Executives trying to attract more young people to the insurance industry as its workforce ages out can take heart in a new survey that shows millennials employees like what they see.
About 82 percent of millennials would recommend a career in insurance to their friends, according to Vertafore’s fourth annual “Millennials in Insurance Survey.”
And then there’s this: just under 40 percent of millennial survey respondents said they themselves were recruited to the industry by friends. Also, 67 percent of millennials surveyed said they’ve been in the industry for three years or more, and would stay “for as long as possible.”
Vertafore also found that millennials working for traditional insurers are confident about the future. Only 13 percent said they were worried that InsurTech startups including Trov and Lemonade could impact their business.
The survey, conducted online from Aug. 16-25, 2017, attracted nearly 3,500 responses from insurance industry professionals, including 1,556 millennials. Respondents included carrier employees as well as agents and brokers, according to a spokesperson. Vertafore is an insurance management software company with carrier and agent/broker clients.
Other survey findings:
- 63 percent of millennials said they see insurance as offering growth opportunities, and 55 percent liked the compensation rate. Another 50 percent saw work/life balance as a top benefit.
- About 39 percent of millennials also ranked account management or customer services as the most popular job. Coming in second were producer or sales roles, which 23 percent of millennial respondents liked.
- Millennials are about 2.5 times more likely to be an underwriter or adjuster versus their baby boomer colleagues.
- Just under 60 percent of millennials said they’re satisfied with their company’s use of technology. About 78 percent said they saw their company’s use of technology as boosting efficiency and giving them the tools they need to compete and succeed.
- About 86 percent said they are either somewhat or very optimistic that the insurance industry an attract future workers.