For a while now, Hamilton Insurance Group CEO Brian Duperreault has called for property/casualty insurers to embrace technology and find ways to recruit millennials to help fully unlock its potential.
On Oct. 26, Duperreault disclosed a plan of action.
Speaking at the 2015 Property Casualty Insurers Association of America annual meeting in Hollywood, Florida, the long-time insurance executive announced “Insurance Career Month,” which launches in February 2016. The initiative involves an “army” of millennial insurance industry employees fanning out across the U.S. to schools, other venues and social media to get the word out about the P/C industry and what it has to offer.
“To me, the best way to [recruit] millennials is through millennials,” Duperreault said.
A coalition of industry groups and leaders formally announced the initiative on Nov. 9. They include: Hamilton Insurance Group; MyPath, powered by The Institutes; Valen Analytics; The Jacobson Group; InVEST; and PCI. They explained that the month-long focus on careers in insurance through February is the first part of a campaign promoting insurance as “the career trifecta”, a phrase chosen to reflect the idea that an insurance career is stable, rewarding, and limitless. To mark the launch, Duperreault, Lloyd’s of London CEO Inga Beale and Marsh & McLennan Conpanies CEO Dan Glaser published an open letter urging carriers, brokers and business partners to get involved in the recruitment process. That letter can be accessed here.
Duperreault explained that “insurance has a bad name and a terrible reputation [as a career lure], and millennials don’t even consider insurance when they think about their careers,” Duperreault said. “A lot of companies have had individual efforts to solve this problem, but we will need to do more … together.”
The insurance industry right now is on the cusp of figuring out how to use data, Duperreault said, though “we continue to make it painful and annoying for our customers” as execs struggle to leave the analog world behind and embrace the fast-evolving digital one.
That’s why the February “career month” event is so important, he said—because millennials are “digital natives” who have grown up using technology. As a result, they are more more comfortable than “digital immigrants” of previous generations who still struggle with Big Data and Twitter and other elements.
“It is really to get the word out about insurance,” he said. “When you look at what millennials want, insurance is a perfect match.”
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*This story has been updated to include details about the Nov. 9 launch of the P/C industry cooperative millennial recruitment effort, plus a link to a joint letter from the CEOs of Lloyd’s of London, Marsh & McLennan Companies and Hamilton Insurance Group.