82 Percent of Millennials Would Recommend a Career in Insurance
Despite the looming talent gap, with 25 percent of insurance agents expected to retire in the next two years, 86 percent of millennial insurance professionals are somewhat or very optimistic that the industry will be able to attract future workers. Millennials cited technology adoption and other industry qualities, like work-life balance and career growth opportunities, as those that make insurance a desirable career.
"This year's survey reveals that the millennial generation is not only thriving in the insurance industry, but the vast majority - 82 percent - would go so far as recommend a career in insurance to friends and family," said
The future of insurance is bright
It makes sense that 82 percent of millennials would recommend a career in insurance to their friends, as more than a third (39 percent) were recruited by friends in the industry. And while millennials are often criticized for jumping from job to job, 67 percent of millennials have been in the industry for three years or longer and plan to stay in the industry for as long as possible.
New to this year's survey,
Benefits of a career in insurance
Millennials cite many benefits to a career in insurance, with career growth opportunities (63 percent), rate of compensation (55 percent), and work-life balance (50 percent) topping the list. As for what roles are most popular for the age group, account management or customer services ranks highest (39 percent) with producer or sales roles following (23 percent). Millennials are also 2.5 times more likely to be an underwriter or adjuster when compared to baby boomers.
Technology innovation continues
Over the past year, usage of social media and communications technologies has increased to support and retain customer relationships. Video messaging was used by agents 75 percent more often in 2017 than in 2016, while Instagram (+50 percent), instant messaging/chatting (+41 percent), and texting (+14 percent) have also grown in usage since last year. Overall, the majority of millennials (59 percent) are satisfied with their company's use of technology and believe that technology is increasing efficiency by arming them with the tools they need to compete and succeed (78 percent).
"Between the strides made in technology adoption and the benefits that a career in insurance offers, young professionals are looking to insurance for lifelong careers," added Deda. "We couldn't agree more that the insurance industry, and particularly the independent insurance agent, has a strong future."
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