The insurance industry may be facing an impending talent gap, but young professionals working for insurance firms today couldn’t be happier.
According to the results of a new survey conducted by Vertafore, 82% of millennials employed with independent agencies are “optimistic” or “very optimistic” the industry will evolve to attract new talent, and 77% consider insurance to be a “life-long career.”
Favorable work/life balance was cited as the top reason for staying in the insurance industry (98%), followed by compensation (98%) and enjoyment of work (96%). Additionally, nine out of ten survey respondents said their organization’s use of technology was critical to their job satisfaction. A full 82% said they were able to increase personal productivity as a result of tech adoption.
Social media and mobile availability in particular are paramount for millennial employees – 71% of survey respondents say they use their smartphone for work, including 34% for lead generation and 27% for customer support.
Critically, 20% of millennials say they use social media to hunt for new jobs. In fact, that age group is twice as likely to be recruited through LinkedIn or other social media contacts.
Unfortunately, independent agencies are falling behind in this regard. According to the Vertafore survey just 9% of agencies use social media to recruit new employees.
Another area where agencies can improve is extending to millennials the opportunity to engage in decision making. Three out of four respondents say they find it “important” or “very important” to influence change in the organization, but a full 49% say they have little or no influence in agency decisions – particularly when it comes to technology investment.
Addressing these issues and engaging millennials is critical for agencies who wish to move forward, says Guy Weismantel, vice president of marketing for Vertafore. With so many planning to stay in the industry for the long haul – and 15% even planning to carry on family-owned agencies – continuing to cultivate a positive culture and incorporate new technology into the workplace is vital.
“Millennials are playing a significant role in the digital disruption we are beginning to see in the insurance industry and their optimism is contagious,” Weismantel said. “This age group was born and raised in the era of technology, and they are bringing this mindset to an industry on the cusp of transformation.
“Millennials’ ideas, opinions and attitudes toward technology are being incorporated into all facets of agency operations, and we share their optimism in the future of the industry.”
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