Episode 9 – Millennials in Insurance

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Show Notes:

  • Average age of an insurance pro in the US is about 60 years old
  • The number of insurance pros over 55 has increased by 74% between 2002-2012 compared to 45% in overall workforce (McKinsey & Company Building a Talent Magnet)
  • There’s 80 million Boomers, 60 million Xers and 80 million Millennials. That 25% difference with so few Xers is a huge deal
  • By 2014 Millennials were already largest generation in the US (Council of Economic Advisers)
  • By 2025, 3 out of 4 workers will be Millennials (https://www.bdcnetwork.com/workplace-design-trends-make-way-millennials)
  • Only 4% of Millennials are interested in working in Insurance (The Hartford – A Generation of Leaders)
  • RMI programs only exist at 70 schools (out of 3,000+) and only feed 10-15% of our new talent needs each year (McKinsey Building a Talent Magnet)
  • 30% more Boomers in insurance than in the overall economy (McKinsey Building a Talent Magnet)
  • 88% of CPCU Members are over 40 years old
  • Only 41% of Millennials expect to be at their current job in 2 years (Gallup There’s no job millennials won’t leave)
  • Since 2015 Millennials are already largest generation in the workforce
  • Insurance companies expect 25% retirements in the next 4 years (2017 Insurance Industry Employment and Hiring Outlook Survey) some expect it in the next 2 years (2016 Insurance Industry Trends)
  • Only about 25% of insurance workforce is under 35 years old (Solving the Insurance Industry Talent Crisis by Investing in RMI Graduates – IRMI)
  • Only 2% of recent grads express an interest in insurance (Accenture – The Insurance Workforce of the Future)
  • 66% of Millennials plan to be at a different company in 3 years (2016 Deloitte Millennial Survey)

Good people, awful structure = crappy managers

Call Center article: https://insnerds.com/on-demand-insurtech/

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Intro & Exit music – “The Spirit of Radio” in The Spirit of Radio: Greatest Hits (1974-1987) by Rush – buy: iTunes OR Google Play OR Amazon



About Antonio Canas

Tony started in insurance in 2009 and immediately became a designation addict and shortly thereafter a proud insurance nerd. He has worked in claims, underwriting, finance and sales management, at 4 carriers, 6 cities and 5 states. Tony is passionate about insurance, technology and especially helping the insurance industry figure out how to retain and engage the younger generation of insurance professionals. Tony is a co-founder of InsNerds.com and a passionate speaker.

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