How to Maximize Millennials in Insurance
The insurance industry is boring. At least, that’s the way Millennials see it.
Research by the Insurance Institute last year revealed that “boring” was the #1 word Millennials associated with insurance. Those with experience in the industry know that is just not true, but how does the insurance industry break this misperception? And how can agents and brokers change it?
In many ways, Millennials want from their jobs the same things as previous generations — competitive salary, good benefits and meaningful work. However, Millennials have different priorities and expectations of their workplace and require different best practices to be happy and fulfilled in their career.
Insurance agents and brokers should consider re-thinking their activities to meet these priorities and expectations. These three areas are the building blocks, will be able to attract and retain the best and brightest Millennials.
First Impressions: Digital and High Touch
The first area is getting Millennials’ attention. Doing so will take a coordinated combination of a strong digital presence and a personalized approach to recruiting. This includes a website that is clean, uncluttered, shows the insurance company’s connection to the demands of digital media and showcases the company’s mission and value proposition. As digital natives, Millennials’ first impression of a company often comes digitally. This may mean going beyond a company’s website and focusing on career-focused online presences such as Glassdoor, certain social media platforms and more, in addition to being responsive and approachable both online and off.
Workplace Environment: Teamwork and Positivity
According to the Deloitte Insurance Outlook 2017, technological innovation will be key to meeting challenges in the coming years. Fortunately, digital tools can help with the second area of focus — creating and promoting a company climate that is positive and team-oriented. Millennials prefer teamwork over competition and gravitate toward conscientious employers who try to make a positive difference. In addition to showcasing this company culture online as a recruitment tool, Millennials will be more loyal to companies that foster their career development, help them achieve their professional goals and publically value their contributions.
Managing Millennials: Mentoring and Coaching
Once your insurance organization has recruited and hired these top-tier Millennials, managing them on a day-to-day basis with close but nurturing supervision, mentoring and coaching. Millennials desire more hands-on interaction with and more frequent feedback from their supervisors than older generations. Good relationships are key to keeping Millennials engaged, and they are attracted to open and honest leadership that encourages input and collaboration.
To learn more about attracting, recruiting and retaining the best Millennials to your insurance company, get on the list (by providing your email address in our Newsletter sign-up box) to receive a notification when the report, Maximizing Millennials for Insurance Agents and Brokers, is released later this year from the Council of Insurance Agents and Brokers (CIAB). The report will include examples from insurance companies large and small that have found success in this area and specific action items your agency or brokerage can take to engage Millennial employees.