Millennials, Gen Z: Connect with the next generation of insurance

Millennials and Gen Z represent the largest generation in history, and both generations are a largely untapped market for the insurance industry.

While the insurance world has been evolving, let’s face it, the processes can be clunky and cumbersome, which is not particularly attractive to younger, diverse candidates entering the workforce.

Research shows that millennials are not interested in working in the insurance industry, primarily due to a lack of understanding of the available opportunities. Similarly, Gen Z, which is entering the workforce, view the industry as complex and lacking in transparency.

For the future of insurance, we need millennials and Gen Zers to take on the gauntlet, but how can we connect with these generations and get them invested in careers in the insurance industry?

Let’s look at some of the factors they consider when searching for a job.

Embrace technology innovation

Millennials and Gen Z are the technology-driven generations. They appreciate workplaces that incorporate cutting-edge technology as they expect speedy and effortless tech experiences. Typically, the insurance industry is seen as behind the times, but to get both generations interested in insurance, agency owners can invest and demonstrate that they are using digital tools to improve workplace efficiency and streamline processes.

By embracing tech in day-to-day workflows, these generations see an opportunity for the insurance industry to level up and in turn, get excited about investing a future in insurance.

Offer work-life balance

While some millennials and Gen Zers crave in-office collaboration time, most prefer to work remotely, and some want a hybrid-work environment.

Of the millennials and Gen Zers surveyed in a report by Ivans, nearly 60% of respondents said they prefer to work remotely; 23% want to work in a corporate office, and 19% want a hybrid-work environment.

This shows that these generations want a balance between their work and personal lives, which looks slightly different for everyone.

Insurance agency owners can provide the workplace flexibility these generations crave by implementing the use of cloud-based technologies into their agency processes. It opens the opportunity for this new generation of employees to access necessary files and service their customers from anywhere, at any time.

Ultimately, providing the flexible work option will be a major advantage to agency owners who are looking to hire the younger generations.

Provide career development opportunities

Millennials and Gen Zers are constantly seeking opportunities to expand their skill sets and develop their careers. They want a clear career path, and they are interested in ongoing training and professional growth.

The insurance industry can attract these generations by offering mentorship programs, continuous learning opportunities and transparent progression pathways. These can range from technical skills to soft skills, such as leadership and communication.

Moreover, insurance agency owners who invest in software solutions for their agencies can provide additional career growth opportunities, enabling young insurance professionals to progress their technical knowledge in the insurance industry.

This can help the members of these generations gain a deeper understanding of the industry while providing technical tools that make them more effective and enable them to progress their careers in insurance.

Final thoughts

Connecting with the next generation of insurance talent requires thoughtful strategies that align with their expectations and aspirations.

A modernized approach toward technology, work-life balance and career development plays a huge role in attracting this younger generation.

By understanding their needs and investing in the right technology, those in the insurance industry can attract and retain these driven and tech-savvy individuals for a more dynamic and future-focused workforce.