[Blog] Attracting millennials to your insurance agency

Applied Systems offers seven tips on how to secure a relationship with new, young insurance professionals.

Insurance News

By

The dynamics of the insurance workforce are on the edge of change – the millennials are coming, say Applied Systems experts.

According to InVEST, a school-to-work insurance program that teams with high school and college educators to provide a useful insurance curriculum for students, the top four key considerations for millennials when searching out career opportunities include flexibility, opportunity, giving back and working in an area they have a personal interest. Agencies looking to hire younger professionals need to consider these generational preferences and adopt a more relaxed working environment, providing more flexible hours and casual work attire to establish the pleasing work atmosphere millennials seek.   
 
Unlike previous generations, employee benefits, salary, and loyalty are no longer motivators for this generation. Opportunity for growth, to make a difference and a defined career path are factors driving millennials to career choice decisions. Agencies need to weave this mindset into their business operations, creating mentorship programs and defining both long- and short-term goals to satisfy millennials need for more frequent recognition.
 
Attracting millennials requires a different approach than previous insurance recruitment practices. Here are some key best practices to streamline recruitment and workforce training for agencies to consider:
 
Cast a wider net. Recruit workforce ready millennials, but also students who have a history in STEM (science, technology, engineering and mathematics) or those that are part of the InVEST program, a school-to-work insurance program that teams with high school and college educators to provide a useful insurance curriculum for students.  Focus your efforts on clearly linking the opportunities at your agency with those values that millenials value most.
 
Prepare millennials. This generation needs to be highly educated on the industry and informed to successfully interface with clients and co-workers. Develop mentorship programs and invest in the training and development of young people.
 
Capitalize on their networking skills.  Allow your new and developing millennial employees to do what comes most natural to them:  sharing and networking.  Peer-to-peer sales and service will become more prevalent in the insurance industry as the millennial workforce grows in tandem with the millennial customer base. As word-of-mouth and personal referrals remain at the forefront of purchase influence and decision for millennial insurance consumers, encourage millennial employees to grow their network.
 
Close the generation gap. Develop formal mentorship programs where seasoned staff members work with millennials, who can learn from their more experience peers. Agencies must “walk-the-walk” and follow through with their commitment to transform the agency to support millennial development.  
 
Provide a career path. Define internal opportunities for growth at the outset to maintain their interest and provide the gratification needed by millennials.
 
Create a pleasing work environment. Millennials want to enjoy their work, co-workers, and the company they work for. Promote a more flexible working environment and nurture multi-tasking.   Embrace and encourage the changes in your culture that this new generation will bring.
 
Utilize their tech literacy. Millennials are true digital natives. Adapt your agency by implementing automated systems and leveraging the Cloud, allowing for a paperless and more flexible office. Provide employees access to the latest mobile insurance applications and promote a social-media driven referral network. By acting as a trusted advisor and providing the technology millennials seek, independent agents are building a technically savvy, well-connected workforce, supported with robust, modernized systems that attract and retain the emerging millennial customer base.  
 
Understanding the values and work requirements of millennials enables agencies to evolve their operations as this generation continues to impact the industry. From implementing technology that creates efficiencies, to marketing their offerings in new, more inventive ways, this new generation is changing the way insurance companies operate. 
 
 

Keep up with the latest news and events

Join our mailing list, it’s free!