Looking for a career path that will open doors and give you so many options you won’t know what to do with yourself? Look no further, you’ve found the right place: the insurance industry.
Wait, you didn’t know that insurance was an ever-expanding market with endless opportunities for the millennial generation? You're unsure how millennials in insurance can grow? You better have a seat then. What you're about to learn about insurance careers is going to blow your mind.
What you will learn:
- Why the insurance industry needs millennials
- How the insurance industry provides what millennials want in a career
- How does technology impact this?
The Insurance Industry Needs Millennials.
What did you want to be when you were little? A professional athlete? An acrobat? Maybe a dinosaur wrangler? (This might have been just me).
What about an insurance agent? Realistically, very few people grow up telling their parents, “I want to be an insurance agent and make sure people have the right homeowner’s coverages .”
If you close your eyes and think of an insurance agent, what do you see? Your neighbor’s dad who always wears those goofy Hawaiian shirts? A woman in a suit, with perfectly coifed hair on a local ad? Well, to be honest, you aren’t too far off.
Today, almost half of active insurance professionals are over the age of 45. That might not seem like anything to be concerned about, but consider this:
25% of insurance professionals to retire in four years.
The Business Journals
What does this mean?
A massive deficit will present itself in the coming years. So who will take the retirees' place? The only solution is: Millennials. They are fresh, enthusiastic minds, ready to bring about a wave of change.
What do Millennials look for in a career?
Source: Millennial Careers: 2020 Vision Report | ManpowerGroup
Income/ Compensation
The American Dream is no longer an option for the millennial generation. You can’t get a good job without a college degree now, and for most of the population that requires taking out loans for tens of thousands of dollars. The biggest lure for any Millennial is going to be a livable wage.
Benefits
Healthcare is a common debate amongst everyone these days. From Congress to the family dinner table, the ever-present fear of having no coverage is at the front of every millennial's mind. A solid medical, dental, vision plan is a great way to entice the younger generation to join the industry. (And since we are in insurance, we get a pretty good price, right?)
Career Advancement
No one wants to hit that plateau in their career when they feel as if there is no more room to grow. The knowledge that there is always a next level to strive towards is a valuable employee motivator. Continuous education and training is always a plus.
Flexible Hours
In an era of technology and telecommuting, one of the most desirable attributes of a career is the option of a work life balance. Whether it be the option to work on your own time schedule or work from Thailand, being able to personalize your work day is the ideal for most.
Teamwork
Millennials are a generation of cooperation and collaboration, so the option to work in an environment open to a group effort is highly sought after. Banishing long standing cubicles for an open concept office with the resources to collaborate (whiteboards, communal desks, and social areas) has become the everyday norm.
A Voice
The Millennial generation is all about speaking their mind. We were raised to be open and honest with our thoughts and opinions. The value of having a job where we are able to speak our minds is a big selling point for a career.
Reading through these catergories, the stereotypical thought would be, “No way can the insurance industry offer these benefits. It all sounds like a stuffy suit and a bunch of paperwork.” Right?
The truth is the insurance industry is currently one of the most innovative and forward-progressing there is. Don’t believe me?
Let’s take a look at Technology.
Source: Insurance Tech Insights | www.cbinsights.com
In the past few years, TRILLIONS of dollars have been invested to move the insurance industry towards more tech-focused operations.
Example: Commercial sensors are being produced to monitor even the most minute building functions. So, when a pipe bursts or a smoke alarm goes off, you get an alert immediately. How does this pertain to insurance? This allows a situation to be addressed immediately before it becomes a problem. The avoidance of problems keeps your claims history clear and premiums low.
What about those Millennial desires?
The influx in technology and flexible workplaces have already caused a shift in the everyday lives of insurance professionals. You don’t even need to be in the office five days a week. Most work can be done at flexible times and locations. Also, with such a large gap in the workforce, there are ample positions available with plenty of room to grow.
The Way Forward.
Collaboration and the individual voice are finally being utilized with the understanding that all thoughts and ideas are a step towards the future. The thought is that if millennials are able to take what the industry has already mastered and further improve, everyone's futures will be better.
