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The Rise of Millennials: Attracting New Talent to the Insurance Sector

Quite simply, it’s no longer enough to provide stable job opportunities. Millennials crave independence, innovation and flexibility from their work; so how can the insurance sector match this? 

In pwc’s  'Millennials at Work' survey , almost half of the CEOs they interviewed said attracting and retaining younger workers is one of their biggest talent challenges. It’s no surprise that the reputation of the financial services sector has suffered in recent months and this is obviously reflected in the views of millennials, with a staggering 21% saying they don’t want to work in financial services. With such a negative outlook on the insurance realm, it’s going to be a long journey to convince 20 somethings that finance is the road they should take. 

So how is the insurance industry going to tackle these negative views on the sector? Marketing to millennials is just half the picture. It’s also about generating understanding relating to what having a diverse workforce means to insurance– communicating to millennials and the industry alike that having diverse teams creates the most successful workforce. 

The Institutes, an education resource for the insurance industry, aims to educate and attract millennials to the profession. They’ve taken time to understand what motivates millennials on a professional level and their findings may come as no surprise. Pay took the number 1 spot, with meaningful/purposeful work taking second place, closely followed by a positive working environment and flexibility with working hours. 

However, it’s also important for insurance companies to understand that it’s not only about attracting talent but also about learning to accommodate and retain it. How? Well, with millennials being the most highly connected, tech-savvy and diverse generation, there’s an opportunity for insurance to convince tech-minded individuals that they can help create a more efficient, engaging customer experience that could allow insurers to retain the best risks. 

Perhaps we need to look beyond the obvious and realise that millennials might need greater visibility in terms of the variety of insurance careers available to them. In summary, connect the dots in order to create a more positive perception of the industry.

If you're interested in learning more about the Insurance sector or browsing available roles within the industry, please see our website for further details.