Let’s be straight: we need millennials in insurance.
In 2016, the average US insurance agent was 59 years old. Your staff is getting older. In fact, about 55% of insurance upper management are eligible to retire, and the industry is looking at 70,000 open positions, according to The Institutes.
Millennials are the answer.
But, why is it so hard to get millennials into insurance?
This question has those in the industry scratching their heads. The hard truth is insurance has a bad rap. A 2015 research study by The Hartford showed 18 to 34-year-olds saw the industry as boring. Overall, only 4% said they had an interest in insurance.
Looking to recruit top talent for your agency? Check out our “Key Strategies” eGuide
But, once millennials are in insurance, they plan to stay. According to a Vertafore survey on millennials in the industry, 81% said they’d stay as long as possible, and 70% would refer working in insurance to friends.
Ok, so how can the insurance industry recruit millennials?
The best way to bring in millennials is to speak to what they’re looking for in their job and career. And, connecting those needs with what is already offered in a career in insurance. Some key areas to highlight are:
- Industry stability
In that same Vertafore survey, 81% said financial stability was a big factor in why they stay in insurance. Like all career seekers, millennials are looking for a place that has longevity, and the insurance industry has just that. As long as people own things, they’ll need to insure them. Few industries can promise that kind of stability.
- Work-life balance
78% of Vertafore respondents listed work-life balance as an attractive part of working in insurance. Millennials like being independent and setting their own hours. Working in insurance gives them the freedom to work flexible hours, work from home, and manage their own schedule.
Read more tips on recruiting millennials to your agency
- Opportunities for collaboration
Though they love their independence, millennials also look for opportunities to collaborate. In insurance, they’ll constantly be working as a team to help customers and problem-solve on ways to meet their needs.
- Making an impact
Millennials are looking for ways to be difference-makers, working to improve the world. Insurance agents, CRMs, owners, carriers, and all individuals in the industry are there to help people at the worst moments in their life. Now THAT’S making an impact.
SIS President Michael Doran speaks to the impact independent agencies make in the lives of their customers
- Room for growth and influence
Millennials came of age in a start-up culture. Most are looking to be their own boss, or at least have a say in where their company is going. Independent agencies offer that “start-up” feel, allowing each employee to feel they have stock in the business.
Additionally, 75% of respondents to the Vertafore survey said “career development” was a major factor in why they loved their job in insurance. With so many Baby Boomers retiring, millennials have great growth and influence opportunity in insurance right off the bat.
The next challenge: getting them to stay.
While the industry has many aspects that make it appealing to millennials, it’s up to you to foster a culture that gets them to stay.
Part of that is setting up ways to welcome new staff and get them up to speed on processes and tech, including how to use your agency management system. To help our partner agencies grow, we at SIS offer personalized training sessions and dedicated online and in-person support so new employees can hit the ground running. Giving millennials that jump-start into your agency can be a game-changer.
To find out more about SIS, our Partner XE management system, and how we help our partner agencies achieve success, contact us at [email protected].
Sarah Deak has been contributing to the SIS team since 2013, covering topics like agency perpetuation, workflow improvements, data security, and marketing. She has a background in small business, working with organizations to improve their online presence and client engagement. Sarah also writes for the SIS newsletters and website, and counts herself lucky to hear from our many passionate, hard-working clients for our client stories. Her favorite part about working for SIS are the dedicated, service-minded people.