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U.S. millennials may not view insurance as “boring” after all: Vertafore


September 6, 2016   by Canadian Underwriter


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More than 90% of the millennials in the U.S. taking part in a Vertafore survey say they view the industry as fulfilling for long-term careers that meets important criteria commonly identified as essential for job satisfaction.

The finding is at odds with the persistent perception that millennials regard insurance as “boring” and an unlikely career destination, Washington-based Vertafore, which provides technology solutions to better prepare the insurance industry for digital disruption, suggests in a statement Tuesday.

Results are included in the company’s third annual survey of young insurance professionals evaluating the intersection of career satisfaction and technology in the workplace.

Almost 4,000 insurance professionals currently employed in the industry took part in an online poll from Aug. 12-26.

More than nine in 10 surveyed millennials – defined as those between the ages of 19 and 35 – report that a career in insurance meets important criteria commonly identified as essential for job satisfaction, such as work-life balance and career development.

Beyond providing work-life balance (cited by 78% of respondents) and career growth and development opportunities (cited by almost three-quarters of those polled), Vertafore reports other factors most important to remaining in the industry include financial stability (cited by 81% of survey participants) and an active community with social ties.

“These four characteristics are essential career priorities for millennials according to a recent Gallup report titled, What Millennials Want from Work and Life,” the statement adds.

Consistent with 2014 survey results, millennials taking part in the 2015 survey rated work-life balance as the most important factor keeping them in the insurance industry.

Specifically, 98% of respondent rated this as a “very important” or “important” benefit in 2015, tied with compensation (98%) and enjoyment of work (96%).

Findings from the 2016 survey further indicate “millennials continue to be optimistic about the future of the industry and its ability to adopt technology to drive the field forward.”

In that vein, 86% of those surveyed say technology in the workplace is increasing and enabling them with tools to compete, two-thirds are satisfied with their own company’s use of technology, and 50% regularly use social media to perform business functions, including building brand awareness, business development and customer support.

Related: Vertafore acquires Keal Technology, a provider of broker and commercial management systems in Canada

In the 2015 survey, 82% of millennials reported being “optimistic” or “very optimistic” that the insurance industry would evolve to attract the next generation of insurance talent because of productivity and efficiency gains from continued technology adoption.

The insurance industry is “in the midst of a technology revolution that is disrupting insurance and attracting a new generation of tech savvy talent that is optimistic about the future,” says Guy Weismantel, vice president of marketing for Vertafore.

Findings show 81% of respondents confirm they plan to remain in insurance for as long as possible, 70% would recommend a career in insurance to their friends, and 85% say they are optimistic the industry will continue to evolve, attracting the next generation of insurance talent.

Insurance software provider Vertafore recently acquired Ontario-based Keal Technology, extending the former’s customer base into Canada and further creating an international footprint.

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