82 percent of Millennials Would Recommend a Career in Insurance
Optimism for the future of the industry continues in Vertafore’s annual "Millennials in Insurance” survey
DENVER – October 3, 2017 – Vertafore©, the leader in modern insurance technology, today released results from its fourth annual “Millennials in Insurance” survey, which evaluates the millennial generation’s career satisfaction in the industry.
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 Ben Deda, VP of marketing at Vertafore. “These results build an encouraging roadmap for insurance companies to use as a guide for attracting and retaining next generation talent."
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%) 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, Vertafore asked millennials about how they view external threats to the insurance industry. The results revealed only 13 percent are concerned that InsurTech startups such as Trov, Metromile, and Lemonade, will impact their business – further solidifying the optimism in the strength of the industry.
Benefits of a career in insurance Millennials cite many benefits to a career in insurance, with career growth opportunities (63%), rate of compensation (55%), and work-life balance (50%) topping the list. As for what roles are most popular for the age group, account management or customer services ranks highest (39%) with producer or sales roles following (23%). 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%), instant messaging/chatting (+41%), and texting (+14%) have also grown in usage since last year. Overall, the majority of millennials (59%) 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%).
“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.”
Vertafore’s 2017 “Millennials in Insurance” survey was administered online from August 16-25, 2017, and received nearly 3,500 responses from professionals currently employed in the insurance industry, including 1,556 millennials. For the purposes of this survey, a millennial is between 19 and 35 years of age and a baby boomer is aged 55 and older. For ideas and actions to take today, visit Vertafore’s blog at http://www.vertafore.com/Resources/Blog/What-Millennials-Want-from-a-Career-in-Insurance.
About Vertafore Vertafore’s comprehensive insurance management software solutions allow brokers and carriers to adapt to the evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, LinkedIn, and Facebook.
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CONTACT: Brian Brady Public Relations Manager, Vertafore (720) 787-3114 firstname.lastname@example.org