Vertafore Finds 87 Percent of Millennials Would Recommend a Career in Insurance
DENVER, Oct. 31, 2018 /PRNewswire/ -- Vertafore©, the leader in modern insurance technology, today released results from its fifth annual "Millennials in Insurance" survey, which evaluates the millennial generation's career satisfaction in the industry.
With almost 97 percent of millennial insurance professionals somewhat or very optimistic the industry will be able to attract future workers, overall satisfaction with the industry remains high. There are more than 70 percent of professionals indicating they plan to work in insurance as long as possible. Millennials are not only recommending insurance careers to family and friends, they are actively being recruited by them. They're also staying put, as three quarters (76 percent) have been in insurance for three or more years. In regards to external threats, only 17 percent of millennials are concerned about increased competition from insurtech startups (like Trov, Metromile and Lemonade).
"Ten thousand baby boomers will turn 65 today – and every day – for the next 11 years, prompting a two-fold challenge for agencies and carriers to both fill the workforce gap and compete in an increasingly tight recruitment market. This year's survey suggests that millennials continue to be enthusiastic about the direction of the insurance industry, with the overwhelming majority – 87 percent – stating they would recommend a career in insurance to friends and family – an increase of five percent from 2017," said Kristin Nease, vice president of human resources at Vertafore.
What Millennials Want
Millennials cited many reasons for employee satisfaction, the top three being: a healthy work-life balance (65 percent), compensation/financial stability (64 prcent), and career growth opportunities/professional development (61 percent). Most millennials work in agencies (84 percent) with customer service and account management positions being most common (33 percent), followed by production and sales (30 percent).
Technology's Impact on the Customer Relationship
While social media and new communications technology continue to evolve, so too does the insurance industry's use of these tools to strengthen and streamline customer relationships. Over the last year, millennial insurance professionals have increased their use of many social mediums, with the top examples of increased use from 2017 including:
- Facebook (25 percent, an increase of 12 percent)
- Instagram (13 percent, an increase of 8 percent)
- Text/SMS (40 percent, an increase of 16 percent)
Millennials use these platforms to strengthen customer support and retention (59 percent), increase brand awareness (55 percent), generate new business leads (49 percent) and hire/recruit employees (19 percent).
Millennials believe technology has made a positive impact on their company over the last 12 months, with 61 percent stating it increased overall efficiency and 54 percent citing technology has strengthened customer relationships. Furthermore, almost half of millennials (49 percent) are optimistic that automation and other technological advances will help streamline efficient tasks and enable [them] to focus on more important aspects of their jobs.
"Insurance is at the cross roads of innovation, with increasing competition from new industry entrants as the landscape becomes more driven and automated by technology," added Nease. "At its core, insurance is about relationships, and technology should enable those relationships. Millennials bring with them the ability to adapt and flourish in a technology-first environment, and the drive to establish themselves as intrepid young professionals. The future of the insurance industry is promising, particularly for those than can attract this tenacious generation."
Vertafore's 2018 "Millennials in Insurance" survey was administered online from August 5 - September 4, 2018, and received 1,252 responses from professionals currently employed in the insurance industry, including 384 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.
Vertafore's comprehensive insurance management software solutions allow participants in the insurance distribution channel to adapt to an evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with leading 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.
©2018 Vertafore and the Vertafore logo are registered trademarks of Vertafore. All rights reserved. All other trademarks are the property of their respective owners.
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