The next generation of insurance professionals can be a confusing bunch, but a recent survey has revealed some interesting insights into the minds of millennials.
Vertafore’s Young Professional Survey 2014 focused on the role of technology and young professionals as well as some general trends in what brings new blood into the profession and keeps them around.
“There were a few things we found that are really interesting from an insurance industry. Things like the importance of a work-life balance and the altruism aspect, the ability to be in an industry that can help other people,” explained Guy Weismantel, Vice President of Marketing at Vertafore.
“I think the final thing, overwhelmingly there was a career path here. One of the interesting things we see in insurance that is validated by these under-40 folks in the industry is the fact that they intend to stay in very large numbers. More often than not they see the ability to grow their career, to manage their career, to balance their career and to really develop a business they can stay with. These people see a lot of upward mobility within the space they are in.”
Interestingly, 51% rated technology as ‘very important’ to keeping them in the industry.
“There is quite a paradox between technology in our personal lives and technology in the agency workspace. It’s not that people in the insurance space are technologically averse, they have all sorts of technology at home,” stated Weismantel. “That just hasn’t really translated to the agency space. One of the things we really see is a connection with the ability of the under-40s is to come with ideas and make improvements on leveraging how they use technology.”
Based on the fact that 84% of respondents said they wanted to stay in the industry ‘as long as possible’ industry leaders need to take an active role in mentorship and tap into the personal technological prowess of the millennial generation.
Agents and brokers ability to adapt and teach will have profound implications for the future of the industry.
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