Millennials and the Insurance Industry

Each year the insurance industry is becoming a more popular career opportunity for younger individuals. The baby boomers are starting to retire, and Gen Z individuals are now entering the workforce. This means millennials are no longer the youngest ones in the office. You’ve probably heard about the struggle millennials have been having finding steady work and decent salaries. The insurance industry has always been a popular career path. Agencies continue to provide for employees through the years, and millennials bring in new complementary skill sets.

Insurance agencies can offer peace of mind to policyholders as well as benefits for their employees. A study by Vertafore showed that younger people are more likely to earn a higher salary in insurance than the average millennial. The study also concluded that this generation places a high value on work-life balance. Working for an insurance agency involves many roles. Regardless of whether you’re an agent, underwriter, or claim professional, many insurance-related job positions provide flexible schedules, paid time off for holidays, and insurance benefits. Millennial insurance professionals report that the industry is attracting more workers and is a career path they would recommend to their friends.

As work dynamics change, it is important to have these younger people join the workforce. Insurance is an industry that relies on communication, building relationships, and managing clients. Younger insurance agents are masters at using social media and following the latest online trends. Studies have shown that increased time spent at work using technology increases overall effectiveness in developing stronger relationships with clients and customers. Having more millennials in the insurance industry ends up being a win-win for everyone.

Remember to embrace change as work dynamics begin to shift. The insurance industry will continue to grow and welcome new employees of many ages and experience levels.

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