economy.”
Register for the Millennials in Insurance event to learn from industry experts on how to attract, engage and retain the younger generation. Register here: millennialsininsurance.ibamag.com/register