According to the Pew Research Center, millennials make up the largest share of the U.S. workforce, with only 4% being interested in working in the insurance industry.
Industry leaders are worried that when the majority of the insurance industry retires, there will be no one to take their place.
Studies show that 8 out of 10 millennials are unfamiliar with insurance as a career path.
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In an open letter to the insurance industry at large, insurance executives at top companies stated, “What’s clear is that the critical role our industry plays is not fully understood, particularly among millennials. We need to do more to engage, educate and enlist the best and brightest to join us.”
“Despite our essential role, the insurance industry in the U.S. faces a looming talent crisis. 25% of insurance professionals are expected to retire in three years, and 400,000 positions are projected to be unfilled by 2020.”
As Gallup pointed out, “insurance executives who neglect to take steps to engage this age group do so at their own peril.”
According to Elance, 53% of hiring managers say it’s difficult to find and retain millennials.
Michael A. Costonis and Rob Salkowitz in a recent New York Times article said, “The insurance industry is not particularly attractive to the so-called ‘millennials’ — people who turned 21 in 2000 or later.”
Enter Jetty – the new company aiming to offer a brand that will more deeply resonate with millennials and, in the process, give the insurance industry a makeover.
Jetty was officially launched on April 4, 2017, by co-founders (and millennials) Luke Cohler and Mike Rudoy, who felt that traditional insurance companies used too much jargon, had dysfunctional websites and offered outdated policies.
“Everything about insurance felt trapped in another era,” says the text on the Jetty website.
So, they decided to step up and make a change.
What sets Jetty apart from other insurance companies and appeals to millennials is the easy-to-use website, increased claims coverage and overall more modern feel.
Other insurance companies are recruiting more millennials by offering incentives like pet insurance, maternity and paternity leave, gym memberships and child care.
More companies are also getting more involved at universities and job fairs and creating more colorful and interactive marketing campaigns.
Lemonade, another new insurance company, attracts young employees by offering a fun, relaxed workspace and more remote positions.
A team of companies even started a social media campaign called Insurance Careers Month (ICM).
Insurance Careers Month is a month-long campaign to raise awareness about opportunities for working in the insurance industry for millennials.
Perhaps a makeover would do the insurance industry some good — and attract more millennials in the process.
What do you think needs to change in order to combat the insurance industry’s talent shortage?
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