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WHAT MILLENNIALS WANT FROM THEIR CAREERS Here’s what millennials are saying about what’s important to them in their professional lives:

92%

That a business’s success is measured by more than just profits

LIKE IT or not, the insurance industry is facing a hiring crisis. Most people in the insurance workforce are now over 40, and that number is even higher among the independents. According to data from MarshBerry, more than 40% of agency staff members are older than 51. In order to maintain the same number of producers through the end of the decade, according to MarshBerry, the average agency would have to take on three young hires for every current employee. At the same time, demand for insurance professionals continues to grow. A report by the Department of Labor Statistics projects that demand for insurance agents will spike 21% by 2020.

“The insurance industry is changing,” says Dan Epstein, CEO of insurance operations company ReSource Pro. “It’s evolving quite quickly. The kinds of risks we’ll be seeing in the future are going to be profoundly different risks than we’ve seen in the past. The structure of the industry is changing – how we capture data on those risks and how we utilize that data to evaluate how to price them. And how we run our business is going to change dramatically over the next 5 to 10 years. What we need is people who are nimble, flexible. And I think one of the things young people bring to the table is that they don’t look at the world as it is – they look at the world as it could be.”

84%

Making a difference

74%

Confidence in company leadership

31%

Working with creative colleagues Source: Business2Community

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29/05/2015 5:13:16 AM

Insurance Business America issue 3.05  

The magazine for America’s insurance broking and advice community.

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