How to attract the next generation into insurance

“Millennials want to make a difference and help people in their careers, and we need to incorporate this into our recruiting playbook,” said Diane Delaney (pictured left), executive director. to the Private Risk Management Association (PRMA), a non-member. profit insurance training organization.

The industry is also its own best advocate when it comes to dispelling myths about the profession. One common misconception is that career opportunities and advancement are limited.

“We need to get young professionals to understand that there are many different roles in the insurance space, from certification, to claims, legal, finance, sales and marketing,” said a Delaney, who spoke to. Insurance Business before the month of Employment Insurance.

“There are endless opportunities from a growth perspective, and it’s not just about finding someone with a business or finance degree. Someone interested in fine art can advise wealthy families on art collecting, or an engineer can help settle a claim after a lost property, for example.”

How can insurance companies improve talent attraction and retention?

For Celia Santana (pictured right), president and CEO of Personal Risk Management Solutions and a member of PRMA’s board of trustees, insurance still needs a bad name among Americans.

“If I’m on a plane and someone sitting next to me says, ‘What are you doing?’ and I said, ‘I’m in insurance,’ that ended the conversation,” said Santana, who is also a American Business Insurance 2022 Elite Women.

“Insurance has a bad name for a variety of reasons. But I think a lot of it is because the average consumer doesn’t have a good idea of ​​insurance. So, what we try to do is This shows people that the work we do is important, and that there are career advancements in the industry.

History is important in changing the public’s perception of insurance. Delaney said Companies and agencies don’t always do the best job at telling their stories and highlight the stability that the job brings.

“I think we’re a long way from being able to get some of these young workers who are going to have an interest in insurance,” he said. “Insurance is an important thing, and regardless of the state of the economy, there are always and always new developments. It’s not going away. People around you may be out of a job, but insurance has been here for years and will continue to do so.”

Attracting the next generation is one of the important challenges, but maintaining and nurturing them to develop long and useful careers in insurance is another challenge altogether. In addition to more compensation, flexible schedules, and career advancement, insurance companies should make training a part of their overall package.

Deloitte’s Global 2022 Gen Z and Millennial study revealed that learning and development opportunities are the second biggest reason why younger employees chose to work for their current organization. For Delaney, the success of the next generation – and the future of the insurance industry – boils down to giving young professionals the tools and support to do their jobs.

“When there are so many rapid changes in the industry, we need to think about what we can do to train these employees so that they feel that they can be successful, that they are investing in their career and growth. climb into the future,” Delaney said.

Where can the insurance industry find talent?

Top talent exists in many different areas, but insurance companies must aim to create a diverse workforce that reflects their customers and values. topic.

Santana emphasized the importance of expanding the search for insurance talent to minorities and ethnic groups. The CEO volunteers with nonprofits that increase educational opportunities for youth and women of color, such as A Better Chance and the National Hispanic Scholarship Fund .

“I think we need to focus on expanding our outreach, looking at community colleges and black colleges and universities. There are a lot of good schools that people are looking at. for the stability that a career in insurance offers,” Santana said.

What could the insurance industry do better when it comes to attracting and retaining talent? Share your thoughts in the comments below.

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