BOTHELL, Wash. – A new survey of nearly 4,000 young insurance professionals debunks the myth that insurance is “boring,” with over 90% of millennials believing a career in insurance meets important criteria commonly identified as essential for job satisfaction, such as work-life balance and career development.
Modern insurance technology leader Vertafore released the results of its third annual survey of young insurance professionals on Sept. 6, evaluating the intersection of career satisfaction and technology in the workplace. The survey results are intended to create a roadmap of ideas and traits that insurance companies can use to attract and retain the next generation of talent to the industry.
The survey also reveals that millennials continue to be optimistic about the future of the industry and its ability to adopt technology to drive the field forward.
While separate research from the Hartford Group exposed millennial sentiment towards the insurance industry as “boring,” the Vertafore survey reveals that a career in insurance does in fact offer this generation many desirable benefits. In fact, 81% of respondents confirmed they plan to remain in insurance for as long as possible. In addition to providing work/life balance and career growth and development opportunities, insurance offers financial stability and an active community with social ties. These four characteristics are essential career priorities for millennials, according to a recent Gallup report titled, What Millennials Want from Work and Life.
Key findings of Vertafore’s 2016 survey include:
Insurance offers stability and career development
Career stability and growth are driving factors in job satisfaction, particularly in insurance. A vast majority (81%) of millennials cite financial stability as most important to remaining in the industry, while 78% say work/life balance is key. Nearly three-quarters indicated that career development is a critical factor provided by the insurance industry, which according to Gallup is the most important source of job satisfaction for millennials.
Technology adoption is meeting the needs and expectations of the Connected Generation
Despite the reputation that insurance is a laggard industry, the up-and-coming generation of constantly connected and technology-fueled millennial professionals are finding fulfilling careers in insurance. The rapid adoption of technology in the industry has resulted in a high percentage (86%) of respondents who indicated that technology in the workplace is increasing and enabling them with tools to compete. Furthermore, two-thirds are satisfied with their own company’s use of technology. Half (50%) regularly use social media to perform business functions like building brand awareness, business development, and customer support.
The future of insurance is bright
In addition to the increasing rate of millennials that plan to stay in the industry as long as possible, 70% of respondents would also recommend a career in insurance to their friends. Moreover, a vast majority of respondents (85%) are optimistic the industry will continue to evolve, attracting the next generation of insurance talent.
“The insurance industry has turned over a new leaf with millennials, and we are in the midst of a technology revolution that is disrupting insurance and attracting a new generation of tech savvy talent that is optimistic about the future,” said Guy Weismantel, VP of marketing for Vertafore. “Coupled with the qualities that a career in insurance offers, we see why the millennial generation is thriving in this industry and why more young professionals are looking at insurance for fulfilling, long-time careers.”
Vertafore’s third annual survey of young professionals was administered online from August 12-26, 2016, and received nearly 4,000 responses from professionals currently employed in the insurance industry. For the purposes of this survey, a millennial is between 19 and 35 years of age.
About Vertafore: Vertafore offers the broadest and most adaptable technology solutions to better prepare the insurance industry for digital disruption. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. 96 of Insurance Journal’s top 100 largest agencies use Vertafore technology to power their business. For more information about Vertafore, visit http://www.vertafore.com/, read the company’s blog, and follow the company on Twitter, LinkedIn, and Facebook.