BOTHELL, WASH. – SEPTEMBER 1, 2015 – Vertafore®,the leading provider of software that transforms the business of insurance, today released the results of its second annual survey of young professionals titled, “Millennial Revolution.” The Vertafore survey found 82% of millennials are “optimistic” or “very optimistic” the industry will evolve to attract the next generation of insurance talent due to the productivity and efficiency gains from continued technology adoption. Nine out of ten millennials cite their organization’s use of technology as a critical ingredient in overall job satisfaction, with mobile and social identified as essentials. Year-over-year comparisons once again rank the importance of work/life balance as a top reason for staying in the insurance industry.
According to the latest US Census data, millennials outnumber baby boomers and are expected to make up half the global workforce by 2020. Despite this influx of new talent, the insurance industry is facing a major transition in its workforce. To leverage this tidal wave of new talent, Vertafore designed its survey to provide actionable insights for independent agencies looking to attract and retain millennials. Key findings from Vertafore’s survey were compiled through an online survey, with more than 3,000 responses over a two week period in August 2015.
Key findings from Vertafore’s 2015 survey, include:
Social Media and Mobile are “Must-Haves” in the Millennial Agent Toolkit
Millennials’ comfort level and productivity output using social media and mobile technologies supersede that of baby boomers. For example, 71% of millennials use their smartphone for work, almost a quarter more than baby boomers. Whereas, a significant percentage of older survey respondents (18%) view the use of technology as a detriment to productivity. The millennial workforce is also leveraging their expansive social reach to aid with agency recruiting. Over one third (34%) of millennials recruit and refer employees via social media.
Job Satisfaction Is Driven by Tech Investment & Individual Influence
Consistent with Vertafore’s 2014 survey results, this year’s millennials rated work/life balance as the most important factor keeping them in the insurance industry – with 98% rating this as “very important” or “important” benefit in 2015, tied with compensation (98%) and enjoyment of work (96%). Better use of technology to automate agency operations was also a critical ingredient helping to maintain a sense of work/life balance among millennials, with 82% citing increased personal productivity as a result of tech adoption.
Further contributing to job satisfaction is the ability to take part in agency decision-making. Three out of four millennials find it “important” or “very important” to influence change in the organization; however 49% feel they have little to no influence in the technology investment decisions.
Millennial Industry Optimism Remains Strong
Despite recent industry disruptions like the entry of Google, Zenefits and new healthcare regulation, the future looks bright according to millennials. Year-over-year survey comparisons show millennials have maintained their positive outlook, with 82% “optimistic” or “very optimistic” that the insurance industry will evolve to attract the next generation of talent. Further adding to the optimism, 77% of millennials plan on staying in the industry as long as possible, with 15% of that group planning to carry on family-owned agencies.
“Millennials are playing a significant role in the digital disruption we are beginning to see in the insurance industry and their optimism is contagious,” said Guy Weismantel, VP of Marketing for Vertafore. “This age group was born and raised in the era of technology, and they are bringing this mindset to an industry on the cusp of transformation. Millennials’ ideas, opinions and attitudes towards technology are being incorporated into all facets of agency operations, and we share their optimism in the future of the industry.”
About Vertafore
Vertafore’s comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s 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.
About RiskMatch
RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit the RiskMatch site.