How Are Millennials Shaping the Insurance Industry?

CEO Letter

Millennials entering the workforce has been a hot topic of discussion in business for a while now — in fact it’s been over a decade since their generation began infiltrating the workplace! In fact, there’s an entire new generation behind them that, just in the last few years, has entered the workforce — Generation Z — this generation begins with those born in 1995 and after.

The term “Millennial,” however, is still a catch-all for any young person in the workforce. In the insurance industry in particular, this has been an important topic, as the average age in the industry has for many years, been age 55 and up. It’s been important for industry veterans to begin mentoring and fostering interest in young people, so that there is a new generation to take over. 

We are currently at a point, where we should be discussing how Millennials have shaped the workforce, rather than what will happen as they enter the industry, because Millennials have been shaping the industry for a number of years now. According to Forbes, Millennials — some of whom are now in their thirties — now hold 20 percent of all leadership roles in companies, with that number poised to grow in 2018.

They have already dramatically changed the marketing landscape with their creativity and ingenuity, as technological advances have altered our customer reach in ways we couldn’t have imagined even a decade ago. As we see them begin to infiltrate some of the top leadership roles in companies, how will they change business for the incoming generation?

And if we’re now at the point that they’re moving up and taking on these roles, what are their values like? Millennials seemingly greatly value the ability to work anywhere and everywhere, and we will likely see a push toward greater work flexibility and more work-life balance as they believe the two can be synergistic. In general, they very much value how satisfied they are with their jobs, knowing that they plan to make it an important part of their daily lives, in a technological world where workers are engaged and available nearly 24/7.

Their values will undoubtedly impact the business experience for you over the next several decades — both as a consumer and as a business owner. Even more interesting — they all came into the workforce during a major economic recession. How will their time in economic recovery and prosperity change them as we move forward — WILL it change their values or will they remain the same? 

As part of the baby boomer generation — a generation that’s rapidly beginning to retire — I’m both curious and excited to see what this new group of workers will do with the world.