Insurers struggle to appeal to a vital generation both in terms of employment and as customers
The insurance industry challenge regarding millennials continues as insurers continue to try to sell to that generation. This, on top of the struggle already faced in selling to consumers within that age group, the industry isn’t successful in drawing them to fill jobs, either.
Employment in the insurance industry presents a considerable opportunity to graduating college students.
That said, a top insurance industry challenge is relaying the appeal of this type of career. The majority of millennials have an outdated mindset when it comes to what an insurance job looks like. However, it is clear that insurance companies are not successfully educating this generation regarding the modern experience.
Interestingly, among the millennials who do work in the insurance industry, the views on the potential for their long-term careers are typically quite positive.
The fifth annual Millennials in Insurance survey by Vertafore showed that 97 percent of employees from this generation who work in the industry feel it will overcome its challenges and appeal to many more workers in their generation in the future. At the same time 87 percent of millennials who work for insurance companies would recommend this type of career. Another 70 percent intend to continue working in the insurance industry for as long as they can, as Insurance Business Mag reported on the study.
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Though the future looks bright, the insurance industry challenge continues for the moment.
Encouraging millennials to give insurance jobs a chance and to stick with them requires a new strategy and angle. The insurers need to appeal to this generation in a different way than they had over previous generations. Insurance companies have opportunities for a spectrum of skill sets, but this is not yet the impression it gives.
For example, insurance requires a substantial workforce proficient in tech, as everything from modeling to calculations and digital services rapidly become more important. The insurance industry is seeking to appeal to customer desire to boost the number of services available over computers and mobile devices. Drones are playing a vital role in the job of claims adjusters and damage assessments.
Still, millennials tend to think of insurance jobs as being either in sales or in call centers. While those positions do exist, there is a great deal more to it than that. The insurance industry challenge is to show this generation that the opportunities are out there, appealing, and interesting.