Millennials Looking to Change Careers May Consider Insurance
Insurance firms provide paths to growth and balance of work and life
A quick look at the latest census confirms what we already know: Colorado is growing very quickly. It’s estimated that the population of the Denver metro region alone grew by more than 44,000 people in the past year, the 15th highest number among metro areas nationally. It may come as no surprise that this influx has pitted many local companies against each other as they recruit. What may be surprising is that the insurance industry has a shot at competing with others when it comes to securing millennial employees.
Vertafore’s fourth annual “Millennials in Insurance” survey asked 3,500 insurance professionals, including 1,556 millennials, about their career preferences and priorities, and the results reveal there’s a bright light at the end of the tunnel for insurance businesses looking to target millennial talent.
INSURANCE COMPANIES PROVIDE PATHS TO GROWTH
It’s widely reported and assumed that millennials jump from job to job, rarely committing to a company longer than three years. Interestingly, millennials in insurance are an exception. In fact, 67 percent of millennials currently working in insurance have been in the industry for at least three years, and they say they have no plans to leave in the foreseeable future.
When asked what keeps them in their careers, 63 percent of millennials say they are most concerned with their ability to grow internally within their organization and “climb the ladder.” However, growth opportunities can’t come at the cost of sacrificing work-life balance, with 50 percent of millennials reporting they prioritize that balance above all else. While insurance companies may not offer all of the millennial-oriented bells and whistles like ping-pong tables and beer taps in the office, for which many startups are notorious, these businesses offer the stability, leadership opportunities, and financial benefits that may be absent in other industries.
INSURANCE IS FOR THE TECH SAVYY
Those who still think the insurance industry is a tech laggard may be reading old news. In fact, the insurance industry is adopting technology more aggressively in order to remain competitive, now more than ever. Over the past year, usage of social media and communications technologies has increased significantly as a strategy for improving customer service and millennial employees agree, with 78 percent sharing the belief they are adequately armed with the tools to compete and succeed. Continuing to arm employees with new and updated technology that allows work to be completed more efficiently will attract and retain millennial talent that looks for these kinds of resources when evaluating career opportunities.
MILLENNIALS RECOMMEND CAREERS IN INSURANCE TO FRIENDS
The insurance industry is on the brink of the “Silver Tsunami,” as boomers exit the industry at overwhelming rates. But when it comes to recruiting it’s clear the vast majority of millennials working in insurance – 82 percent – would recommend a career in insurance to their friends, and 39 percent of those already working in insurance were recruited by friends.
Word-of-mouth is a powerful tool when it comes to recruiting, and this may be even more true for cities like Denver that continue to see staggering numbers of transplants coming to the city for job opportunity and cost of living. Local insurance businesses should take note and consider offering incentives to current employees who are able to leverage their personal networks to attract new talent.
Ben Deda is the vice president of marketing at Vertafore.