Iowa, a state where insurance is big business, may have stumbled upon the key to getting more millennials into joining the industry.
According to the Bureau of Labor Statistics, the Des Moines metro in Iowa has the country’s second largest concentration of insurance sales jobs, the fifth largest concentration of insurance underwriting jobs, and the 10
th largest concentration of insurance claims and policy processing jobs.
Insurance is often construed as a dull and boring industry to work for—an image that has made it appear unappealing to most millennials.
"Insurance is not one of those sexy industries every child dreams of working in," said University of Iowa's Tippie College of Business associate professor and TriStar risk management fellow Thomas Berry-Stoelzle.
For all the stereotypes associated with millennials, Berry-Stoelzle confirmed that the generation group is genuinely interested in corporate social responsibility and workplace culture. He also noted that individuals of the group want to play a significant role in an organization and will not be satisfied playing the role of an anonymous cog.
"It's more important to explain why decisions are made the way they are," he said.
Several insurance companies have come to the same conclusion, and are using tactics aimed at enticing younger applicants to join insurance.
Nationwide has become more vocal about its corporate philanthropy and community involvement efforts, reported The Des Moines Register. At the same time, the company is giving its employees more paid time off and has relaxed its dress code policies to allow personnel to wear even jeans to work.
Holmes Murphy has organized a “Brainery” program that brings together young professionals and recent college graduates for industry-specific training. The summer program cultivates future professionals and leaders through a mentorship system, who eventually and easily find positions within the company.
Grinnell Mutual Reinsurance Co. believes that there is a lot of potential in its millennial recruits, seeing opportunities for the entire company to innovate. Aside from offering a slew of benefits—such as a wellness program, an on-site health clinic, flexible work schedules and subsidized transportation for employees using public transportation—the company is will to lend its ear to any bright ideas its young employees may have.
Principal Financial Group, where millennials make up almost 30% of the workforce, is taking advantage of the generation group’s technological savvy and willingness to collaborate. The company is also reinforcing its mission to make consumers’ lives better through their services, helping millennials realize that their work contributes to a much larger goal.
