According to industry statistics, the average age of an intermediary or insurance agent is 60 years. It is estimated that by the end of 2020, twenty-five percent of workers in the insurance industry will retire. Now, more than ever, the need for insurance brokers and agents is critical to success and longevity of the profession, as well as for the clients they serve.
That means millennials need to be the main focus of your agency's recruitment strategy and succession planning. Millennials make up more than half of the workforce and their influence on the way we do business can be widely seen. The world of millennials is moving fast with a constant need to succeed in their way. This includes having a flexible schedule, up-to-date technology, and good compensation.
The agency that offers flexibility and culture is King
Nine to five, 40+ hours a week is becoming a thing of the past as more and more employers are offering remote work opportunities. The emphasis is no longer on the hours spent "working" per week, but rather the timely completion of certain tasks. Millennials like to work hard and play hard, and they value time spent with family and socializing. Think about it: millennials are popularizing Friendsgiving! Community, socialization, and relationship building are important for millennials and they want a career that fits their personal life.
Thriving health insurance agencies are adapting their way of doing business by offering a less traditional company culture to include remote work, relaxed dress codes, and even a pet-friendly environment.
Technology
The health insurance business is changing at a faster pace every month. The old methods of prospecting and face-to-face communication are no longer needed to reach potential customers. Top-level innovation and technology have given way to more opportunities in the industry while attracting millennials. As a fast-moving generation, more and more clients are willing to use present-day technology to reach and stay connected with their intermediaries.
Skype and Go-to-Meeting offer the opportunity to reach current and potential clients without traveling, meaning brokers and staff can spend more time with their families. Millennials are willing to work harder when they feel cared for and their needs met.
Social media, which was previously disliked in the workplace, has now become one of the determining factors for the success of an intermediary. Ninety-five percent of millennials are engaged in some form of social media; therefore, brokers must engage clients and prospects in a meaningful way through various social media strategies.
Automation allows more flexibility so brokers can sell more and serve less. This is great for millennials who are always on the go and want more travel time and family vacations.
Compensation
Being an intermediary can be a lucrative career opportunity for millennials. The top ten percent of insurance agents earn more than $125,610 per year. And there are plenty of opportunities to earn more, which makes the insurance industry an ideal career opportunity for millennials.
In addition to high compensation, the income lingering nature of the business can be a strong inspiration when recruiting new employees/owners. There are tools for aspiring producers to calculate their potential commission earnings and learn about strategies to keep 100% of their business book. Financial opportunities and career growth are major factors in attracting young people.
Authenticity USA is a SaaS company that empowers MGAs and Discount Intermediaries to transform the business of computerized health insurance representatives.