Do you remember what you wanted to be when you were growing up? As a millennial, growing up in the digital age, I can tell you that finding a career in insurance was certainly not at the top of my list. And I know I’m not alone. But here I am! The more I learn about the industry, the more I find myself spreading the benefits of a career in the insurance industry to my millennial peers. Let me give you some background…
While attending university I was eager to get hands-on experience in my field of interest, marketing. So I joined the Co-op program, which allowed me to gain experience through summer internships. Little did I know this would lead me to working for various start-ups in the Toronto tech scene. I eventually learned that I thrived in an environment that fosters innovation, growth and opportunities to think outside the box. So how did I end up in insurance, the seemingly traditional industry? Well, that leads me to my first point about it being a great industry for millennials to find careers in.
1. The insurance industry is experiencing a major shift
The insurance world, as people know it, is going through a dramatic shift. And innovation is a driving force. The industry is adopting and investing in new technologies, finding new ways to leverage the plethora of data that exists in it and is even attracting the eyes of Silicon Valley. During my time at university, companies like Facebook, Instagram and Twitter were all taking off. The fun, innovative culture driven by young millennials is something that attracted myself to it and many others. Seeing the young Mark Zuckerberg literally change the way the world communicates inspired me to think of how I could do the same.
And now I work for a company in the insurance industry that is literally on a mission to change the industry! We are even opened an innovation lab to encourage collaboration within the industry. I mean how cool is that! (Also something probably unexpected for the ‘traditional’ insurance world). But as I said, the industry is experience a major shift – so millennials take note! In fact, one of the reasons insurance has to be innovative is to attract millennial customers. See my next point.
2. The insurance industry needs to understand the millennial mindset
One of the challenges insurance companies face today is attracting millennial customers. In fact, of all generations, millennials (born in 1980 to 1996) are the least likely to be fully engaged -- and the most likely to be actively disengaged -- with their primary insurer. This is a serious concern given the size of the millennial generation and the fact that they will dominate the market in the years to come. The point is, insurance companies should be investing in ways to engage this generation. What better way to learn how to sell to and entice a millennial than to hire one on your team?! Which leads me to my next point.
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3. The insurance industry is hiring
One of the most important things to consider when choosing your career, is the forecast of an industry’s workforce. For millennials, the forecast for insurance is definitely a positive one. It is a stable industry that can offer long-term career opportunities in an innovative space. The industry is currently made up of a lot of baby boomers and over the next ten years is set to experience a major talent gap because of a large portion of them retiring. It also offers stability because people need insurance whether the economy is up or down. And according to a Canadian study, the insurance industry will also be placing a heavy emphasis on retention and career growth in the coming years. This is a huge opportunity for millennials. So what kinds of jobs are available?
4. Variety of career opportunities available
One of the reasons millennials may not immediately think of the insurance industry for a career is because they think it is limited to being an insurance agent. However, there are a variety of positions available including underwriting, claims, human resources, marketing, business and data analysts, I.T. and more. In fact, another positive aspect of the big shift the industry is experiencing, is that it introduces new jobs that didn’t exist before. Learn about four emerging job trends in the re/insurance industry from our sister company TAI.