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: