The seeds for the millennial crisis in insurance were planted a long time ago – when this generation was growing up, they were instilled with values that they’ve carried with them into their careers.
“They have no expectation of lifetime employment and because they grew up watching their parents and grandparents, who were loyal company people, get downsized, lose their pensions, and deal with some hard situations at work, this generation has less trust of big business,” explained Tony Cañas, chief motivational officer at Insurance Nerds, client advisor at Jacobson, and a speaker at the upcoming Millennials in Insurance Masterclass Chicago.
“The previous generation viewed loyalty as, I came, I stayed, I got my gold watch. Millennials, according to the research, view loyalty as, I worked really hard while I was there, but not necessarily the length of time.”
Millennials were also raised by boomers who had a specific parenting philosophy, which was, ‘I want you to have it better than I did,’ added Cañas. Being raised in a time of abundance in the 1980s and 1990s meant that they grew up more spoiled, and ended up with less work and life experience than other generations.
It’s not just this generation that’s changed – the insurance sector has gone through its own upheaval. While a standard insurance job a decade ago might have been a multi-line claims adjuster, where an employee could get a ton of experience for many years, roles in 2018 can often look a lot different.
“Today, most kids coming into our industry are coming into call center-type jobs, so they don’t see it as a career,” explained Cañas. Along with the fact that these young future leaders view their careers differently from previous generations, they are harder to retain, especially in a more conservative industry like insurance.
“One of the biggest changes we need to make is doing everything we can to help them realize that this is a great career once you grow out of the first couple of levels, once you grow out of the entry-level,” said Cañas. To do that, they need to be sold on the mission of insurance, which happens to align with the values of millennials. “This is a generation that grew up wanting to make a difference in the world, and insurance is an industry that does that.”
What else can the industry do to keep millennials in insurance? Tony Cañas will dive deeper into this issue at Millennials in Insurance Masterclass Chicago on November 14. For more information and to register, click here.