Experts are predicting that one-fourth of the American insurance agent population will retire by 2018. It's a call for the industry to start recruiting younger people (mainly producers) immediately. Of course, most people know that millennials and Gen Z people think insurance is "boring" and have no interest in signing up. Well, that's ok, the experts say, "Don't tell them they'll be selling insurance. Instead, focus on career development, problem solving, and helping people"... I'm stunned. All I can think is... Houston, we have a problem! Not only is the next generation too smart to fall for this spin on the traditional insurance job but the experts have missed it by a mile. It's not just people in insurance that are aging out. The business of insurance as we have known it is aging out as well. And therein lies the solution.
Today's insurance agency operates under some form of solution-based, bid-shop insurance mentality. The agency of the future (the very near future) will bring a suite of technology and insurance services. And technology attracts youth like bees to honey.
This week, a California insurance agency launched a game-changing technology platform to serve both its benefits and property/casualty clients. First challenge, on-boarding a slew of ready-to-go existing customers. Someone suggested that they hire college-bound teenagers to handle it. Within 24 hours, an 18 year old walked into the CEO's office. "I heard you have a technology project and need young people to take it on. How many do you need?" The CEO was a bit taken back. "Well, we're not quite sure. We want to have a training program ready." she said. The teenager quickly replied, "Honestly, if it's on-boarding people with technology, we'll pick it up quickly. We're smart and if we get stuck, we'll just figure it out. Let me know how many of us you need and when you want us to start."
So here's the bottom-line...the insurance industry is hoping to convince young people to get excited about traditional insurance jobs. But fewer and fewer people want traditional insurance output. The jobs are changing. New recruits will approach online rating and agency management systems like gamers. They'll work in teams rather than compete with each other individually. They'll brand themselves and be all over social media connecting with people. And they'll want their work environment to feel like (or maybe even be) their couch at home. These people will rejuvenate the insurance industry. It's time we recognize the incredible opportunity that's wrapped up in this 2018 challenge!
What's the one question you want answered regarding technology innovation? We are are here to help!
Lynne L. Wallace, CPCU, NDOI Co-Founder and Agency Owner
NDOI.com is the only world-class online directory and national platform designed to showcase the professional expertise of every licensed insurance professional.
