Insurance industry is ‘terrific future for young people’: Patrick G. Ryan

It’s time to show millennials that they’re wanted, says company founder

Insurance industry is ‘terrific future for young people’: Patrick G. Ryan

Insurance News

By Bethan Moorcraft

The insurance industry is a fantastic place for young professionals – but it’s not doing a great job of getting that message across.

A lot of people in the industry are concerned about the undeniable age gap in the insurance workforce. There’s a widespread lack of understanding among younger generations about what the industry actually entails and the lucrative career path it could offer.

One way to appeal to millennials and sustain their interest is by teaching them a focused specialty, according to Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty Group (RSG).

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“When you bring young people into the industry and teach them a focused specialty, they can become experts quite quickly,” Ryan told Insurance Business. “Once they develop that expertise, they will have job security for life because there is always a need for specialists.

“I have seen the finance, consultancy and real estate industries going through cycles where really good, qualified professionals are put out on the street because their company got into a spot of trouble or had to cut costs. In the insurance industry, that won’t happen. When you’re good – you’re in demand.”

RSG does not agree with the widespread industry consensus that young people don’t want to enter the insurance profession. In fact, the company is working hard to promote the industry by supporting several insurance schools across the US, and recruiting at universities and job fairs.

“The insurance industry is a terrific future for young people - we just have to communicate it more effectively,” Ryan commented. “It’s important that recruitment not just be a HR operation, but that executives also take the time to go and meet with young people and recruit them personally.

“It’s a different statement from the company, and it makes the potential employee think you really want them. People want to be wanted, they want to be included, and they want to be important. We can empower them in that way.”

Related stories:
How do you breach the gap between baby boomers and millennials in insurance?
Insurance staffing crisis: How to turn it around


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