From the Front Line
[From the 2018 Smart Choice Magazine, Issue III]
By: Luke Royal, Indiana State Director
According to Pew Research center, anyone born between 1981 and 1996, who will be ages 22-37 in 2018, is considered a Millennial. As a millennial working in insurance, my age is actually something I avoid bringing up, like the plague. With all of the labels my generation has acquired, both good and bad, most millennials, including myself, actually don’t identify as one. After working with hundreds of agencies and dozens of carriers, one thing is for certain – I see a shortage of millennials sticking around in our industry. To help curve this trend, I would like to highlight some key moments that have helped shape my career, as examples of ways, together, we can support more millennials in this business.
Like many others, working in insurance wasn’t something I originally planned, but it has been a great decision for me. Starting a new career in the industry did allow me to create, let’s say, several “coachable” moments. It can be appealing to change gears and try something else before you have a book of renewals. A week without progress can be tough. Receiving a cancellation is tough as well, but something we all must go through. Fortunately, I have been blessed to have great encouragers and mentors along the way that have helped make those moments not as bad. If you notice hardship or not, it never hurts to inspire and encourage those around you. All of us can likely relate to a deal that fell through for reasons that may or may not have been our fault. Encouraging the millennials in our industry will help maintain their interest, boost their efforts, and ultimately add to your bottom line.
To help millennials be successful in our industry, I suggest you take the time to coach and invest in them. With the amount of change occurring and something new around every corner, it takes time to learn everything. Millennials can spend their life reading tutorials, blogs, articles and even magazines like this, but 90 percent of what I learned came from individuals who purposefully coached me and were available as open resources for when I had questions – so many questions.
One lesson that my generation could benefit from is consultative selling. How many agents do you know who sell solely based on price, and leave out the value they provide as their local expert? Millennials are accustomed to buying basically everything online, without any personal interaction, and as a result, carriers are progressively marketing their products as commodities. The need for a true insurance adviser is greater than ever, as a result, and all it takes is a little coaching to make a profound difference in the effectiveness of what you do.
Coaching a millennial to help them set their foundation in insurance is still separate from being a true mentor. Mentoring is a long-term commitment and encompasses a larger breadth of involvement. It’s not necessarily a monetary commitment as much as a time commitment. For example, a mentor helps elevate professionalism and character, while a coach equips someone for the task at hand. There is no shortage of exemplary character around and the best way to mentor is by holding yourself to a higher standard that others see. Being a sounding board of reason, sharing experiences, lessons, and communicating what has made a difference for your career, so that the next generation doesn’t fall into the same ruts, makes all the difference to someone new to the business. You can be a mentor to anyone, but a millennial in this industry might be the most in need of your time and expertise.
With the pressure of new technology and the shift in how consumers want to transact, we need millennials to help us stay relevant and to keep the local agency alive. As a result, millennials that chose to make a career out of insurance have a great future ahead of them. But, they won’t be able to do it without your help. You can be instrumental in bringing new talent into the industry and perpetuating the role of an agent by being an encourager, a coach and a mentor. I believe it could be a mutually rewarding experience for every generation and age group in our industry.