Turning Millennials Towards Insurance

Today’s tech-savvy college graduates could prove invaluable to insurance industry development, but insurers often struggle to compete for top young talent. As the baby boomer generation starts to retire, it’s time for businesses to think about how they can attract the newest members of the workforce.

The internal resources of insurance companies are a neglected aspect of the industry, noted Aite Group analyst Jamie Bisker in a conversation at this year’s IASA conference in Indianapolis. “There is a lot of work we could be doing to market the industry to younger people,” he said.

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In recent years, insurers have made progress in building products that appeal to young consumers. UK-based Ingenie serves as an example of how companies can leverage modern trends such as social media and gamification to attract millennial customers. But how can insurers attract employees from the same age group?

Insurance doesn’t often appeal to younger generations, Bisker explained, because most lack experience in the field – and the little interaction they have is perceived as negative. Most people don’t encounter the industry until they obtain cars as teenagers and are required to purchase auto insurance. Because it is often new to them, teens may not fully understand the benefits of insurance; they just know that they have to pay for it.

Bisker mentioned introducing the concept of insurance to young students in a manner that explains the benefits of the industry and applies the concept to their lives. Insurers could, for example, speak with elementary or middle-school students and explain how insurance could help if they break their computer or iPod. If they are aware of insurance at an early age, he explained, students have more time to familiarize with the industry and develop an interest in the field.

To increase the appeal for slightly older students, Bisker suggested the concept of a mentorship program for college graduates who may have limited knowledge of the industry. Retired insurance executives could provide necessary guidance to incoming employees through regular Skype meetings or phone calls. Such programs could help new workers become comfortable with the industry and provide the confidence they need to grow within it.

How do you think insurance companies could better attract young talent? Share your thoughts in the comments below.

Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio