How to attract the next generation into insurance

How to attract the next generation into insurance
Creative, entrepreneurial, and rich in opportunities to improve people’s lives: these words could easily describe what it’s like to work in tech, business, or public service. But leaders argue that the same could be said of an insurance career.

Shifting the younger generation’s mindset about insurance will be key to attracting the next generation of brokers, underwriters, risk managers, and claims adjusters. But the industry needs to reinforce the benefits of working in insurance and steer the conversation to better address Millennials’ career goals.

“Millennials want to make a difference and to help people in their careers, and we should be using this in our recruitment playbook,” said Diane Delaney (pictured left), executive director at the Private Risk Management Association (PRMA), a non-profit insurance education organization.

The industry is also its own best advocate when it comes to dispelling myths about the profession. One of the most common misconceptions is that career options and progression are limited.

“We need to get young professionals to understand that there are so many different roles that exist in the insurance space, from underwriting, to claims, legal, finance, sales and marketing,” continued Delaney, who spoke to Insurance Business ahead of Insurance Careers Month.

“There are endless opportunities from a growth standpoint, and we don’t just have to look for someone who’s got a business or finance degree. Someone with a passion for fine arts could advise successful families on their art collection, or an engineer could help dissect a claim after a property loss, for example.”

How can insurance companies improve talent attraction and retention?

For Celia Santana (pictured right), president and CEO of Personal Risk Management Solutions and a PRMA board of trustees member, insurance still needs to shake a bad reputation among American consumers.

“If I’m on a flight and someone sitting next to me says, ‘what do you do?’ and I say, ‘I’m in insurance,’ the conversation ends right there,” said Santana, who is also anInsurance Business America 2022 Elite Woman.

“Insurance has a bad reputation for a variety of reasons. But I think it’s mostly because the average consumer’s opinion of insurance is bad. So, what we try to do is show people that the work we do matters, and that there is career progression within the industry.”

Storytelling is pivotal to shifting the public mindset around insurance. Delaney said companies and agencies don’t always do the best job at telling their stories and highlighting the stability that the profession brings.

“I think that delays us from being able to access some of these young recruits who would find an interest in insurance,” she said. “Insurance is something that’s essential, and regardless of the state of the economy, it’s always around and always developing new things. It’s not going away. People around you may be losing jobs, but insurance has been here for decades and will continue to be.”

Source: Insurance Business

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