Page 11 - May2017

INDUSTRY

(800) 613 2600 Tech Can Bridge the Insurance

:::.:IU US:. Workforce Gap By John Tiene

According to the Bureau of Labor Statistics, the insurance Armed with a new arsenal of technology tools, tech-savvy
industry will have an estimated 400,000 job openings by agencies will not only increase customer loyalty, but also
Our the year 2020. And nearly 50% of the industry’s workforce recruit and retain millennial employees for insurance jobs
is older than 45, with only 27% under age 35 in line to
and careers. New high-tech job functions created by big
data analytics are attracting candidates with backgrounds
replace them.
Those statistics will play out in smaller agencies in science, technology, engineering and mathematics.
Agencies are using mobility, social media like LinkedIn,
traditionally staffed by producers, customer service
is like chocolate representatives, account executives and managers. In the and job boards like Indeed, Monster and CareerBuilder
next 10 years, many of these employees will retire, and
to find “passive” talent - candidates who aren’t actively
agencies will be fighting to fill positions left empty by the
looking for a job because they already have one. According
oversized baby boomer bubble. to Vertafore, millennials are more than twice as likely as
pudding... The bottom line: Fewer producers and personnel will result other generations to be recruited via LinkedIn or other
social media. Agencies that leverage social networks to
in less revenue and diminished customer service - which hire millennials demonstrate a forward-thinking approach
could drive existing clients away. that appeals to millennials as employees.
The solution to this looming crisis: Millennials, who make Such efforts may finally be paying off. When Vertafore
up 25% of the U.S. workforce today and will comprise surveyed insurance professionals ages 19-35, more
50% of the global workforce by 2020, according to BLS. than 90% said insurance careers satisfy job satisfaction
The Pew Research Center reports that millennials value criteria including work-life balance, career development
One taste job enjoyment above compensation, followed by job opportunities and financial stability. Eighty-one percent
said they plan to remain in the industry for as long as
security and flexibility. They volunteer and align with
social causes. They are the most connected generation in
possible, and 70% would recommend an insurance career
and you'll be history, spending an average of 14.5 hours a week on their to their friends - results that suggest the best recruiting
smartphones, according to Experian Marketing Services.
strategy may involve millennials themselves.
back for ! Misunderstood as job-hoppers, millennials want to Independent agencies that embrace technology to connect
understand their career path, even though it may take a
with clients, operate more efficiently and recruit millennials
decade or more to achieve their goals. They also want to
will win the talent battle and be ready for whatever the
be engaged and understand how their work impacts clients, future brings.
their employers and the world in general. The traditionally
stable insurance industry is suited for millennials who crave John Tiene is CEO of Agency Network Exchange, an
P H : :: : job security, and the opportunities it provides for working alliance for independent insurance agents in the mid-
directly with clients to mitigate business and personal risk
Atlantic region, headquartered in Monmouth Junction,
appeals to their desire to help others. New Jersey.
• O : : q Unfortunately, the insurance industry is fighting an image
problem: The stereotype pencil-pushing, gray-suited,
• R : :: : 15% 20% 9-to-5 insurance salesman is not attractive to millennials.
Eight of 10 have limited knowledge and understanding
b : k : of the employment opportunities available in insurance,
according to The Institutes.

Technology can help bridge the gap. The insurance
industry is finally catching up to the rest of the business
world in this realm: Successful agents are using cloud-
For personalized service, call: based computing and portals to interact with clients more
efficiently. Big data analytics enable agents to mine for
: : : :: new business and cross-sell products to deepen customer
relationships.
(845) 426-5353
aaron@aiu-usa.com

may 2017 insight 11